(ThyBlackMan.com) When it comes to navigating the way through choppy waters as a business owner, there are several potential icebergs to avoid. Running a company can be challenging, and obstacles and pitfalls can appear from nowhere. If you’re eager to shield and protect your business, here is a useful guide to reduce risks and prevent disasters.
Protecting your business premises
When it comes to your business premises, there are two main risks to consider. Firstly, in a world where we are spending more on disaster recovery every year, it’s important for company owners to be aware of the risk of natural disasters. Secondly, security should be a priority.
Natural disasters are becoming more commonplace, and the United Nations estimates that countries are spending over $25 billion per year on disaster relief. Some areas are more prone to adverse weather conditions than others, but every business owner should be wary of the potential implications of storms, earthquakes, hurricanes, floods and fires. Prevention is always better than cure, but it’s not always possible to avert disaster. If your business premises are based in a town, city or area that is vulnerable to unpredictable weather, it’s wise to look into ways to strengthen your defenses and reduce the risk of damage. You could consider flood prevention measures or contact a local earthquake retrofit company. It’s also essential to ensure that you have a comprehensive insurance policy in place that covers both the buildings you own and their contents. If you don’t already have insurance, or you think you should invest in more robust cover, shop around using a comparison site. This will enable you to check different providers and see what kinds of policies are available within your budget. 
In addition to taking steps to prevent damage caused by natural disasters, it’s also crucial for business owners to be mindful of the risk of security breaches. Whether you own a chain of stores, a healthcare practice, a warehouse or a restaurant, you should have security measures in place. Solutions like CTTV are beneficial because they monitor activity and record footage at the same time as providing a deterrent. If a thief spots a camera outside your store, for example, they might be less inclined to try and break in. Today, you can take advantage of innovative security measures, such as cameras you can link to your smartphone. Take a look at the products and systems that are currently on the market and choose solutions that are well-suited to your business. If you handle or store luxury, high-price items, for example, it’s well worth considering hiring security professionals.
Reducing the risk of cybersecurity breaches
Cybercrime is one of the most potent threats modern-day businesses face. Forbes estimates that by 2021, the global cost of cybercrime will exceed $6 trillion per year. Many of us are aware of security breaches because we see or hear stories in the media, usually involving high-profile, multinational corporations. While it’s often the big brands that hit the headlines, every business is vulnerable to breaches. As a company owner, it’s important to be aware of the risks of cybercrime and to take action to protect customer data and secure systems and networks. There are several ways you can beef up security, including working with IT experts, providing staff training and implementing guidelines and policies to restrict access to networks and endorse good practice measures. Staff should be encouraged to choose complex passwords and to change them on a regular basis, for example. It is particularly important to have instructions and rules in place if you have a bring your own device (BYOD) policy.
If you don’t have a dedicated IT department within your business, it’s a good idea to explore the option of outsourcing IT so that you have access to round-the-clock support and advice related to cybersecurity. An IT firm can review your current systems and security software to identify potential weaknesses, reduce the risk of breaches and provide peace of mind. It’s worth investing in security, as downtime can be incredibly costly. Statistics suggest that downtime costs the average US company $300,000-$400,000 per hour.
Shielding your reputation
Reputation is everything in business. If you think of some of the most well-known brands in the world, you probably associate them with either positive or negative events or stories, as well as having an opinion on the products or services they sell. As a business owner, you want your customers to have a positive perception of your brand, and this is why it’s vital to take steps to shield your reputation. Make sure you create a good first impression every time you meet a customer, a buyer, a potential investor or partner or a journalist or colleague. It takes around 7 seconds for human beings to form an impression, and it can be difficult to recover from a bad start. Encourage your employees to prioritize customer service, provide training to develop skills in this area, and listen to your clients. It is also just as important to listen to your employees. Check out the Qualtrics homepage to learn more about the 360 degree feedback program to ensure you know how your employees are feeling. Take feedback on board, and look for ways to enhance your brand image and endear your business to others. More and more companies are investing in social, environmental and community initiatives. Donating to charity, working with local nonprofits and supporting causes that are relevant to your business or your customers are excellent ways to improve your reputation.
One of the most significant threats businesses face today is the risk of getting bad reviews and negative feedback. Reviews can go viral in seconds, and a 1-star rating will jump out on the page, even if you have hundreds of 5-star reviews. To lower the risk of attracting unwanted attention, deliver on promises, treat every customer like a VIP, reward loyalty and make sure you take feedback on board. If you get a complaint, address the issue, talk to the customer and offer a solution.
When you invest time, effort and money into a business, the last thing you want is to fall at a hurdle that appears out of the blue. It’s not always possible to predict problems, but planning in advance and taking steps to prevent issues can be beneficial. Invest in security and cybersecurity, be wary of the risk of natural disasters and employ measures to keep your reputation intact.
Staff Writer; Paul Moore