What to do when your Exeter business goes wrong

Many young businesses face issues within their first year. These problems can negatively impact the success of the business in the future and may even cause new businesses to close before they can make a greater impact on the community. However, opening a business in Exeter can be successful, and this guide will explain how to tackle some of the most common issues that you may have to confront when running a business. 

A Work Accident

Accidents in the workplace are relatively common in the UK, with many accidents caused by overworking, working in unsafe environments, failing to have the right equipment or training, or not enacting a stable Health and Safety policy. If one of your employees decides to claim compensation against you, it is important that you have a detailed knowledge of your employee’s rights. Aston Knight Solicitors provides a comprehensive injury at work rights guide for both employers and employees that can help you to find the information and support that you need if you find yourself on the receiving end of a claim. This guide also details your responsibilities and the steps that you need to take to prevent these claims being made against you, such as the creation of a health and safety policy and the correct training procedures. 

Crime (Fraud, Theft)

With a third of UK businesses being affected by crime every year, you need to be able to understand what to do when a crime occurs, and the steps that you can take to prevent these. Crimes should be reported to the police as soon as possible, who can then start up an investigation. For advice about any cybercrime that has occurred against your business, the police have created an official list of useful organisations and charities that you can speak to in an emergency. To prevent crime against your business, you should secure your premises with CCTV and an alarm system, as well as securing windows and doors. To prevent cybercrime, you should have a computer safety policy, ensure that passwords are only given to those who need them, provide cyber training to staff, encrypt your vital documents, and use a firewall and security scanner to protect your digital devices. 

Poor Sales

With there being over 4,800 registered companies in Exeter, you may believe that competition for your business has thrown your company into jeopardy, with poor sales and an inability to connect with your target audience making your business difficult to run and make a profit from. However, it is possible to improve your business and learn how to compete with others by hiring a business consultant. These professionals can highlight the issues that are preventing your business from succeeding, from your finances to your employee management, and can suggest viable solutions to help you to improve the success of your business. 

Financial Struggles

If your business is struggling financially, you should consider hiring a financial advisor or accountant who can help to discuss ways to cut down on your expenditure and manage your profits better. Accountants can also help you to prepare for the end of the tax year, find tax avoidance schemes, and help you to control your finances to be better able to manage the wealth of your business. There are also many free mobile applications that you can download to help you to do this if you are unable to afford professional services, such as those that track your receipts and analyse your cash flow.