Wooden building blocks

As we start planning for the new year, don’t forget to sit and reflect on everything you’ve learnt this year. Here are our key take aways from 2024.

Cyber security

We learnt that your top concern when it came to protecting your business was cyber security.

You learnt that the more you know about cyber threats and security, the more you will be equipped to protect your business.

Our top 3 tips to improve your business's cyber security:

  1. Install security software to protect your devices from malware.
  2. Keep up to date with cyber risks.
  3. Turn on multi-factor authentication on your devices and software.

Intellectual property

Intellectual property (IP) was also one of the top concerns for our readers this year.

Registering for IP rights can protect your unique business ideas. There is so much to learn about IP including the different types of IP rights, such as patents, trade marks, and copyright. 

Our top 3 tips to protect your IP:

  1. Identify your IP assets.
  2. Research all the different types of IP and ways to protect it.
  3. Register your IP before its too late.

Business registrations

We know there can be so many registrations when it comes to starting a business. One of our key achievements for this year was releasing a tool to help you work out your business registrations and simplify the process of starting a business.

The tool can help you with the following registrations:

  • business structure
  • intellectual property
  • taxes.

Insurance

This year we also reflected and learnt about the importance of getting the right insurance for your business. There are compulsory and optional insurance options for all businesses. It's important to pick the right insurance to protect your business, customers and income.

Here are 5 optional insurances to consider:

  • workers compensation insurance
  • personal or loss of income insurance
  • stock, products and asset insurance
  • liability insurance
  • technology and cybercrime insurance.

Start-up costs and cash flow

When it comes to starting a business, this year you told us that the biggest challenge is the start-up costs and cash flow management.

Managing your cash flow correctly will help you have enough money to pay your expenses, debts and yourself.

Our top 3 tips when it comes to managing your finances are:

  1. Find professional support for your business finances.
  2. Set up an accurate and efficient record keeping system.
  3. Always be planning ahead.
Was this page helpful?