3 Tips for Small Business Owners to Manage Uncertainty
Small business owners face a lot of uncertainty in 2017. What changes will there be to the tax code? What will happen with the small business health insurance mandate? Will there be any additional funding for small businesses offered by state and federal governments? No matter what the future may bring, there are some smart things you can do to minimize possible risks to your business in 2017.
- Invest in digital security. Most of our data now lives in digital form, stored on devices that are always vulnerable to hacking. Even more common is data loss caused by a hardware failure. If you don’t back up your data regularly, you could lose vital customer and employee records, order details, invoicing and finance information, and much, much more. Be prepared for anything and back up all of your information remotely using a professional service.
- Partner with businesses you can count on. Choose vendors and suppliers with a long history of surviving times of unprecedented change. The new guy in town may seem shiny and exciting, but he’s untested. Companies like Ohio Valley Goodwill Industries have over a hundred years of business experience behind them that they can put to work for small businesses like yours. Ask for a free tour of their facilities. Also, complete your due diligence on potential vendors and suppliers. Ensure that there are no negative business dealings or supply chain risks that could impact your business in the future.
- Protect your assets. Extreme weather, natural disasters, and civil unrest can hurt your business property and your assets. Invest in business insurance, property insurance, and liability insurance to make sure you are covered no matter what way the wind blows. These types of insurance can generally all be lumped together into one business owner’s policies, but be sure to read the fine print so you know what’s covered and what isn’t. Remember that these types of policies are available to you whether you rent or own the property where you do business.
There are always going to be risks to your business, no matter when you start. Some of the country’s most recognized brands even got their start during the Great Depression! The important thing is to be prepared, no matter what the future may bring.