Protecting your business is often an afterthought for business owners and managers because, once they lock the door at the end of the day, they assume everything is just fine. This is not always the case, especially if you have not invested in a security system, insured the property/business, protected yourself legally, set up financial controls, or planned for succession in the future.
Use these tips to protect your business from all threats, no matter how they may come.
Implement a Robust Security System
Installing a new security system is often seen as a massive expense, but this should be one of the first things a brick-and-mortar business should do. Does your security system need to be the most advanced platform on the market? No. Should your security system cover every inch of the property? Yes.
Do not be afraid to install access control at the front door, cameras over all exterior doors and in the hallways, a sprinkler system, fire alarms, smoke detectors, CO detectors, and more. A robust security system can alert you to threats as they happen. At the same time, your security system serves as a deterrent when criminals see the security signs posted around the building.
Plus, as a business owner, you can monitor the system from anywhere on your mobile device and get realtime alerts when trouble is brewing.
Adopt Legal Protections and Contracts
When looking at the legal side of any business, you need insurance, strong contracts, and varying legal protection for the business. You need strong contracts for all your employees, but you also need solid contracts for all your vendors or partners. If a lawyer has not reviewed these contracts, make sure that they are reviewed and revised as soon as possible.
It is easy for a malignant partner to ruin your business when they abuse a bad contract or use the language in said contract to harm your bottom line. At the same time, one lawsuit that is uninsured could bankrupt an otherwise successful enterprise.
Create a Comprehensive Data Protection Plan
Cybersecurity is often seen as a big scary thing that small business owners don't need to manage. Even so, you need a cybersecurity partner who will do most of the work for you, alert you to any issues, and ensure that you are up-to-date on all your protections. These partners will also implement policies and procedures for the electronics your staff may use.
Establish Strong Financial Controls
You should hire an accountant or Chief Financial Officer who manages all the money. You should then hire an outside firm to audit your books every quarter to protect the business against fraud and unexpected losses. This is as simple as hiring a financial advisor whose firm can provide all these services in-house.
Prepare for the Unexpected with Business Continuity Plans
As a business owner, you must create a succession plan that dictates how the business is to be run when you are incapacitated or pass away. Everyone needs to know what to do with the business, why, and how. Hiring a lawyer to draw up these documents is often the best way to go, and the document should be updated yearly as circumstances change.
Protecting Your Business is Easier Than You Think
Whether you start by installing a security system or buying an insurance policy, you should make every effort to protect your business from the litany of threats that are out there. Do the right thing today for yourself, your employees, and the legacy you plan to leave behind.
