They say it takes money to make money and the old adage certainly rings true when it comes to running your own small business. You need money to buy inventory, to protect your employees and organization, to improve efficiency, and the list goes on and on. Of course, there are several products and services that you can skip out on in order to save money, but it can be difficult to differentiate between what’s essential and nonessential.
Lucky for you, we’ve already done the research. In this post, we’ll be taking a close look at the most important services you need to invest in as a business owner in 2020.
1. A Solid Insurance Plan
One of the biggest potential threats to businesses and owners is the possibility of facing litigation. There are tons of scenarios that could ignite someone to sue your company, and that’s what’s so scary about it: you never know until it happens. Lawsuits aren’t just an annoyance, they can also cause serious drainage of your financial resources. While you can’t really predict—or stop—this kind of situation from happening, you can armor yourself and your business with P&C insurance. Property and Casualty business insurance is basically a general term for coverage of property and casualty. Having this kind of insurance can protect your personal property and yourself if you’re found responsible for accidental injuries to a person or their property. This coverage is especially important if you run a business that’s naturally more accident-prone. A moving company, for example, would be more likely to accidentally damage someone’s property than a digital marketing agency would.
2. A Reliable Point of Sale System
Whether you sell a product or a service, your business needs to have a reliable system to make transactions. What differentiates a reliable and an unreliable POS (no pun intended)? There are several things that make a good point of sale solid.
- Accessibility: It should be easy for you and your employees to use. This means it should have a user-friendly interface and be able to be set up in multiple locations.
- Security: Protecting your company and customer data is more important than ever in 2020. Data breaches are a serious concern you could face as a business owner and the consequences can be severe. For one, a data breach can be damaging to your business’s reputation and it can also end up costing you lots of money, especially if the victims decide to pursue legal action.
- Connectivity: A reliable POS should be easy to connect to and you should be able to count on it at all times. Losing connection could cause you to lose out on tons of profits, which is bad for any business, but even worse for small businesses.
3. A Compliant Human Resources Program
Whether you employ five or fifteen employees, it’s essential to have an HR program to help you manage your employees, but you can’t just choose any old HR system. Employment law is especially serious and there are lots of rules to keep track of, so it’s important that you select a program that follows state and federal guidelines. What’s more, an HR system is used to house many employee and company documents that can be sensitive in nature, making them all the more important to protect.
4. Data Protection
As we briefly mentioned before, the digital age has brought up a lot of concern over data management in recent years and the penalties for not protecting data can be severe. To fortify your business’s operations from potential hackers, it’s important to take precautionary measures. Use these tips to help:
- Restrict data access to only those employees that need it
- Make sure data is always encrypted and only use a secure network
- Install anti-virus, anti-malware, and anti-spyware software to arm your data from hackers
- Create strong passwords and change them regularly
- Explain your privacy policies to your customers
- Only collect the data that you really need—more data collection means more risk
- Destroy data that you no longer need
Running your own business is no small task—there seems to always be things to worry about, processes to improve, and profits to increase. With these four services, you can make business management more manageable than ever before.