Protect your business and increase turnover with these top tips for SMEs

Protect your business and increase turnover with these top tips for SMEs

Whether you are a new start-up or an established operation, increasing your SME’s turnover and protecting your assets are both essential steps in your success. So here are 5 tips that will help you to grow your business and improve your revenue, whilst protecting your assets at the same time.

1. Make it difficult for hackers

The latest statistics show that during the three months from 1st July to 30th September 2019, losses to cyber-crime totalled more than $890,000 per day in Australia. This means that it’s vital that you protect your business from hackers. So whilst one of the biggest changes you can make to your business is to go digital, you also need to implement internal security protection strategies, as well as taking out cyber insurance to protect your assets.

2. Offer a consultation or how-to service

If you sell products to your customers, why not increase your revenue by offering a free consultation or how-to service? For example, mechanics can offer a free online diagnostic service on their website, whilst chiropractors can offer a free lecture on the best foods to eat for optimum health. However, if you are offering advice based on your professional skills, it’s best to protect your business with Professional Indemnity Insurance, just in case a customer sues you for negligence or malpractice. 

3. Offer a mobile service

Expanding the services provided by your business is another way to increase your customer base and your revenue. For example, if you own a hairdressing salon you could offer a mobile service for pensioners at their home. Kitchen supplies can offer a mobile at-home design service, and tax accountants can provide a mobile service for EOFY financials. Don’t forget to protect your business with liability cover, if you are providing an at-home service to your clients and consider commercial vehicle insurance as well.

4. Employ specialist staff

Sometimes, the best way to expand your business is to employ specialist staff who can take your business to the next level. As an example, creating a social media network, as well as social media marketing might well be the strategy that propels your business forward. This is an excellent strategy for start-ups, but remember that you will need Workers' Compensation Insurance, if you take on any employees.  

5. Consider an office refit

If you have a physical office, consider a complete renovation to make it more functional for your employees and more pleasing for your clients. Keeping your office space, particularly the public spaces, on point with the latest trends is a very easy way to improve your business’s reputation with your customers and increase the productivity of your employees. Don’t forget to obtain Public Liability Insurance that covers your business for third party injuries (customers, suppliers and visitors) as well as damage to their property on your premises.  

Whilst it’s important for SMEs to grow and expand, it’s also important for business owners to protect their business from financial loss. Any one of the above strategies might help to increase your customer base and revenue, but not if you don’t have the right insurance policies in place. To decide what type of insurance may be suitable for your business, talk to an insurance specialist today.  

General Advice Warning

The information provided is to be regarded as general advice. Whilst we may have collected risk information, your personal objectives, needs or financial situations were not taken into account when preparing this information. We recommend that you consider the suitability of this general advice, in respect of your objectives, financial situation and needs before acting on it. You should obtain and consider the relevant product disclosure statement before making any decision to purchase this financial product.

Professional Indemnity Insurance

Professional Indemnity Insurance

Professional Indemnity (PI) Insurance isn’t just limited to typical ‘professions’ such as accountants, engineers, lawyers, doctors and architects. Essentially, anybody providing advice or consultancy services for a fee has an exposure that needs to be considered.

Workers’ Compensation

Workers’ Compensation

While some occupations and industries have a higher risk of workplace incidents and/or fatalities than others, Workers’ Compensation is compulsory for all Australian employers. It provides financial compensation to workers if they suffer a work-related injury or illness.

Liability Insurance

Liability Insurance

Despite the very best of intentions, accidents can still happen in any business. Public and Product Liability Insurance  protects you against claims for personal injury or damage to a third party.

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