Building a successful business is hard work. So, when you do reach a stage where your venture is profitable, it’s vital that you look to protect it.
Sadly, if you leave it in a vulnerable position, it’s very likely that someone will take advantage. While adding surveillance cameras is a great starting point, suitable protection requires so much more. Here are six of the best steps to ensure yours is safe.
Protect Yourself Online
Preventing theft and intrusions in the physical world is one thing. However, the importance of cybersecurity must not be ignored. SMEs are often the target as fraudsters feel that it is easier to attack them. Unfortunately, data breaches happen every minute of the day. Worse still, a single incident can seriously harm your reputation. In fact, over half of all companies close within six months of an attack. Do not be one of them.
Avoid Lead Generation Mistakes
As a business owner, gaining qualified leads is a key objective. However, it’s important to respect the FCC regulations as well as consumer privacy. For starters, there is little point getting through to people if you leave them feeling annoyed. Meanwhile, lead flipping often results in unqualified leads and puts your business at risk of fines. Frankly, acting with integrity is the only answer if you want to keep the firm on a winning path.
Take Out Copyright Documents
Protecting your ideas is just as vital as protecting your products. The harsh reality is that other companies will capitalize on your failure to do this. In turn, they could essentially steal the returns that your innovations deserve. Taking out copyright legislations and patents will protect you in style. Even if someone tries to benefit from your intellectual property, you will be strongly positioned to fight back against it.
Keep Costs Down
When thinking about the future of your business, it’s impossible to not think about financial matters. Finding ways to keep costs down without compromising on quality will take a weight of stress off of your shoulders. Remote workers will often provide equally great results at a fraction of the cost. It also means you can operate from a smaller workplace, which is sure to save you money. Using price comparisons and hiring assets can aid cash flow too.
Avoid Bad Debt
While generating sales is a priority, you can’t just accept them from everyone. At least not when offering repayment plans. Bad debt will hit your profit margins hard. It is possible to take out insurance against this. In reality, though, prevention is the best form of protection. By running credit checks on all consumers, you will identify and avoid problematic accounts. You may lose some sales, but you’ll save a fortune on default accounts.
Train Your Employees
Finally, it should be known that human error is often the source of intrusions. An estimated 90% of online attacks can be linked to human mistakes. Likewise, basic errors also enable intellectual theft and physical break-ins to occur. Investing in staff training to ensure that every employee is aware of threats, online and offline, will serve you well. If nothing else, it allows you to continue your work with confidence.
