| Business Protection: Is You Company Fully Covered?

Posted in Small Business at 1:00 PM by Loftis Consulting

When stepping out into the world of business, the odds of achieving success are slim. In fact, it’s believed that up to 90% of all new ventures crash and burn. The fact that your business is still going strong is amazing. However, you cannot afford to let things slide now. Unfortunately, if you fail to take the necessary steps to protect your company, it will be left in a very vulnerable position.

Protecting the business is a task that should not be taken lightly. You might not appreciate the benefits, but you’d certainly regret not getting things right if you ever fell victim. Here’s all you need to know.

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Protecting Physical Assets

When discussing business protection, most people immediately think about the commercial properties. Let’s face it; burglaries are more common than ever while thieves know that most companies possess expensive equipment and goods. Protecting your premises against those dangers is key.

It doesn’t matter whether it’s a shop, office, or factory. Installing the latest and greatest CCTV cameras should be top of the agenda. Combine this with alarms, motion detectors and automated gates for an even greater sense of protection. Whether it’s protecting stock, equipment, or documents isn’t important. The key is to stop unwanted access.

Using visitor lanyards can be another great measure for maintaining a greater sense of control. Of course, this won’t be applicable in all environments, especially shops. However, security guards can aid the cause too.

 

Preventing Intellectual Damage

Thieves don’t only steal physical assets, though. In truth, the loss of a few products shouldn’t cause too much of an impact. After all, you will have probably factored in that some goods won’t be sold anyway. The far greater damage occurs when other companies or fraudsters try to make money off the back of your ideas.

Your company should be the only beneficiary of those efforts. Therefore, taking out the right copyrights on products and innovations is key. If someone does try to steal your intellectual property with illegal replications, a dmca takedown service can help you fight for justice. Given that those fakes can harm your reputations as well as your direct sales, it’s imperative that you do.

 

Maintaining Online Security

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Internet technologies play a greater role in the world of business than ever before. In addition to those internal interactions, many companies use those systems to connect with customers. Whether your company sells items online or simply uses the internet for promotion, security is vital.

Malware, Ransomware and other threats need to be taken seriously. Because if a client feels that their privacy is in jeopardy, they will simply use another company. For similar reasons, you must ensure that all ecommerce platforms are supported with the right encryptions. Losing potential sales for such simple mistakes would be nothing short of a nightmare.  Teaching staff members to set better passwords will certainly help while working in the cloud bring benefits. Essentially, as long as you give your digital tasks the same appreciation as offline ones, you’ll be just fine.

 

Screening Clients

Strong sales figures will direct your business to success, but it’s only possible when you actively see the money. You may think that accepting all transactions is the way forward. Unfortunately, there are times where this simply isn’t true.

A fair and clear returns policy will protect all parties involved. For you, it should stop clients abusing the system to essentially borrow items free of charge. Meanwhile, you need to consider the possibility of bad debts being written off. If you run store cards or repayment plans, taking steps to reduce the number of defaulted payments is a necessity.

 

Upholding Staff Motivation

When hiring new members of staff, you invest time and money into getting it right. That’s because their input is the most important factor for high productivity. Ensuring that the operations run smoothly is crucial for sustained success, and must be included in your protection plans.

 

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Providing staff perks can go a long way to boosting morale. Furthermore, great communication links should be encouraged throughout the business. You also need to know that staff members are committed to the job. Ensuring that they don’t keep taking days off is pivotal. Even if you have agency staff on hold, they’ll never produce the same level of work as permanent employees.

A team that works together succeeds together. Get those motivational elements perfected by showing that there is a clear route to promotions, and you should see great results. With the best possible team at your disposal, the future will look more secure than ever.

 

Know Your Financial Status

You may think that the business is performing well. Those perceptions count for nothing without financial clarification, though. For both the immediate and long-term future of the company, you must take greater responsibility.

 

Cell phone Apps and computer packages can help monitor daily and weekly spending. However, it’s important to speak to a financial advisor too. They can often provide tips to put your finances on a better platform. This could be through finding tax reliefs or trimming unnecessary overspend. Either way, those savings will give the entire business a better chance of reaching its goals and maximizing profits.

 

Getting Insured

Regardless of the steps taken above, you cannot avoid all possible damage. Things can get missed while accidents are part and parcel of running a business operation. Therefore, finding a suitable insurance package for your business is as important as the precautions. If nothing else, it provides that emotional security that will serve you very well in an emergency.

 

Without insurance, one single mistake could potentially ruin the business. In an ideal world, you’ll never need to rely on those packages. But it’s always better to be safe than sorry, and this should be the final accompaniment to those tasks mentioned above.

 

Building a successful business is tough enough without worrying about potential threats. Prepare for the worst, and there’s nothing to stop you being the best.

 

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