Running a business requires you to navigate a minefield of variables and uncertainties beyond your control. But even among your challenges, there are some things you can count on:
- Your best competitors will always strive to become better;
- Your customers will always demand more;
- You’ll have to keep working smarter and harder to turn a profit;
- You’ll constantly be adjusting to new taxes, regulations, and added expenses; and
- You’ll always need the right New York business insurance to help you manage your risk.
It can be an uphill battle just to survive. So how can New York businesses boost their “degree of certainty” in this competitive market? How can you stay ahead of the competition and reach the next level?
While there’s no easy path to success, by focusing on a few critical areas of your business – both internal and external – and implementing a few key strategies, you can give your business success a higher “degree of certainty,” regardless of the market.
1. Conduct an internal review.
- Evaluate your leadership. Are you giving your business the necessary time, focus, equipment, capital, and everything else it needs to be successful? Do you effectively assign responsibility and expectations? If you want effective employees, you need effective leadership.
- Evaluate your processes. Examine what’s working and what needs to be improved. Identify any processes that are only in place because “that’s the way we’ve always done it.” Pay special attention to tasks that directly impact customers and affect the data you use to make business decisions.
- Evaluate your costs. Don’t assume you know how much things are costing you. Can you save money by renegotiating some vendor contracts? Can you identify an expensive mistake you made last year and ways to avoid it this year? Look for smart ways to cut costs and build up your cash reserves.
- Evaluate your risks. Conduct a top-to-bottom analysis of your risks with your New York business insurance carrier so you understand everything that’s at stake.
2. Take action internally.
- Reengage your employees. If you want passionate employees, engage them. Be sincere about their health, safety, and well-being. Help them eliminate frustrations in their jobs. Show them gratitude. Engaged employees handle problems on their own and actively look for ways to improve your business.
- Set goals. Setting goals is essential to keeping your business moving forward. Make them specific, measurable, and realistic. Then put a plan in motion to achieve those goals, and routinely check your progress.
- Reassess your coverage. Work with your New York business insurance provider to identify any unnecessary coverage or gaps in coverage.
3. Take action externally.
- Expand your offerings. Think of ways to give your customers added value with other products and services. Make it easy for customers to get what they need when they need it.
- Revamp your marketing. Maybe that money you’re pouring into ad space could be better spent on a digital marketing. Know your market, and market smart.
- Focus on retention. Always strive to build loyalty by giving current customers the kind of buying experience that keeps them coming back. Be creative and exceed their expectations.
As always, the New York business insurance experts at BNC Insurance and Risk Advisors are here to help you boost your “degree of certainty.” If you’re looking for innovative new risk management solutions, let’s talk.
