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4 Ways To Protect Your Business

4 Ways To Protect Your Business

When running a business, there is already so much to do, from trying to keep your customers happy, keeping your employees happy, making money and worrying about the competition that is a lot going on. Then to have to think about the risks that you face as a business and customers complaints. So, if you are a small business, then you need to protect yourself and here’s how you can do that.

Display Your Terms And Conditions

It’s essential that you display the terms of how your business operates and what is involved. Your customers are entering into a contract with you when they purchase your product or service, so it’s vital that you detail how you do business. It needs to be clear from your payment information to returns, and the language needs to be easy to follow so that your customers can understand and feel the company is user-friendly. This also helps you build strong customer relationships.

Protect Your Intellectual Property

Intellectual Property (IP) covers anything that you have created with your mind. For example, your business logo and business name. So, while your office is ‘tangible property,’ your business name and logo are ‘intangible property’ because they do not have a physical substance. You need to protect your IP to stop others from using it without your permission as this is not only theft but could also be harmful to your business if they use it in the wrong way.

You can protect the IP of your business by using Copyrights and Trademarks. You can protect your creative works such as books and videos using copyrights as this will grant you exclusivity to use them, whereas trademarks are words and symbols that represent your product or service and make it stand out from others in the market. A trademark legally stops competitors using similar names and designs to your business. If you have any IP that is valuable to your company and brand, make sure it’s protected.

Insure Your Business

It’s essential to understand the risks that your business faces. Are your customers, employees, or property at risk?

If something goes wrong, you need to have the right insurance. There will be a specific type of insurance for whatever business you’re in. For example in the motor industry, you can get motor trade public liability insurance to make sure that your business is protected against claims made against you by customers and members of the public, following an accident or incident which results in damage to property, personal injury, illness, or even death.

There are many types of insurance available, and it’s important to know what type applies to your small business as some are a legal requirement.

Be Good At What You Do

If you want to avoid customer complaints, there is no better defense than providing excellent customer service. This means being easily contactable to customers, delivering a fast response to any queries or questions, and making sure that the product or service you provide is of good quality.

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