Every Business Needs A Safety Net. Have You Built Yours?

Small businesses all over the world are some of the highest at risk. Beginning as a very simple idea that rapidly grows into something successful is the aim for most small to medium businesses, but many forget how important it is to protect their business as much as possible. The more successful you are, the more vulnerable you are, which is a very unfortunate truth! Being prepared to defend your business as best you can the bigger you get should be something that you include in your business plan. It’s not just the technological and financial threats that loom ahead for your business, it’s the threats to your reputation that you have to watch out for. As long as you are armed well and prepared, you can manage any hits to your business with a calm exterior and grace.

Financial Threats

A small business often doesn’t have or make as much money as a large business, but it’s not always about cash. Trust and estate planning is so important for your business future, because you need to take care of your assets. Entrusting your assets to the right company to manage for you can keep them safe and sound from being stolen. Lawsuits are a huge financial threat for your business, so you should ensure that your staff are conducting themselves in a manner befitting of your company when online on social media. They should also receive training on how to speak to customers, so that no lawsuits can be filed against your business.

Technological Threats

Cybercrime is a big deal, and if you’re not investing in the strongest firewalls and the right security programmes for your business, you are going to be bringing any threats on yourself. Small businesses are a favourite target of hackers, because they often aren’t as secure as the larger corporations. If you’re not taking care of your data security right now, then you need to shut down operations until you can protect your data, your customers data and avoid having your lax security being exploited. Your staff that work remotely should also be briefed on how to access a VPN instead of using public internet connections. The more you prepare everyone, the more secure your business tech can be.

Reputation Threats

It’s not like the school playground, with all the ‘he says/she says’, but you still need to maintain a good image. Your staff should be careful with how their social media is used, and you should ensure that you have a PR professional on your staffing so that if there are any scandals, you can manage them correctly. If you don’t want to hire one full time, you can hire one on a case by case basis to work with you if things go wrong. You need to have a strong brand that can withstand threats to your good name, so keep your business squeaky clean to avoid the rumour mill being spun. There’s nothing good about losing face in a business.