Forrest Bell is aware that running a small business can leave a business owner with little time to think about anything but the day-to-day running of the business and the most pressing challenges. However, the firm state that neglecting other, less immediate risks can seriously impact a business’ chance of survival as these problems could arise at any time. Forrest Bell are therefore urging small business owners to prepare for these risks. Here, the firm has shared their tips to prepare for 5 of the most common small business risks:
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There have been a number of recent headlines surrounding the damage done by cyber-attacks to businesses such as TalkTalk and Ashley Madison. However, Forrest Bell highlight that it is not just big businesses that are targeted. Hackers will often go for smaller businesses as they do not have the budget to get through to big businesses. Forrest Bell state that it is important to have an incident response plan ready should the business get hacked. A good plan should follow a four step process of assessment, containment, recovery and improvement.
There are a number of examples of big businesses handling a scandal or tragedy extremely badly but Forrest Bell believe that this can be just as, if not more, damaging to smaller firms. “Once the damage is done it can be hard to fix it,” highlights Forrest Bell. The firm suggest that when the company is at fault the best approach is to be upfront, sincere and admit where responsibility lies.
Cash Flow Conundrums
Securing the cash the company is owed can be difficult for all businesses, points out Forrest Bell. To avoid this stress the firm suggest always agreeing a contract with clients before starting work. Never dawdle when sending an invoice, do it as soon as the project is complete and it is fresh in the client’s mind.
Failing to Plan for the Future
Failing to think about the future and set big goals for years ahead can have a negative impact on a firm’s prospects, states Forrest Bell. The firm suggest making a proper documented succession plan which includes the business side of affairs and a tax plan.
Loss of Intangible Assets
The loss of intangible assets (everything from trademarks to trade secrets) often gets overlooked but can cause huge problems for a small business. The firm believe it is important to understand how far contracts will protect them and to understand the different protection processes that may need to be invoked for different parts of the world.
Forrest Bell urge all business owners to be prepared and have contingency plans in place for any unexpected mishaps or business risks. The firm’s specific business model offers little risk but even still the firm highlight how they are always prepared should anything go wrong. Forrest Bell believe that running a business can be extremely risky but highlights how with bigger risks comes bigger opportunities and more chances for success.
Forrest Bell is an outsourced sales and marketing firm based in Liverpool. The firm specialises in a unique form of marketing whereby they represent their clients’ brands through unique and personalised direct marketing campaigns. By taking these campaigns directly to consumers the firm are able to establish long-lasting and personal business connections between brand and consumer which often lead to increased customer acquisition, brand awareness and brand loyalty for their clients. Forrest Bell offer their services on a ‘no win – no fee’ basis which means their clients are at no financial risk.
Forrest Bell increases customer acquisition through face to face events based promotions.
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- Contact Name:
- Rebecca Bell
- Managing Director
- Forrest Bell
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- 07946 258582