As a new business owner, you may have to juggle the fine balance between figuring out how to grow your business and how to protect your business. Especially for owners who have just have just set up your company you will soon get distracted by the daily operations, prospecting, and fire-fighting, and overlook measures to defend your business.
At this stage, as a small business, you may not think that protecting your business is needed. However, building up a line of defence against possible risks will buffer you against losses.
Our partner Finaqe, a Singapore-based credit advisory firm that helps to protect and grow your business through financing and credit advisory has written a useful article to advice on how small companies can protect their businesses through various ways, from trade credit insurance to factoring.
Finaqe advises that small businesses can protect themselves through looking at these 9 aspects of businesses: Trade Credit Insurance, Business Insurance, Factoring, Money Transfer, Vetting New Customers, Business Data Protection, using the right Project Assessment Tool, Accounting and Bookkeeping, and Expenses Management.
Click the link above to read the article.