For every action, there is an equal and opposite reaction. A very astute statement by the renown physicist Isaac Newton, and a very true one, at that. In fact, it’s true almost anywhere you use it, including running a small business.
If you don’t pay your bills, you lose your business. If you treat your employees badly, they eventually leave, and if you don’t carry liability insurance, you leave yourself open to being sued. Below are some ways you can make sure those things aren’t a difficulty.
Pay Your Bills
There are a few things that should be self explanatory in life. Many think paying your bills is one of them. Whether you are in a business or at home, spending money on items you need instead of items you want is not the most invigorating experience, but can be a satisfying one.
The number one thought that has visited most business men’s minds, at one time or another, is how long can I go before I have to pay this bill. This is extremely discouraged as the tendency to procrastinate can leave you in the position of having to choose one bill over another.
This eventually turns into a cycle that can devastate you with debt and, in some cases, leave you without your business.
Treat Your Employees Right
In day to day life, we all face tough decisions, bad experiences, and hard to get along with employees. However, it has been said that if you treat someone with respect, honesty, and show that you truly appreciate everything they try to do, that person will, in turn, go above and beyond for you when the time comes.
Understandably, there are employees that can make you wonder why you hired them in the first place, but be encouraged to give them the same chance to fix things that you would want. Create opportunities, based on their skill level, to succeed. Also, verbally communicating praise and constructive criticism will go a long way in showing appreciation for their effort.
Secure Liability Insurance
Unfortunately, there will be those employees that you just can’t make happy, no matter what you do. Some of them may make your business life a nightmare even after they leave. One of the ways they could accomplish this would be to sue your company.
Did you know that it is possible for an employee to sue your company even if you did nothing wrong? Many of these suits include wrongful blame on the company in the event of an injury.
The fault could be that of an intoxicated employee. The moral compass of an addict tends to be skewed. It could end up costing you millions if you don’t obtain liability insurance. Most will cover, anything from property damage and medical bill payments to reputational harm.
In the end, these are just three smart decisions that could make running your business as smooth as silk.