21st Century business is exhausting volatile. The accelerating rate of technological innovation means that no business can rest upon past achievements. Disruption can lead to growth but for the unwary it can also lead to disaster. Safeguarding the quality of your product and the integrity of your brand is paramount, but this can only be done if your business retains its financial equilibrium.
Careful words, careful actions
Remember Gerald Ratner? He destroyed a multi-million-pound jewellery business in a matter of seconds by standing in front of an audience of 6,000 businesspeople and describing his company’s product as ‘total crap’. Avoid any public announcements which may be contentious. Avoid business relationships with companies which are perceived as unscrupulous or corrupt. Avoid situations which might be regarded as a conflict of interests. Never give advice which is beyond the scope of your business.
Employer’s Liability Insurance is mandatory in the UK and protects you against the cost of compensation claims in the event a member of your workforce becomes ill or injured under your employment. You can find a host of information about this here. Public Liability Insurance covers you against claims by the public or clients. Professional Indemnity Insurance covers your company in the event of accusations of professional negligence or the loss of client data or money and Cyber Insurance offers protection to your company in the event of cyber attacks or cyber extortion.
Protect your online presence
Keep business funds and private funds separate
Personal finance should not distract from business operations and business finance should not jeopardise personal savings. Ensure that your business is set up as a separate business entity and create an emergency fund as protection against the unexpected.
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Founder Dinis Guarda
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