Business owners invest a huge amount of time, effort and money into getting a company off the ground. If you’ve built a successful business, the last thing you want is for a bolt out of the blue to threaten your future. There are many threats to try and avoid and obstacles to negotiate. Here are some effective ways to reduce risks and protect your venture.
Cybercrime is one of the most potent threats facing business owners in 2020. Forbes estimates that the global cost of cybercrime will exceed $6 trillion per year by 2021. We often see news headlines and reports about high-profile security breaches and attacks, but this doesn’t mean that large, international corporations are the only targets. Businesses of all sizes and scales are vulnerable. If you’re not already investing in robust security measures, it’s vital to make this a priority moving forward. If you don’t have an in-house IT team, looking into outsourced IT services is an excellent idea. IT experts can analyze the systems you currently use and make recommendations to help you maximize security and minimize risks. Data breaches and hacks may cost you in terms of downtime, but they can also affect your reputation. If customers and clients are providing you with sensitive information, they should be able to trust you to store it in the safest possible way.
Accidents and injuries
Work-related illnesses and injuries cost the global economy millions of working days every year. As an employer, it is your responsibility to ensure that you follow the rules and regulations to promote health and safety and keep your employees safe. It’s not possible to prevent every accident, but if you flout the rules, or you’re not up to speed with new policies, you could face legal charges, which could affect morale and your brand image and reputation. To lower the risk of workplace accidents, make sure staff members are provided with the relevant PPE, implement policies and procedures, provide training and ensure any hazards or issues are addressed promptly.
Securing your business premises
Commercial premises are often enticing targets for thieves because they contain valuable, sought-after items. If you run a store, an office, a warehouse, a healthcare practice or a salon, for example, think about steps you can take to keep the supplies, stock and technology you have on-site safe. Using deterrents like burglar alarms and security lights can reduce the risk of break-ins, and it’s also wise to install CCTV. CCTV cameras can deter thieves, and they will also record footage, which will help police officers to find the perpetrators if your premises are ransacked. You could also look into hiring a security firm to patrol the exterior of your business and consider using entrance systems, which only allow authorized personnel. It’s best to avoid keeping large sums of cash in stores overnight and to make sure that you have insurance to protect you.
Keeping a business safe should be a priority for all company owners. If you’re eager to protect your assets and your reputation, take these tips on board.