How to Grow and Protect Your Business in 2023

How to Grow and Protect Your Business in 2023

Every business owner aims to make a profit. However, developing a profitable business in a volatile marketplace can be as elusive as searching for a pot of gold at the end of the rainbow.

So, given the current economic climate, weather and labour shortages, in 2023, having a business plan will be essential in achieving your profit and growth goals.

Success will be assisted by a combination of flexible, proven business strategies with the financial security of the right insurance policies that protect you and your business.

Our top four strategies for running a profitable business in 2023 are:

1. Develop a Marketing Strategy

Developing and continually reviewing a marketing strategy is at the top of the list. Your goal is to find a niche where you can offer a product or service that adds real value to your customers. Several free business plan templates can be found online.

2. Develop a Business Plan

Another proven business strategy for a profitable business is to develop a plan outlining your goals and how to achieve them, along with a set timeline. There are plenty of free business plan templates that can be found online. Here is just one example.

3. Decide on a Business Structure

The structure of your business is another decision that can impact heavily on its profitability. Your options are sole trader, partnership, PTY LTD or a PTY that acts as a trustee for a trust. As a business owner, each option provides you with a different type of protection. It’s a big decision and should be made in conjunction with your finance and tax adviser. Information about different types of business types can be found here.

4. Protection for your Business

Yet another proven strategy for running a profitable business in 2023 is having the right type of insurance and risk management for your business. So, it’s essential to review this and ensure that you know your current risks and have had professional advice to enable you to choose the risks you want to retain or purchase insurance for. Is cyber risk an issue this year, is the correct business interruption cover in place or simply are the sums insured for your buildings, stock and contents enough for the coming year, taking into account inflation?

Having the correct amount of insurance coverage provides peace of mind and financial security.

Growing and managing a profitable business can be exciting and, at times, stressful.

Whilst there are proven strategies that help you grow your business, our insurance advisers are professionals that will provide you with advice to identifying and manage your business risks. To talk to an insurance specialist today find your local adviser.

Important Information 

This communication including any weblinks or attachments is for information purposes only. It is not a recommendation or opinion, your personal or individual objectives, financial situation or needs have not been taken into account. This communication is not intended to constitute personal advice. This type of insurance product is designed for small and large businesses, that want to be covered against financial loss relating to accidents or personal injury involving contractors or sub-contractors.

We strongly recommend that you consider the suitability of this information, in respect of your objectives, financial situation and needs before acting on it. This document is also not a Product Disclosure Statement (PDS) or a policy wording, nor is it a summary of a particular product’s features or terms of any insurance product. If you are interested in discussing this information or acquiring an insurance product, you should contact your insurance adviser to obtain and carefully consider any relevant PDS or policy wording before deciding whether to purchase any insurance product.

SME Business Insurance

SME Business Insurance

Business Insurance is used by many businesses, but it’s best suited to SME-type operators.

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