Running a business is a dream come true, but that doesn’t mean it’s always easy. There are plenty of things that can go wrong, which is why it’s vital to protect yourself. To help you protect your assets, consider these four areas of focus.
Invest in cyber security
According to Comparitech, ‘malicious hackers malicious hackers are now attacking computers and networks at a rate of one attack every 39 seconds.’ Their data also showed that, ‘ 81% of surveyed organizations were affected by a successful cyberattack.’
To protect your business online, it’s important to invest in robust cyber security measures. Ensure that you use both anti-virus software and a firewall. Use multi-factor authentication to support staff when accessing your network. It’s also worth using a managed IT service, to support your tech processes. IT service providers can offer security, mobile device management, backup and recovery, and more.
Manage your business reputation
In the modern business landscape protecting your reputation is more important than ever. Data from Reviewtrackers discovered that, ‘94 percent say that an online review has convinced them to avoid a business.’ To manage your business reputation, companies can hire reputation management companies, or use reputation management software. Reputation management involves various tasks such as:
- Tracking and responding to online reviews.
- Social media marketing and social listening.
- SEO tactics and reputation measurement.
The right insurance
Businesses need to invest in the right insurance options, to legally and financially protect themselves. You’ll need to get public liability insurance, and workers compensation insurance. Additionally, you’ll need to make sure your commercial property is insured, to protect you in the event of a disaster. It’s a good idea to have a backup plan, to prepare for damages.
For example you might require the contact details of water damage companies, as part of your business continuity plan. A business continuity plan involves all the damage control steps you’ll take in a disaster situation. The idea is to get back up and running quickly, and minimize downtime.
Perfect your budget
To stay on top of your finances, it’s important to create the perfect budget. To help you, you might want to use budgeting software such as Scoro or Prophix. Both of these tools have a range of features which can help you to review your expenses, and plan for the future. Other popular budgeting tools include:
- Centage: With the help of Centage businesses can access tools for financial reporting, forecasting and budgeting. You can also access analytics, to inform your future business decisions.
- Float: This budget management tool is simple to use, plus it integrates easily with tools like Quickbooks and Xero. Features include cash flow forecasts and visual reporting. With features like these, it’s simple to take care of your finances.
From insurance to budgeting and reputation management, there are so many essential ways to protect your business. Besides these areas, it’s also important to focus on the physical security of your company.
March 23, 2022 at 6:32 am
Right, insurance is an excellent thing and worth the investment when it comes to a business. Thank you for sharing such helpful tips!
September 26, 2022 at 2:32 am
This is good information to know about business insurance and why it’s so important. Coverage goes a long way, especially for those just starting to impact their industry.
November 2, 2022 at 7:24 am
Hi there,
Thank you for sharing such good information.
In addition to cybercrime, such things as equipment damage and theft can also be disastrous for your business. You can prevent it by spending money on putting up access entry codes and CCTV cameras to deter intruders from committing a crime.
Read this article to find out which type of video surveillance will be the most beneficial for your business: https://sentriforce.com/news/types-surveillance-technology/.
December 10, 2022 at 8:12 am
In a few months, my cousin’s starting a farming business with her husband, so they’re now exploring their insurance options. It was beneficial when you elaborated on business insurance policies and how to find the right coverage to protect your business, so I’m confident that my cousin will benefit from reading your insight. I appreciate your advice on getting insurance for your business in case of extreme weather conditions.
January 30, 2023 at 9:35 am
Not only can insurance help protect your assets in the event of a catastrophe, but it can also protect your business from legal challenges. If you’re not sure whether your business needs insurance, talk to an insurance agent to get a better understanding of the various types of coverage and rates available.
April 9, 2023 at 3:37 am
Hello
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