Keeping on your toes in a competitive market
The world has become an impatient place that unfortunately won’t wait for you to get your act together.
What the small businesses of yesterday could get away with will not hold true to the small businesses of today. Access to some of the most advanced and affordable technology, information and education ranging from cheap to free and an extremely volatile economy has led to an extremely competitive market with new businesses starting up every day.
Although a recent survey suggests that approximately 50 small businesses close down per day, these are replaced by an average of approximately 130 that start up on a daily basis according to government figures. People are keen to set out on their own and have the right mixture of skill, courage, passion or sometimes sheer desperation to make it work.
Needless to say, that is a huge amount of competition and the competition is constantly growing. Even if your particular competition ultimately fails, it will still be there for it to have enough of an impact on you. With this in mind, you need to be thinking about ways to not only survive, but come out ahead.
Almost simultaneously, you need to be optimising your margins without pricing yourself out of the market, you need to be responding to market trends, you need to be keeping your company image fresh, to improve your marketing, to concentrate on new business whilst looking after your existing customer base, you need to manage your staff and your suppliers, keep track of your budget, manage your directors and shareholders, stay on top of new and useful technology, manage an online presence, network and be seen in your community and all the while you need to keep up your daily operating hours.
That’s a lot to keep in the air and is still not a comprehensive list. You know what you don’t have time for? Something completely out of your control disrupting your business. Thankfully, although this is the most chaotic and random of things you are open to be attacked by, it is also the easiest to do something about.
Putting public liability insurance in place for your business means that if someone does take you to court for injuring themselves on your property, you can be covered for the compensation you have to pay. The amounts of cover available reflect the large amounts that settlements can run in to. Lots of public liability policies also come with the option of elements like business interruption, building cover or insurance packages that reflect trade specific requirements.
The last thing you want to be worrying about is the possibility of a soul destroying pay out as a result of a simple accident that you could have done something to protect against. Nobody really wants to take out insurance, but in such a competitive environment, it really could be the smartest choice to make for your business.
Provided by YOUR Insurance, a broker specialising in the sale of public liability insurance for small businesses and landlord insurance.