Your business needs money to stay functional. Your business needs money to make money, and you need money to continue pushing forward through the challenges presented by running a business.
Protecting your organization’s finances is paramount to overall success in your industry. Too many small businesses (and even some huge ones) have gone under due to a failure to properly prepare for financial distress.
Get workers’ compensation insurance
Workers’ Compensation Insurance is designed to not only protect your employees in the case of an injury, but the insurance is designed to protect your organization’s finances as well.
Should one of your employees get injured while they’re on your company’s time, your workers’ compensation policy will take over the financial repercussions.
Another aspect to consider is that nearly every state in the U.S. requires business owners to carry a compensation policy for their employees. Your business could face serious legal complications should you be caught without coverage.
Hire a capable financial professional
If you can’t trust the professionals who handle your organization’s cash flow, you will always have financial issues. It’s important that you hire the most competent financial professional to keep your organization’s finances running smoothly.
No matter the size of your business operation, a knowledgeable Certified Public Accountant (or CPA) is always a good hire. Make sure to check applicants’ background extensively, as this is a critical position in your business.
Focus efforts on providing proper data security
The technological aspects of today’s business world demand that entrepreneurs understand the need to protect their digital assets. You also want to provide security for your organization’s customers.
When people make a financial transaction online, they need to feel assured that their personal information will not be placed in harm’s way. Make sure you’re up to date on the proper security protocols for the technology you have in place.
Dig up the gems during recruiting efforts
Use the tools provided online to seek out the most qualified professionals for your organization. The internet has created an array of different sifting tools for employers. Put technology to work for you, and build a stellar team of professionals to support your organization’s mission.
Work to protect your physical cash
Despite the prominence of credit card transactions, close to 40 percent of all business transactions are done with cash. Cash may not be a “hackable” reality of business, but it’s all too simple for $20 bills to slide into an employee’s pocket.
Invest in a smart safe to eliminate accounting errors and take out some of the variables for human error. It’s also wise to install security cameras around your cash register (if you have one), so you have video documentation of every transaction.