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As a business owner, your venture means everything to you. It could be your only source of income, or something you’ve poured your life savings into. Chances are it was your way out of the rat race, an opportunity to work on something you care about instead of working for someone else’s dreams. So it makes sense that you want to protect it and ensure nothing goes wrong. Here are some considerations.
Sometimes slow business can be a result of mistakes you are making- for example ineffective marketing methods means you’re not getting out there to as many customers as you should be. But in some cases, it can be a result of natural peaks and troughs that businesses can go through during the year. For example, Christmas will be a peak selling time for retail but it will be slower for a few months afterwards. Know what these kinds of trends are and be prepared for them. It’s important to know when times are naturally slower, and when it’s your own failings that are causing business to dry up. Keep an eye on things like analytics, and read your reviews to make sure there are no common themes of people being dissatisfied. These would indicate that you need to make a change somewhere.
Accidents and Natural Disasters
Fires, floods and other disasters can cause significant losses to your business, so always make sure you’re insured- and you know exactly what your insurance covers. Take precautions such as have a fire suppression company come in and advise you on what needs to be done to prevent fires occurring in future. Accidents and injuries can lead to devastating damage, and if someone is hurt it could end in lawsuits too. If the injury it’s deemed to be your fault due to health and safety failings then you could end up in hot water. Insurances to protect your business in this respect include public liability insurance and employee liability insurance. Always follow health and safety laws carefully and don’t overlook small details. This could include things making sure staff have the right training and warning signs are displayed when floors are wet. One mistake here that leads to an incident could mean a lawsuit ruling against you, which is damaging to your reputation as a business.
Fraud and Theft
As a business, you need to ensure that you’re keeping your business safe from criminals. These can be online or in person, they can be outsiders or even people in your own business. To protect it physically, things like window and door shutters can be useful along with CCTV and burglar alarm systems. Use a sturdy safe and arrange regular money collections so there’s never too much on the premises. For online security, make sure you’re using complex passwords and ensure firewalls are properly installed. Backing up to the cloud instead of on hard drives can be useful as the information can’t be stolen and everything is encrypted.