Will Your Small Business Become a Statistic?

Will Your Small Business Become a Statistic?

Many people who start up a small business see no need for a business plan, insurance, proper organisation or even a lawyer. They quickly join the ranks of those businesses who disappear, to be found only in the statistics of failed businesses. Choosing lawyers to help you set up and run your business is just as important as having a business plan and getting insurance.

For a start, business solicitors can quickly identify any legal issues that your business may have and help you to avoid them before they cause trouble, such as a heavy fines or other penalties. While you are not likely to need their services every day of the week, it is good to have the same legal aid that helped you start up to advise to inform you in the days ahead, when you need it.

Using the same lawyers will ensure they know about your company and will avoid the need to explain all the details over again, thus your advice will be gained much more quickly; important when you have such a lot to do.

Why you need a business plan

Of course, devising a business plan before you start is also going to help your business grow and be successful. But if you didn’t have one at the beginning, it is never too late. A simple business plan will help you to decide on and remember your aims and goals and keep you on track with developing your business in the most efficient way.

It is easy to get so caught up in the day to day running of the business that you forget what your first aims and goals were, or you just don’t have time to think about them. Having it down in black and white will enable you to scan it quickly from time to time and give some thought to how the business is doing.

Why you need insurance

Many small business owners don’t take out insurance because they are trying to save money. This is false economy. The small business above all, needs the security of insurance because they don’t have a big enough budget to get out of trouble should their business meet with such risks as flood, fire, litigation, vandalism or any kind of accident or loss.

You need enough insurance to be able to start up again should your business burn down or have some other accident. Not having enough insurance is as bad as having none at all. Having too much means you are paying more than you need. Work out what you would need to start again and go from there.  That way you’ll have peace of mind and can carry on your business free of stress. And your business may not join the statistics after all.

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