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How to Protect your Business?
One of the most important and the most neglected element of a business journey is ensuring the safety of your business, or adopting the ways and techniques that are necessary to protect a business. Be it a physical store, or an online business, it needs to be protected at some point to avoid any loss of your business assets or any pirating. However, when it comes to protecting the business, many believe that it would cost them a lot of investment, in reality, such is not the case.
Why is it Important to Protect your Business?
There’s a saying that says, ‘Prevention is better than cure’. Instead of getting your business incurs a loss or some major crisis, it is always advisable and also favorable to get your business protected by taking the necessary steps. In a business environment, the future is always uncertain, you have to be prepared to face any situation that comes across you and your business goals, securing your business from various threats, is one of the aspects.
1. Protecting your Brand Name
What if you face some cyberattack and the word gets out in the market that your brand had faced some theft or a cyberattack? Surely that would create a feeling of distrust in the minds of the customers for your business and brand value. This would clearly spoil your Brand Name and Image, and it would be very difficult to get back on track, especially for small businesses.
2. Protecting your Revenue
We already know how difficult it is to reach a stage in your business where you can experience good growth and considerable amounts of sales. However, a small crisis in any manner can completely halt this growth, thereby changing your growth graph. More importantly, even after overcoming the crisis, it would still have various aftereffects, making it difficult for your business to reach that stage again.
3. Avoiding total closure
Facing off a small crisis without any precautionary measures would not only affect your reputation but it would also form a distrust among your customers, markets, and even your staff. At one point, you’d be forced to close your business entirely, depending on the situation. However, such a fate can be avoided if your business is protected.
How to Protect your Business?
Realizing the importance of protecting your business and also the effects of not having your business protected is eye-opening. But as discussed above, the various steps that you take to protect your business should not cost you a huge dime, rather you can get your business protected through many simple ways, without having to divert your major funds.
1. Buying a Business Insurance
It is never in vain to have your business insured at some point. Be it a large-scale or a small-scale business, most of them always get their business insured to avoid any unforeseen event. There are many insurance policies that are available in the market such as General Liability Insurance, Professional Liability Insurance, Property Insurance policy, Business Owner’s policy (BOP), and so on. Each policy helps you to cover most of your expenses in account of any legal fees, settlement fees, natural calamity, theft, and many more. You can choose the policy according to your need, a major recommendation would be to choose the BOP, as it covers many areas.
2. Hiring a Lawyer
This is not a needful or a compulsory precautionary measure, however, for most of the business that is on large-scale basis should always play safe by having a lawyer to guide them on a timely basis. As situations are never foreseen, you may need a lawyer at any moment on an urgent basis to fight a case or handle some lawful terms, or rules. Hence, it is always safe to hire an attorney beforehand and getting your business protected. You can select a lawyer by meeting many and settling with the one that would give the best output at a considerable fee.
3. Having an Accountant
Keeping notes of your business transactions, or in professional terms, maintaining a bookkeeping for your business is easy. However, it would be a better option for you to have an accountant. An accountant would not only maintain all the records perfectly, but would also save most of your unnecessary expenses, help you avoid most of the taxes, guide you well with the structure of your business, and suggest better options to lower your expenses. This can help you save a lot of funds for your business.
4. Having your store secured
This point is only applicable for a business that has a physical store. Many entrepreneurs already know the importance of having their stores protected with some security such as CCTV’s, alarm system, and so on. However, most of them neglect this practice of having their physical store protected. At most two or three CCTV cameras would be perfect for an average store. This can even help you better to avoid thefts, as your physical store is fortified with good security.
5. Using Technology and advanced Passwords
The above point was for physical stores, now let us talk about the businesses that have their store online. The best option out there for an online store is to always have their devices protected with Anti-Virus. Another solution is to use the technology and maintain advanced password to better protect your account and personal data. You can always keep a two-factor authentication password, in this case even after cracking the right password, there would still be another level to cross and that is to get the right OTP from the owner’s mobile. This can be an ideal solution for online stores.
6. Protecting the data
Your business data should always be protected, but maintain that privacy for the same is difficult to do so. Hackers, cyber crimes find it very easy to crack your system and get access to those data. Also, there are instances where you lose your data because of some malfunction of the device. The Best option is to always have a backup of your data to avoid any loss, you can also store it in cloud storage.
Having your business protected is the best decision you can ever make with regard to the safety of all your assets. Some of the best practices to protect your business are buying Business Insurance, hiring a lawyer, hiring an Accountant, having your store secured with CCTV and alarm systems, using advanced passwords for your online store, and protecting your business data.