5 Ways to Protect Your Business

Posted on Aug 16 2017 - 9:19am by Matt Holtzen

When you own a business, you want to do everything in your power to protect it. That’s because you built this company from the ground up and you don’t want to see your hard work and determination go to the wayside. While some things are out of your control—such as the economy—there are other threats to your company that you can actually prepare for. This way, you can ensure your company is protected no matter what may happen. Here are five ways you can protect your business today to ensure your future tomorrow.

5 Ways to Protect Your Business1. Use the right security systems.

As a business owner with an actual brick and mortar location, you need to invest in a business security system that will provide your property with the right type of protection. This should not only be the alarms that go off should someone break in, but you should also invest in cameras and any other new technology out there that can be of assistance. Having this type of security can also help you save on your insurance costs, which is always a win-win.

2. Protect secure data.

Besides having someone physically come onto your property, you need to also worry about a security breach with confidential information. If you have customer credit card data saved somewhere, you want to be sure you have the right encryptions and programs in place to keep this information from becoming breached. Should this information get in the wrong hands, you are putting your customers at a significant risk of having their accounts hacked or identities stolen, and this could result in a hefty lawsuit for your business.

3. Hire the right people.

As a business owner, you’ll need to ensure your business is operating with the right people. This means giving secure data and other trusted info to people you know you can depend on. While it would be nice to choose all family and friends for these roles, it’s simply not possible, which means you’ll need to hire from the outside. In order to do this effectively, it’s a good idea to perform background screenings on potential candidates before you offer someone a job. This way, you can see if their background aligns with what you’re looking for, and if there are any red flags, you can then opt to turn them away.

4. Hire an attorney.

Whether you opt to put an attorney on retainer or you have your own in-house counsel is up to you, but you need to have an attorney. This individual should be responsible for checking on paperwork to keep your company from making bad decisions, and it should also be there for you if you end up facing some type of lawsuit. While you may not want to dish out the money for an attorney, it’s still much cheaper to do this and protect yourself than make an uninformed decision that could harm your company.

5. Be legit.

One way that companies get into trouble is by making poor and/or illegal business decisions. If you want your company to thrive, you need to make sure you’re doing things by the book. This means keeping stellar records of your expenses and revenue to protect you from IRS audits, and it also means adhering to any laws or regulations for your company or your industry, such as avoiding illegal dumping of products or materials. When you run an honest company, you’ll find your chances of success continue to grow.

If you want your company to see tomorrow, you need to take the right steps today. Use these tips to protect your business from common harms and enjoy your future.