Every business has threats, regardless of what type of products they sell. As a business owner, the more you understand about each of them, the more you can do to prevent them from turning into problems for your business. Here are the top threats to your business:
Fires, floods, earthquakes, snowstorms, and other natural disasters can impact foot traffic at your storefront. It can also lead to a backlog of orders going out to consumers and from your supplies and inventory getting delivered to you on time. Natural disasters can also prevent your employees from being able to commute to your place of business, which reduces productivity and slows down growth. In worse case scenarios, natural disasters can also damage your physical location. To prevent this from causing a serious financial problem, make sure you have proper insurance in place for your property and your products.
An alarming rate of businesses are suffering damages from break-ins, which can lead to some serious problems. Not only do you have repair any damage done, but you also have to replace any lost inventory and supplies. To prevent theft and burglary, invest more on robust security systems that can deter any burglary attempts and quickly dispatch authorities when there is a break-in detected. If you have had burglaries before or you are located in a high crime area, you may want to consider a security guard.
As your business grows, so does its data. And while you might think that nobody would want your data, there are always people lurking on the web who’d love to get a key to your business server’s backdoor. Cybersecurity breaches are becoming increasingly common, and the average cost of a data breach is 3.62 million according to Fibernet. Use a firewall and robust antivirus and anti-malware software that can detect any potential threats to your computers and networks. Encourage employees to change work account passwords at least every month.
If your employees are not doing their job properly and efficiently, they cost you and your company money, even if they don’t mean to. Time wasted at work is money wasted. This doesn’t mean that you have to be a horrible taskmaster, but if an employee is wasting time, spending a lot of time on their phone, or distracting other workers, you may need to talk to them about their behavior. You should also make sure all your employees are properly trained, so they don’t waste time by doing things wrong through no fault of their own.
It’s best to be prepared for any problems or challenges your business may face, but you shouldn’t become paranoid. Enjoy your work and use your common sense to protect yourself and your employees.