5 ways to protect your small business as you grow

Business expansion can be risky – both inside and outside your organisation – so it's essential to have the right resources in play.

The last few years have seen tough times for Australian businesses. The rising costs of conducting business, massive layoffs and widespread closures have left very few industries unscathed.

But even in difficult times, there's always room for opportunity. Competitors exiting the market can sometimes create more opportunities for your business.

The good news is that there are steps you can take to reduce your internal risk exposure.

Learn more about Employsure's services

1. Factor in scalability

One of the most common mistakes small businesses make is expanding before they are set up to be in a strong place to keep up with their rate of scaling.

In practical terms, this means they expand their business without necessarily having the appropriate resources or tools in place. Processes and software that work when you're in a team of 5 don't necessarily transfer to a team of 30!

By thinking about how you can scale ahead of time, you're setting yourself up for a better chance at long-term success. The Australian Government even provides a checklist to help you with this process.

That said, it can be a big job. It's also worth looking for providers that can help your business keep up with its own scaling.

One example would be Employsure. Employsure offers a range of different solutions for small businesses, touching on compliance, workplace health and safety (WHS) protocols, assistance with HR processes and much more.

2. Keep compliance front of mind

Compliance is key for any business in 2024, especially in a rapidly changing, complex Modern Award System. The cost of battling legal fees and fines for not complying with recent legislative changes can be astronomical and devastating, especially for a small business

Maintaining compliance builds trust with customers and enhances your reputation as an employer. Perhaps most importantly, it's also a legal requirement. Companies that aren't following the relevant steps for compliance in their industry may face consequences from regulators.

Compliance can mean different things depending on your industry. For some, it will be relatively straightforward paperwork; for others, it will involve a complex range of considerations.

Seeking external advice can be extremely useful. For example, Employsure is able to provide you with the right tools and advice to help you meet your compliance needs. This includes reviewing your existing paperwork and procedures, employee contracts, workplace forms and more.

You're then provided with an action plan for how you can improve your processes. Additionally, provided you have followed advice and taken the correct actions, Employsure can not only support you with compliance and advice, it can also provide you with legal representation and protection if necessary.*

3. Look after your WHS obligations

WHS is sometimes solely seen as a facet of compliance, but it's also worth discussing as its own issue.

Navigating WHS requirements can be tricky. Some workplaces are extremely dangerous; for others, the hazards won't necessarily be as obvious but should still be a top priority for employers.

So as with other compliance issues, outside assistance can be extremely useful. Business.gov.au provides an extensive rundown of your key safety responsibilities as an employer.

Employsure offers WHS-specific advice and has in-field consultants who conduct site visits. This can then inform comprehensive WHS plans and processes, bespoke to each business.

Having tools like those Employsure provides in place can help you create a safer working environment, both immediately and in the long term.

4. Have conflict resolution procedures in place

Growth periods for business also mean change. The scope of work can shift, worker schedules may need to be adjusted, contractors may need to be hired and new positions may need to be implemented.

Difficult decisions about staff redundancy may also need to be made.

This may sound simple in principle. But all of these factors – and many more – can lead to damaged workplace relationships or outright conflict.

With this in mind, it's important to have HR procedures and conflict resolution built into the company from an early stage. This way, issues can be dealt with appropriately before they boil over.

Implementing procedures around HR won't just save you time and potential workplace issues, it can also help protect the wider image and integrity of the company.

Employsure also has a Face2Face team that provides in-person support to small businesses regarding conflict resolution and employee relations advice to work towards effective outcomes.

5. Leverage appropriate software solutions

As anyone who's run their own business knows, replacing or upgrading software can be extremely time-consuming and expensive.

You want to make sure your software solutions aren't just fit for purpose now, they need to be able to grow with you too. Otherwise, you'll find yourself needing to replace your system every few years with all the attendant hassle and potential for data loss.

Conducting an audit on your current toolset can let you get an idea of whether you're using effective, enterprise-grade software for your business.

It's also worth looking for software that can be integrated into a wider suite holistically. This way, you'll be able to have a central source of truth rather than needing to jump around from program to program, and potentially causing errors down the line.

Employsure's solutions such as BrightHR and BrightSafe can be integrated with a range of other software, allowing you to access an array of different insights.

Learn more about how Employsure can help protect your business

*Subject to PDS