Contributed post –
Running a business carries risks. There are pitfalls lurking around every corner, and to minimize the risk of falling over tripwires, it’s crucial to be prepared. If you’re not already taking steps to protect and shield your company, here are some effective ways you can create a safety net for your business.
Cybercrime
Cybercrime is one of the most pressing concerns for modern-day businesses. It is estimated that the global cost of cybercrime will rise to over $6 trillion by the year 2021. You might assume that it is the big hitters of the entrepreneurial world that are at risk, but every business, no matter how large or small, is vulnerable to security breaches. Cybercrime can be costly for several reasons. Firstly, downtime can cost hundreds of thousands of dollars per hour. Secondly, if you’re on the end of a cyber attack, your customers may lose trust in you, and they might not feel safe sharing their information and data with you. To protect your business networks and systems, you should enforce security measures, provide training for your staff and consider hiring a professional IT agency if you don’t have an in-house IT department.
Natural disasters
Statistics show that natural disasters are becoming more common. According to the United Nations, countries are now spending $25 billion per year on disaster recovery and humanitarian relief. Some businesses are more exposed to natural disasters than others, but it’s beneficial to have policies and procedures in place to ensure a fast, seamless response if you do find yourself in a situation where your office is flooded or an earthquake causes damage to your warehouse. The vast majority of businesses are now reliant on access to electricity and an Internet connection. Would you be able to cope if there was an outage? Investing in industrial generators is an excellent idea if you run a large-scale operation or your business is based in an area that is susceptible to adverse or extreme weather conditions. It’s also critical to ensure that your business premises and any stock, machinery or equipment you own are protected by insurance. Shop around if your current policy is due for renewal, as you may be able to access a better offer from a different provider as a new customer.
Theft
Stores, warehouses, salons, medical and dental practices and offices can be attractive targets for burglars looking to steal cash, expensive equipment or supplies, or technological gadgets. Prevention is always better than cure when it comes to security breaches. Investing in CCTV, security cameras and heavy-duty locks can prove beneficial. Thieves are less likely to target premises that are protected, and if there is an incident, alarms and cameras can help to increase the chances of catching the perpetrators. Not all robberies can be prevented, so it’s also imperative to ensure that you have insurance to cover damage to your premises and stolen goods.
Reputation
We live in a world where we have access to 24-hour news stories, and we can find out almost anything online within a matter of seconds. Negative reviews can go viral in the blink of an eye, and a business owner can go from hero to zero as a result of one negative press story. Reputation is more important than ever before. Competition between brands is fierce, and 90% of people check reviews before buying. If you’re keen to keep your reputation intact, there are some simple steps you can take to reduce risks. Put your customers first and make sure you can deliver on the promises you make. If you let clients down, there’s a risk they will leave negative feedback and tell others that they weren’t impressed with the products or services provided. Use social media to promote your business in a positive way, and make sure your staff members understand how to behave on social media if they have public profiles or they interact with customers or prospective clients online.
If you get a bad review, or there’s a negative story in the local or national press, plan your response, offer an explanation, communicate with the people involved and try and offer a solution. The key to surviving a difficult period often lies in how you bounce back and deal with the aftermath. If you’re honest, you take the time to talk to and listen to customers and you’re prepared to put solutions forward, this will help you rebuild and enhance your brand image and reputation.
Managing a company can be fraught with danger, but there are ways of protecting your business and creating a safety net. Try to pre-empt potential hurdles or disasters and ensure you have measures and policies in place to execute a plan B if things go wrong.
