Every business owner wants to avoid mistakes. They can be costly, embarrassing or even fatal to your company. And as your company grows, any blunders are much more likely to be highly visible in the public eye. So here are five great tricks to avoiding potentially very public business blunders.
Create a Good Work Environment
The human element is perhaps the most important factor in your business. If your employees are not happy or don’t feel appreciated, that can lead to costly turnover or your business gaining a poor reputation. If either of those happen, your company will find it very difficult to hire and retain quality employees. This can be prevented by having a more open, rather than strictly hierarchical, structure, really taking your employees’ views into account and generally making everyone feel as though they are valuable.
Responsible Financial Management
Responsible financial management is absolutely critical to a healthy business organization. This includes always being aware of your finances and carefully keeping track of your monthly gains and expenditures. Be on good terms with your CFO or accountant so you stay up-to-date on your company’s finances and welcome their advice. Never look at expenses in isolation and take surrounding and upcoming expenses into account when making financial decisions.
Retain a Business Attorney
Retaining a business attorney like Strauss Troy or a similar firm that specializes in corporate law can prevent some serious and costly mistakes as your business gains notoriety. You should have consulted an attorney at the beginning to ensure your business was properly set up, and because they will be most familiar with your business they are likely the best choice. Retaining a business attorney gives you someone who can answer your business legal questions when they come up and who can represent you in court should the need arise.
Hire the Right Support
A great team can make up for your lack of knowledge or experience in a specific subject and thus help prevent mistakes. This can include a marketing manager, HR manager, systems administrator and more. They will be able to advise you in how to run the company, when major decisions need to be made or how best to respond to a problem.
Have Good PR People
Eventually, something will go wrong. Whether an employee makes an accidental blunder with a client or a product turns out to be faulty, you will want to have good public relations staff to deal with the fallout. Even when things are going well, PR staff still foster a positive image of your company in the public eye, which helps grow your business.
No matter what precautionary measures you take, you’re still likely to make mistakes in business. Especially as your business grows, there will be more room for errors to occur. But the precautionary measures listed here can drastically reduce the chance of a blunder and make it easier to recover from a mistake.