If you’re a manager of a small business, there may be times that your organization struggles to cover its costs. According to the Bureau of Labor Statistics, only 82% of small businesses survive their first year, 50% are able to survive after five years, and 35% are able to last longer than 10 years. Some companies don’t accurately estimate the amount of money they’ll need to start and maintain their businesses. Understanding how to effectively utilize your funds can help you save your small business.
- Protect Your Employees
Part of your responsibility as a manager is to protect your employees with liability insurance. According to NOLO, a website dedicated to providing business owners with the legal information necessary to keep their organizations afloat, approximately 67% of personal injury cases result in a monetary settlement paid to the injured employee. To protect yourself, be sure to acquire a commercial liability insurance policy. A local commercial insurance company can advise you about policy limits and premiums.
To ensure the electrical safety of your business, you should arrange for scheduled safety inspections. The Occupational Safety and Health Association (OSHA) mandates these inspections. According to the Electrical Safety Foundation International, over 5,000 fires per year are caused by electrical accidents. Since you don’t want one of these injuries to happen to your employees, it’s important to schedule these estimates with professional electricians.
- Analyze Your Company Assets
When your business struggles, take stock of what your company can do. If your business is facing a problem you can’t solve alone, don’t be afraid to look for someone to help you. Whether you need financial advice or want guidance about your marketing strategy, some companies can step in and give you advice.
Some businesses have found success by using objective goals that help them visualize a solution to their problems. Choose a plan you can achieve to help you get closer to your company’s overall goals. Make your goals as specific as possible and include how you’ll know they’re completed. The sooner you take action, the easier it will be to address issues before they’re able to grow into more significant problems.
- Understand Your Client
You may need to tailor your business strategies once you get to know your clients and their needs. To include future clients in your business plans, analyze your target market. What sorts of clients might, ideally, use your products? What would those potential clients need to make your company their preferred provider?
If the shipping costs for your company’s products are too high, consider increasing the number of deliveries you send by trucks. Truck delivery has been shown to be cost-effective. According to Dolman Law Group, over 70% of all U.S. freight is delivered by trucks. Take the time to contact a professional trucking service to learn more about the costs associated with this shipping method and the impact it can have on your operations.
- Upgrade Your Marketing
To sell your product, you’ll need expert marketing. Even a small local business needs publicity. Local companies can start with ads in the local newspaper and on the local radio stations. In today’s business world, businesses also need an effective online presence. utilizing social media platforms can allow you to connect with customers and raise awareness for your brand.
Become resolved to overcome any feelings that you may fail. Your struggling small business can survive this period of instability. Protect your team with insurance and provide safety education for your team. Reach out for assistance when necessary. The more effort you put into addressing your business problems, the more effectively you can have them handled and go back to focusing on other important aspects of your organization.
