5 essential things your business may be ignoring
There is a LOT that goes into running and growing a successful business, but don’t get caught out by these 5 often overlooked topics…
- Public liability insurance
You may have thought about insuring your property and assets but have you thought about the people who come into contact with your company? Public liability insurance covers you for accidents such as a customer or a member of the public being injured because of your business, damage to personal property and legal fees.
Is it compulsory?
You are not obliged by law to have public liability insurance but it could save your business in the event of a major or even minor incident that may result in crippling legal fees and compensation pay outs.
Furthermore, certain contracts or jobs require you to have a certain level of cover: for example, some government contracts require you to have a minimum of £1 million public liability coverage. Customers may also feel reassured if you can provide proof of your insurance policy and insurance schedule as it will show you are trustworthy.
- Optimising your site for mobile search
Effective use of search engine optimisation – SEO – will mean you can make your way up Google rankings. Most people search for products and services online so this marketing is an undeniably crucial tool if you want to raise awareness about your business.
To compete with the bigger companies, you will need to find out keywords that will be noticed by Google, of course words such as “business” apply to a plethora of different pages so it is worth finding a niche with your business and using keywords accordingly. Find out what your customers are searching for and once you have identified “common search terms” you can identify the keywords that will get your business noticed.
It’s vital, however, to check how your site ranks in mobile search – it could be very different than on desktop! Searches on mobile tend to be very topical (how often have you searched for something on mobile while watching a TV programme?), local (how often have you searched for something nearby while you’re on the move?) and keywords are often shorter – so make sure you’re optimising for this as well!
- Maximising your brand on social media
It may take time, but in addition to creating SEO friendly content, social media will serve as a cheap way to promote your brand in real time.
Social media can connect you with your customers and give you insights into their opinions, likes and dislikes, gathering relevant information can help you figure out more ways to appeal to your audience and tailor your marketing strategy in the right way.
Social media can also be an efficient way to reach new customers since you can run relatively cheap ads on social media platforms and measure reaction to them in real time and target different demographics depending on geographical location to ensure it has the most impact.
The improved relations between a business and its customers leads to higher converting leads which in turn leads to more revenue – not bad for a marketing tool that is virtually free.
- Corporation tax
Set up as a limited company? If you’re making a profit, you’ll need to pay tax on those profit. Limited companies pay corporation tax on their profits: for the year from 1 April 2016 this is set at 20%, though will be lowered to 19% for the year from 1 April 2017 is 19%.
For a full list of taxes that your business may need – from Capital Gains Tax to VAT, the government website provides you with an A to Z of taxes.
- Employee rights for flexible working
Thinking of taking on staff in the new year? Employees who have worked for the same employer for at least 26 weeks have the legal right to request flexible working (not just parents).
Freelance and contract workers, although self-employed are still protected by health and safety and must adhere to the terms of their contract. You can find a full list of employee rights on the government website.