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Whilst long-term growth is far from guaranteed, Bank of England governor Mark Carney has claimed that the UK is now ‘more than half way towards the finish line’ and a full economic recovery. Highlighting the fact that Britain had experienced better than expected growth over successive financial quarters, he claimed that much of the hard work had been done to secure the short-term future for the nations’ households and business owners.
3 Ways to Safeguard your Business Venture
Although economic growth may be dictating a bright future for business owners in the UK, it is however crucial that entrepreneurs look to safeguard their ventures and capital investments in the long-term. Consider the following steps towards achieving this: –
- Create a Safe and Compliant Workspace
Beyond commercial insurance, business owners can also look to protect their ventures by creating a safe and legally compliant workspace. Employers have a direct duty to protect the individuals that represent them on a daily basis, both in terms of their physical and mental well-being. Be sure to conduct a full review of the national health and safety regulations, for example, and take steps to implement a clearly defined process for reporting accidents. The latter point is particularly crucial, as this will protect your businesses integrity and also highlight any recurring safety issues.
- Create a Constant Source of Power
Any interruptions to your business can trigger a loss of revenue, which must be avoided at all costs if you are to be successful. While it is easy to implement processes as a way of increasing business efficiency, however, this does not account for instances where adverse weather or climate issues impact on your power sources. With this in mind, you may benefit from investing in a back-up generator from a reputable supplier such as SGS Engineering, as this will guarantee a constant source of power regardless of what is going on around you.
- Budget Carefully and Prioritise your Spending
Investment holds the key to long-term business success, although you will need to adopt a cautious approach when budgeting finances and expenditure. A good step is to distinguish between strategic and non-strategic aspects of business, as the former include tasks such as marketing and tend to have a more direct impact on your bottom line profitability. By prioritising cost items that have the potential to drive a greater return, you can create an effective financial budget that affords you the best possible chance of achieving success.
