If you run a small business in the Sunshine State, you will understand the importance of ensuring every detail is considered, and every stone has been upturned. Although this should be the approach taken by businesses of all services in any state, it is especially true of SMEs in a state as bustling and potentially prosperous as Florida – where so many business opportunities await the right entrepreneur willing to put in the work. This is because, as an SME, you have fewer resources at your disposal and less capital behind you if a mistake is made, external circumstances change, and your company is hit – and all of this is coupled with fierce business competition across all industries in Florida.
Making sure you maximize the limited resources you have, outmaneuver larger rivals in the state, and ultimately do a better job of meeting your client’s needs is essential for your long-term success – but there are other, more concealed details that need considering too. These are details that you might not think about as much as you should or are rarely discussed in small business circles.
For instance, you might not imagine that insurance is at the top of your list of priorities when managing a small business, but it can be the difference between a strong enterprise and a fragile one. With this in mind, here are three hidden details that are crucial to the success of your small business based in Florida – a state where success is possible, but only if you start the right way.
Have the right insurance in place
Keeping a small business alive is an entirely different proposition from a larger company. You will have to treat every potential setback with the utmost seriousness and strive to strengthen your enterprise whenever you can. In business, when accidents happen or market forces change, the results are often expensive and destructive – no matter where a company is based. The same goes for those in Florida, thanks to intense competition in most sectors all vying for business. You, therefore, need the right protection when the unexpected does happen.
One of the most important elements of any business that may not be immediately obvious is insurance. In Florida, business insurance, as a general statement, is not a legal requirement (but workers’ compensation insurance is for companies with four or more employees, however). Still, just because it’s not legally required doesn’t mean you can skimp on it; if you do, it is at your peril when something goes wrong.
Without the right cover, you are leaving your small business vulnerable to risks outside of your control. By searching for insurance policies for Florida based businesses (or other areas if you operate outside the Sunshine State), you will help secure your SME for the long term.
If something does go wrong – such as customers or employees suffering injury or illness at your workplace or due to your product/services, a cybersecurity breach, equipment or office experiencing damage, or anything else that would be costly – your business is protected financially.
Set strong goals for your team to reach
Usually, when you think of employee goal setting, you imagine a huge business with vast departments that need to hit their targets to secure an end-of-year bonus. The reasoning behind staff goal setting in larger companies also rings true for smaller enterprises – you just need to adapt your approach (and this is true no matter where in the country you’re based).
When managing staff in a smaller business, you may want to focus on the fact that your employees can grow alongside the company – with a greater opportunity to become a senior member of the organization than with larger companies.
By making career progression within the business clear, you will motivate your staff to invest their time and energy in your company. What’s more, you should make any goal you set as specific as possible to ensure your team is always on the right track.
Build lasting relationships with your clients
Another key detail to keep in mind when managing a small business is client relationships. Of course, this is important for any company in any state. However, in Florida, where people are friendly, and positive relationships between companies and clients are of the utmost importance, this point remains strong. While larger organizations can afford to shrug off customer loyalty due to a high client turnover and greater demand, you do not have the same luxury.
An important advantage you have over larger rivals in the Sunshine State is that you can give your customers personal service. Make every customer feel welcome and valued to nurture the relationship. It is likely that these people will turn into repeat customers, which is crucial to the success of your SME operating in such a competitive U.S state.