Just as in every other aspect of life, the world of business has threats too. They can be general and not consciously malicious like disadvantageous changes in the stock market, or more pointed like being sued for something. Either way, if you are going to protect yourself from these threats, you need to be prepared. This can be quite difficult as you have to think prophylactically about problems that have not yet arisen. While it may sound expensive, since you do not know what sort of things that you are going to have to deal with, you should prepare for all of them. Here are three that you should consider and which you can start preparing for now:
The modern, connected world has allowed for lots of different things to become more efficient. Every office now has lots of computers and each employee will likely have their own personal smartphone or a company issue phone which allows them to constantly be aware of lots of business concerns. However, the rise of the internet has also presented problems of its own and one of these is the threat of cyber attacks. Last year, one in five business in the UK were targeted by hackers at a massive cost to both the specific companies and the economy in general. If a company fails to adequately protect their customers’ sensitive information, they can face fines, but being hacked can also limit their ability to trade. The solution is simple: cyber security software. It is necessary but it does not need to be expensive (check out this trend micro promo code). It is better to invest a little money now than potentially lose a lot later.
There other risks though that predate the internet era. For instance, the threat of flooding or fire can be devastating for a business. In the case of a fire, your entire building and all of its contents can be destroyed within a couple of hours. It can be expensive; in 2009 British insurance companies paid out a combined £639 million, or £3.6 million each day. Similarly, a flood can compromise the safety of your building and once again prevent you from trading, not to mention its potentially disastrous effect on your computer system. While some people may say that insurance is for pessimists, the truth is that it is for realists.
However, the risk to your business may not come from outside forces, or so-called acts of God, but from within your company. Some commentators would claim that modern society is becoming rather selfishly litigious and that many people are abusing the legal system to make a profit. Accidents can happen in every workplace but if you do not want to find yourself having to defend a case in court, you should consider registering your business as an LLC. This is not a guarantee that you will not be affected in the event of legal action, but it is a good start. The best advice is to consult a lawyer who can advise you on the specific actions that would be best for your business.