Many people, who start their own small business, put their everything in it. They take all the pains of getting finances, getting permits from the government, setting up the physical infrastructure and hiring efficient human resources. It is not easy to be an entrepreneur because even after doing all of the above, problems never end. A small business is vulnerable to a lot of threats which may destroy the company.
These threats can be financial, technological or even a threat to the reputation of your company can wreak havoc on your business. It is always better to be prepared so that damage is reduced to the minimum. Protection for small businesses should be done in a manner similar to taking care of your child. We give you certain tips on how to protect your business:
Protection from financial threats- Financial threats can range from getting entangled in an expensive lawsuit, losing money on the account of a fraud, or losing your infrastructure in a natural disaster or a catastrophe. First and foremost, insure your business, be sure of having enough liability insurance and insist on having additional coverage. Talk to your insurance agent as to, what can be in case of a natural disaster. Have a ‘crisis plan’ ready and make sure all your employees know what to do in case a hurricane or an earthquake strikes.
Hire your employees with utmost care, especially the ones who are going to have access to the finances of the company. Do proper background checks and audit your finances yourself, at least quarterly. Do not get involved in lawsuits resulting from conflicts of interest or by engaging in unscrupulous behaviour.
Protection from Technological threats- For protection of small business from technological threats, it has become pertinent to have proper security measures so that your business does not become a victim of cyber-crime. Most hackers attack small companies because their computer systems are less complicated than huge multinationals. Keep all your data protected by installing a firewall for your network and having superior antivirus software on your systems. Get an IT expert to perform risk assessment of your business and file for Intellectual Property protection with the U.S. Patents and Trademark Office.
Have a clean Public Image- If a firm has good reputation among the public, then that company will only flourish. In today’s world which always remains connected through the social media, losing your reputation would mean losing everything. Use the social media platforms to reach out to the public. Hire a PR professional, who will help you in having a clean public image.
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