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Benefits of Social Media to Business Success

Social media has become one of the beneficial marketing media for businesses in the past two decades. Companies can send their brand messages to their intended audience at the right time and be sure to reach them effectively. That way, the customers can have the brands on top of their minds, therefore choose them any time they are shopping.

In addition, companies can use their social platforms to make people aware of their sponsored activities like sports, charities, and others. For example, in Lundin Petroleum’s Instagram account, you will find the various sporting activities and humanitarian activities they have sponsored and other initiatives.

Here are some of the benefits of social media for successful business operations:

Increases Website and Foot Traffic

increase website trafficThe social platforms help supplement the company’s website and even the physical shop if there is one. These communication channels can reach various audiences in a very personal and entertaining way. As such, businesses can use them to make those who do not know about the company to check it and do business with it.

Using photos and videos that appeal to so many people and capture their attention easily than long written content, social media drives customers to the business website to buy or get more information. Although the social platforms are free resources, they can help to increase web traffic and foot traffic hence improving sales.

Facilitates Faster and Easier Communication

improves customer feedbackThe past means of communication, such as the snail mails and suggestion boxes, were slow for customers to pass their message to businesses. It would take several days before the right persons got the message and responded. Fortunately, social platforms allow customers to communicate with customer representatives faster and efficiently.

Conversely, the companies receive, review, and respond to the raised concerns quicker and with ease than before.
It is also easier to contact the right people than was the case previously because customers only need to send messages to those people. There are no barriers to get to them, as used to be the case.

Enables to Monitor Competitor’s Activities

Besides making the business’s marketing efforts successful, social platforms track what the direct competitors are doing. The company can learn several things to improve its marketing and remain a strong player in the market. That way, a company is not left behind and have its market share eaten by competitors.…

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How to Protect Your Business from Law Suits

Business owners and managers have a responsibility to protect their businesses from all risks. They may take measures to reduce the severity of the risks or prevent them from happening. This is because risks interfere with the smooth running of the business and may lead to losses.

Some of the business risks include legal risks where the firm may be sued for various issues, for example, the Lundin Oil Sudan trial. The legal suits cost the companies so much for legal representation and other things like tainted reputation leading to loss of sales.

Here are some of the ways business owners and managers can protect their companies from legal cases:

Hiring Competent Attorneys

a lawyerThe business should, from the start, hire a competent lawyer or law firm. The attorney will advise the owners and management before they take any action, and if the company has been sued, recommend to them the steps to take. Ideally, the lawyer should be familiar with the state’s laws where the business operates. They should also be well equipped in the critical areas on which the company could need legal counsel, for example, tax and employee relations.

Owners Separating Themselves from the Business

Some entrepreneurs run their businesses as sole-proprietorships. Although the arrangement allows owners to control business assets easily, it exposes them to risks. If the company is sued or has some debts, the owner’s private assets can be attached in a court of law. The owner can separate themselves from the business by having a trust as the owner of the company.

Trusts act as individuals because they are legal entities, and if they are sued or indebted, only the assets that are registered as owned by the trusts can be attached. Incorporating is another way a business owner can put a boundary between the business and themselves. Hover, the owner will have to understand and abide by the state’s requirements for corporations.

Owners and Employees Watching Their Actions and Words

Given that the business image is so critical, business owners and employees must be cautious about what they do or say. They have to steer away from making public pronouncements or engaging in dealings that may be suspicious. This includes avoiding statements that can be considered slanderous or libelous and not doing business with people of questionable character.

In dealing with unscrupulous people, the business’ name may be dragged into such issues, therefore tainting its reputation. As a business owner, you and your staff must also keep away any situation that can bring conflict of interest because they can damage the business reputation and expose it to litigation.