Owning your own business, being your own boss – it’s the American dream. But with that dream comes a lot of hard work and to-do lists that often seem never ending.
Entrepreneurs and small business owners face higher costs, lower brand recognition and much more limited budgets than Fortune 500 giants like Walmart or BP. However, with these challenges also come a slew of opportunities, such as increased flexibility and more mission-driven decision making.
The most successful small businesses and startup companies use these 10 Things Every Start-Up Needs To Know to their advantage and plan for the long-term fortune of their companies. All too often the grind of the day-to-day operations causes business owners to make common, but crucial oversights.
Here are four key areas every small business owner shouldn’t overlook:
1. Disaster Preparedness
It doesn’t matter how strong your business plan is, you will always need to plan and prepare for potential circumstances beyond your control. If your business is in Northern Wisconsin, where snowstorms in April are more common than we like to admit, have a plan and protection in place for natural disasters like a roof collapse or office flood.
2. Succession Planning
Succession planning is one of the top business practices that gets pushed to the side in the small business daily grind. It can be a tricky subject to broach, especially in a family business, so we shared a few succession planning tips to get started and retire sooner.
3. Specialized Insurance Coverage
Workers’ compensation and commercial property insurance are key to nearly every small business, but have you thought about equipment breakdown coverage? This extra layer of protection may be just what you need to take care of a costly repair or downturn. You don’t have to break the bank on insurance—there are many ways to keep your business insurance affordable.
4. Technology Security
In an increasingly digital world, technology security cannot be overlooked. Setting up the right infrastructure for your company is key, and cyber liability coverage protects it from hackers and threats.
Whether you’re just starting a business or planning for the future, our team of Rural Mutual agents are here to help. Contact an agent near you.