How to protect your business from three common risks and dangers
There are countless risks and dangers out there that can spell real trouble for your business. We look at three of the most common, and how you can protect yourself from them.
You never know what is lurking around the corner, waiting to strike. So it is vital that you prepare yourself as best you can for any potential dangers to your business.
To help you, in this article we look at three of the most common risks and dangers that might impact your business, and how to prevent, manage and resolve them. S you’ll be better able to navigate the choppy waters of business ownership in the most productive and profitable manner.
1) A damaged reputation
It can take years to build a brilliant reputation for your business, but days for it to come crashing down if the worst case scenario takes place. Sadly, many things can negatively impact your reputation, but you can certainly increase your chances of remaining in your customers’ good books.
For starters, you have to remain realistic in everything that you do – don’t get your audience’s hopes up if you aren’t 100% sure you can deliver, as this is a sure fire way to leave your customers disappointed. For example, don’t shout from the rooftops about your speedy delivery services and then allow multiple timely delays to happen.
Handling complaints in a productive and proactive way is another key component of a strong reputation, as even an unhappy customer presents you with an opportunity to improve your reputation. Be responsive, respectful and patient – this way, you’ll reach a resolution that works for everyone.
2) Businesses breaches – physical and digital
Having an unexpected and unwanted guest inside your business can put your data and assets in jeopardy, and unfortunately thieves, hackers and other criminals are more common than you might initially expect.
Business breaches can be both physical and digital, as a thief could break into your commercial premises after hours to steal or damage your equipment, while a hacker or virus could enter your systems and destroy or compromise your valuable data.
To combat physical threats, installing a top quality CCTV system along with motion sense alarms will certainly be of benefit. To minimize online risks, install firewalls and always make the most of encryption – you have a responsibility to protect your customers’ private data such as their payment details, so don’t ignore cybersecurity.
3) Fines and failed audits
It’s hard to remain in control of your business if you don’t keep track of things, especially when it comes to audits and other checks that could raise serious red flags or trigger fines (or worse). It’s fair to say that there’s a mountain of paperwork to be done, and many rules and guidelines to be followed, but this is simply part and parcel of owning a business.
You need all of the right certifications, such as an LEI number or a relevant license, so be sure to ask an expert to guide you in the right direction. Hire a skilled accountant to manage your books properly, and stay on top of things like fire safety procedures, too.