We think it’s about time that all business owners got clued up as to what could ruin your business. Sure, you’ll think about the lack of custom, or you’ll think about another overbearing business, but these are the obvious downfalls of so many businesses. What we want to try and do, is open your eyes to the many other things that are working their way through businesses at the minute like a disease. A disease that spreads fast, and takes down anything in its path. Because although you might think it’s easy to bring a business back to life once it’s been knocked down by something, it’s not. Some of you will suffer major financial blows due to the things we’re going to talk about, and for a small business, it’s just so lethal. Bigger businesses will have the financial backing perhaps, but for the average Joe in terms of small businesses, the slightest change to the finances can be fetal. So, we’re going to try and show you the many different things that you need to think about protecting yourself from, and why you’re seriously going to benefit from doing so. Don’t think that these will never happen to you, act now and be prepared for the future.
Office Based Threats
Now we wanted to start with one that we know so many of you won’t have been thinking about. The office is really the hub of your business, with pretty much everything going on from there. Now, as your business expands and you move towards hiring a few employees, it becomes ever so important that you’re thinking of all of the threats that could come your way, and how you can go about protecting your business, and everyone in it, from it! So one threat that we know a lot of you won’t be thinking about, simply because it’s one of those scenarios that you never think would happen to you, is an office fire. Granted, considering how many electrics would be running every single day, you would think that you’d hear of these fires more often. But even though they might not be a common occurrence, when they do happen, they threaten the whole of the business. So step one, get business insurance. This should cover you for all of the costs that would come after it. From replacing the equipment lost, to getting you into a new office. The second step, is to prevent it happening altogether is getting things like fire curtains and sprinklers installed. Sprinklers and fire curtains working hand in hand together are one of the most effective ways of containing the fire before the fire brigade turn up. So we hope that nothing like this does ever happen to you, but if it does, we just know that these methods should keep you protected!
Online Based Threats
This is one that you’re no doubt going to be a little more familiar with, but it doesn’t mean that you’re going to act on it. As a small business, it’s easy to think that you’re never going to be the target of online threats, simply because it’s easy to assume online threats go for the bigger businesses. But this isn’t true. In fact, a smaller business is far more vulnerable. Because even though you might not have much for them to take that would be as highly valuable as a big corporate company, your defences are most likely minimal, making a hack easy. So, get in touch with web developers, and work alongside them to produce the a highly sufficient website, that’s near enough impossible to hack. The same goes with your data storage. They can design systems that are so built up and protected, meaning all of your data is hard to touch! You should also do some further research as to how you might be making your business more vulnerable. From using the same password to log into everything and never changing them, to leaving your customers data all over the place. There’s a world of information out there that can help you!
Legal Based Threats
This is another one that you might not have thought have, simply because as a small business, it can be easy to think that you’re simply not big enough for people to try and tackle your when something goes wrong. But there are a few common ways that small businesses can face legal threats, and the biggest comes from employees. It’s such a nerve-wracking time to bring people into your business, when you consider your business to be your baby. Putting that trust in others is just so hard, so when you do, it can be hard to actually. So the main way that a business can face legal threats from employees, is when the lines of professionalism is crossed. We love how small businesses are trying to bring that relaxed vibe into the office life, but sometimes this can become a little too friendly. Even if it not be from you, it could be another employee, but because they’re your responsibility, the blame falls on your company. So always make sure you’re maintaining the professional boundary, whilst still having fun. It’s so easy to stay the right side of the line, you just need to remember that you’re the boss, and they’re the people you’re employing!
Debt Based Threats
A really common one that as a small business, you’ll probably be struggling with. It’s rare for people to actually start up a business without having to take out a loan. But this loan can be super crippling, especially when the payments are coming in thick and fast, but the money you’re making isn’t. So, the best thing to do, is talk to a financial advisor that can help you work out a payment plan. When you feel like you have money flying all over the place, it’s so easy just to panic and stress. Whereas sitting down with a professional who can methodically work it out with you, is going to create that essential plan to pay it off!