Entering the world of business management can be exciting but it sees an inevitable increase in responsibility. You may have members of staff who are able to share your burden but it falls down to you to ensure that all necessary tasks are delegated and that no stone of success remains unturned. Here, we take a look at a few pieces of essential knowledge that new business owners need to make themselves aware of, from taking care of insurance for business to looking after staff.
1. Take care of your staff and they’ll take care of you
Particularly when it comes to smaller companies, success is down primarily to the staff. Whether you’re employing people to speak face to face with the customer, to promote your brand or purely for organisational purposes, the morale of your staff will reflect clearly in the image of your business. Dedicate some time to understanding what makes your staff happy and you’ll soon see the benefit.
2. Go easy on expenditure
Many new business owners seek to improve the morale of their staff by dipping into the company wallet early on with the intention of ‘brightening the place up’. While an office re-vamp could well help, it’s important not to overdo it with grand designs and company cars. Focus primarily on your real company finances, understanding your normal expenditure fully. When you’ve got to grips with this, you’ll be better qualified to treat the office using company money.
3. Secure sufficient insurance
It will come as no shock to new business owners that there are certain insurance policies such as employers’ liability which are compulsory under UK law. It’s key that owners do not wrongfully interpret this to suggest that this is all that is needed. Insuring your company appropriately is a necessary step on the road to financial independence.
Businesses which are not sufficiently insured run the risk of having their entire outfit fall apart in the event of unforeseen circumstances. Investing in simple things like this at an early stage should be high on the list of priorities for new business owners.
The article is contributed by Janice Thompson.