Building a successful business is hard work. And if you’re not careful, it could come crashing down at any given moment. Whether you’re starting out or want to finally give your existing company the protection it deserves doesn’t matter. A comprehensive strategy is vital.
Protecting the finances, assets, and reputation of the business for the long haul requires several vital stages. Here are 10 issues that must be included on your checklist.
1| Workplace Security
When thinking about business protection, security for the company premises is your first concern. This is crucial for protecting assets, employees, and files alike. Given that burglars are using more advanced techniques than ever, adapting your systems is essential.
The addition of remote-monitored CCTV systems and alarms is vital. Meanwhile, using smart card access points, robust security locks, and anti-climb paint are all steps in the right direction. Using safes to protect particularly precious items can be useful too.
2| Digital Security
Protecting the physical premises is an essential first step. In today’s climate, though, cyberattacks are an even greater cause for concern. Almost 40% of cybercriminal activity targets small companies. The chief reason is that hackers know small firms are poorly protected.
Outsourcing your IT facilities to a managed provider is a very wise move. Meanwhile, encrypted eCommerce facilities and cloud computing are highly beneficial additions. When supported by the simple steps like setting tougher passwords, you can block unauthorized access.
3| Confidential Data Security
Your business handles a lot of data. While protecting client and staff data from external threats is top of the agenda. You also need to consider the internal threats. Particularly those posed by former employees, suppliers, and clients that have access to this data.
If those people steal the information, it could result in lost business for your company and new business for competitors. Protection against trade secret theft is, therefore, an essential feature. When supported by the use of non-disclosure agreements, you should be fine.
4| Cashflow Safety Nets
Everything you do in business relies heavily on the working cash flow. Sometimes, revenue will be tied up through client repayment agreements or bank transfers that may take several days to clear. You cannot afford to let temporary cashflow issues halt your progress.
When you know that the issues are linked to bank clearances alone, a business credit card could be the answer. If repayments and other issues are involved, a line of invoice credit is better. Either way, the ability to keep moving the business forward before funds have cleared brings stability.
5| Workplace Safety
While it’s only natural that you worry about the threats caused by intruders, the truth is that workplace accidents are a far more common danger. As such, ensuring that your employees are equipped with the right workwear and safety devices is vital. At all times.
Goggles, hardhats, harnesses, and boots are all essential in the appropriate places. However, you should also consider the need for cable ties and other treatments for electrical goods. Likewise, wet floor signs and precautions for potential hazards are vital. Injuries could spell disaster.
6| Brand Property Safety
Intellectual property has already been discussed courtesy of client lists and private data. Protecting these items is key. However, you also need to protect anything linked to your brand image. Failure to do so could result in damaged reputations that are very difficult to reclaim.
Protecting your innovations with copyright and patent agreements is vital. Otherwise, competitors could steal your ideas to steal your revenue. Alternatively, fraudsters may try to sell fake replicas of your goods. The poor quality will inevitably do you harm, even when it’s not your fault.
7| Clear Returns Policies
Good communication is vital in all aspects of running your business. Not least when dealing with client interactions. While FAQs and clear information prior to a sale are vital, you must not ignore the after-sales elements. Setting a clear returns policy is vital. For you as well as the client.
When the details are clear, it removes any threat of arguments. Crucially, this should stop negative reviews that could cost you future sales. It’ll also encourage the client to place even greater trust in the brand. Better still, it should make interactions far more consistent for everyone involved.
While putting the right facilities in place is essential, you must not overlook the importance of having the right people too. If you are still worried about the prospect of theft or break-ins, security guard teams are an ideal solution. This can extend to overnight staff.
In addition to hiring people for the sole purpose of protecting the business, you should invest in staff training. Ensuring that all employees know how to act in emergencies, first aid, or dangerous situations can make all the difference. If nothing else, it puts your team at greater ease.
9| Embrace Winning Habits
Good habits go a long way to keeping a business on the path to success. Learning to remove dead paperwork ASAP is a particularly smart move. Likewise, keeping walkways clear and staying vigilant to hazards is vital. This can include leaks, and the use of smoke alarms too.
It only takes a few weeks to embrace winning habits while employees will quickly follow suit. This can be a key step to maintaining a positive atmosphere across the business. Conversely, ignorance towards these elements will inevitably lead to severe consequences. The result is lost earnings.
10| Business Insurance
Prevention is the best form of protection, and the above steps will keep you on the right path. You cannot prevent all potentially negative situations, though. Therefore, finding the right insurance for your business is vital. This could include public liability or guaranteed payments on purchases.
There’s a good chance that you’ll never need to use the business insurance, but you should still read the Ts&Cs. A lot of entrepreneurs have fallen victim to inadequate insurance coverage. If you do face an issue, having it under control is the only way to keep your company on the right track.