You often hear medical professionals extolling the virtues of prevention over cure. However, this is a mantra that entrepreneurs could also benefit from adopting. It’s no secret that the vast majority of new businesses fail, and if you can flatten hurdles before they trip you up, this will stand you in good stead to beat the odds and join that exclusive club of successful business people. If you own a business and you’re keen to protect your assets, here are some suggestions to take on board.
Protecting the premises
Whether you work from home, you own a shop, a cafe, a bar or a restaurant or you run an office, a studio or a warehouse, it’s essential to protect your business premises. As well as covering the cost of damage to the actual building, you may face the prospect of replacing expensive equipment, tools, stock and supplies if anything happens to those premises. If you’re targeted by burglars, or adverse weather takes its toll, you may not have the funds available to stay in business. If you own business premises of any kind or you run a company from home, it’s imperative to ensure you have insurance policies in place to protect the structure, as well as the contents. While a burglary may be distressing and incredibly inconvenient, if you’ve got insurance, you may have a much higher chance of bouncing back. To minimise the risk of theft, invest in security measures such as alarm systems and CCTV cameras and don’t keep cash on the premises overnight.
You often read about cybercrime hitting major international businesses, but small businesses are also at risk. The threat of cybercrime is becoming increasingly potent by the day, and all modern businesses should consider the impact of an attack. You can reduce your chance of risk of falling foul to cybercrime by working with an IT consultancy firm to improve security measures, protect your network and ensure you’re up to date with the world of antivirus software and firewalls.
Setting up and managing a business isn’t as easy as building a website, opening a store or putting your name on the side of a van. There are legalities you need to be aware of. If you’ve never launched a business before, it’s wise to seek advice from legal experts to ensure that everything you do is above board and that your business adheres to guidelines. You’ll need to consider factors like patenting and copyrighting, employment law and health and safety, as well as financial regulations and paying the right amount of tax at the right time. Legal processes can be complex, and there’s often a lot of jargon involved, so having an expert in your corner can make life much easier.
There’s a high risk of encountering hurdles when you own a business, and the failure rate is very high. If you can prevent problems before they have a negative impact, this could help you swerve obstacles and increase your chances of survival.