Monthly Archives: March 2013

Taking a step back from your business

     Sometimes your business is a magic eye picture and you just need to take a few steps back to see that it’s a dolphin after all.

 When you’re heavily involved in the day to day running of something and when you are eating, drinking, sleeping and breathing your business, it is incredibly easy to lose focus and not see the bigger picture. There are plenty of mundane issues that compete for your attention. You can be caught up with staffing issues, new business, outstanding business, tax issues, keeping your public liability insurance up to date, health and safety assessments and the general daily turning of your corporate cogs.

 For many, the Christmas and new year break might have been a good opportunity to refresh their minds and see what is going on in the wider industry, but for many more, the holiday would have registered as a mere blip on their radar, punctuated by pretentious perfume adverts and irritating sofa adverts endlessly repeating the number nine. In these cases, taking a small step back if you haven’t done so already over Christmas can yield great rewards and save you from potential disaster.

 The best way to do this is to do something that’s a simple break from routine. This can be anything from taking a day out to do something completely different if you’re working on your own, to taking a day to get the staff together into some amalgam of team building and idea-sharing if you have a few employees under your wing. Your staff will be equally pleased for the break in routine and you might be pleasantly surprised by some of the ideas that they have.

 This also goes back to another issue a lot of businesses suffer in that they’re not aware of the wider issues in their industry. In some cases, this won’t be too much of an issue. There’s only so much that changes in some markets, but when an industry like the hospitality trade starts suffering from increases in alcohol tax, or legislation relating to the discounting of products or the rise of competing services, it pays to be in the loop about these earlier rather than later. If you’re busy keeping your own ship running, it’s easy to accidentally plough into an iceberg that all your other competing ships have been wittering on about for months.

 Taking a step back doesn’t mean you have to stop everything that you’re doing for a prolonged period of time – most business owners and managers in general are keenly aware of exactly how much money they lose every second that work is not happening after all. Think of it as taking a breath before plunging back into your work and build it into your regular schedule. It is crucial that you know what’s going on inside and outside your company and taking a moment to review your market could be the difference between a roaring success and a missed opportunity.

 Provided by YOUR Insurance, a broker specialising in landlord insurance and public liability insurance.