Running a small business is no easy task, especially when you're up against the big dogs who simply have more money and resources than you do. But that's not to say that the market is too crowded for newcomers. In fact, many SMBs are quite successful at carving out their own niche and beating enterprise giants.
Sadly, all that hard work can go up in flames if your company is struck by a hacker. Research shows that nearly 60 percent of small businesses close their doors in the six months following a data breach! That's why CyberPolicy offers cyber insurance to insulate SMBs from financial ruin.
Below are a few other ideas to help your business compete:
A Business Plan
Every business needs a plan if they want to succeed. Something that will stand as a roadmap for the next three to five years and outlines the route the company intends to take as it grows.
This should include an executive summary, a mission statement, an outline of internal teams and functions, funding requests, financial projections, a description of products and services and a market analysis.
A Personal Brand
A common refrain in marketing is that it's not what you sell, but how you sell it. Or put another way: prosperous businesses sell ideas, not products.
For example, anyone can sell home appliances online, but selling \"modern comforts for the connected home\" is much more appealing. If you are unsure how to develop your brand personality, explore your competition and interview customers to see what matters most to your target consumers.
Of course, selling quality products doesn't hurt. Customers are more likely to return time and again if they know you offer the best products and services money can buy. They are also more likely to spread the good word about your business to partners, coworkers and friends.
Nothing is more important than hiring great talent. Employees aren't just the face of your business, they are also its arms and legs. They perform daily actions to keep things running smoothly, meeting with clients and customers to ensure the best experience possible and generate ideas to keep your company innovative and fresh.
If you want an effective workforce, be sure to provide necessary training sessions to keep everyone up-to-date on new technologies and internal protocols.
The Right Technologies
Do your employees have the right technologies to perform their jobs? Outdated computers and archaic software will do more to frustrate workers than drive productivity.
Some businesses are even implementing 'bring your own device' (BYOD) and 'work from anywhere' policies to encourage employees to work in a way that best suits them. This is also helpful in keeping operating costs low. Just make sure your employees are staying safe online.
If you are victimized by a malicious cyberattack, cyber insurance from CyberPolicy can insulate you against direct and third-party damages. Supplement this with business liability insurance from CoverHound and you won't have to worry. Instead you can focus on running your business.