Entrepreneurial enthusiasm and motivation are the main factors that drive the growth of a business irrespective of its size. As an owner of a small business venture, you need to be aware of the fact that the venture will become more vulnerable as it grows.
Listed below are ways how you can curb these vulnerabilities.
Avoid doing business with unlicensed practitioners and people with questionable work practices. This initiative protects you from time-consuming and expensive lawsuits that may be filed against you or your firm for professional malpractices.
Auditing your enterprise’s funds after every three months can also protect it from financial threats. Enlist the help of a competent tax attorney for tax planning, and a financial advisor for financial planning. You should also screen and conduct background checks on all consultants and employees who access your company’s finances.
Unexpected disasters, such as hurricanes and fire, pose a high risk to uninsured and unprepared businesses. These disasters could damage your enterprise, making it costly to rebuild, especially when you did not plan adequately.
Insure your company and develop a crisis plan to guide you when a disaster strikes. You should prepare for inclement weather including flooding, tornadoes, and hurricanes. You should also be ready to respond to a fire on the premises. The Fire Protection Specialist Company Pty Ltd and similar businesses can help you get outfitted to prevent a worst-case scenario.
As a businessperson, you need to be aware of cyber security attacks and how your company is vulnerable to them. A single hacking attempt on your computer systems can lead to loss of millions of cash and private information.
Hire an IT specialist who will be responsible for conducting routine risk assessments and installing powerful firewalls to shield against hacking attempts. You can also protect your company’s unique ideas from copyright infringement by consulting with the U.S. Patent and Trademark Office to register for intellectual property (IP) protection.
Your brand’s offline and online reputation is important in building a trusted customer base. A bad reputation can be as a result of poor customer service, irresponsible use of social media, and lack of transparency.
Use social media to engage clients in positive conversations and avoid overreacting to negative feedback. With the help of a PR professional, try to develop an effective crisis communications plan that can be used to regain customers’ trust in the event of a damaged reputation.
Small business owners should note that preparedness is key in protecting the interests of all aspects of their enterprises. The above measures apply to a wide range of vulnerabilities that small businesses suffer. The vulnerabilities target an enterprise’s financial systems, technological department, reputation, and physical establishment.
Anica is a professional content and copywriter from San Francisco, California. She loves dogs, the ocean, and anything outdoor-related. She was raised in a big family, so she's used to putting things to a vote. Also, cartwheels are her specialty. You can connect with Anica here.