Running a business involves swerving obstacles and trying to overcome hurdles. There are risks and hazards to negotiate, and more new companies fail than succeed. In this guide, we’ll discuss some smart strategies to protect your small business.
Invest in cybersecurity
Cybercrime is often linked to large-scale corporations, but statistics suggest that small and medium-sized businesses are targeted most commonly. If you don’t already have robust security policies and systems in place, it’s wise to invest in cybersecurity to minimize risks. The average cost of downtime is estimated at $5,600 per minute. Security issues have financial implications and they can also impact brand image and reputation. If you don’t have IT experts in-house, you may wish to consider outsourcing.
Buy insurance
Every business owner should ensure that they have the relevant insurance policies for their company. Insurance is designed to provide protection against theft, fire and damage to physical premises, and it can also cover you if your employees make mistakes or you find yourself in a situation where a customer takes legal action. Review your current policies and consider investing in additional insurance if there are gaps in your cover. In some cases, companies require industry-specific insurance. Ensure that you comply with regulations and keep up to date with guidelines.
Research other businesses
It is common for businesses to join forces or take advantage of products and services offered by other companies. If you are considering engaging in financial deals and transitions with another company, conduct thorough research and look for the legal entity identifier (LEI). This will provide you with information about the business to minimize risks and enhance transparency. It’s also wise to meet with representatives, view examples of previous work and read testimonials and reviews if you are thinking about outsourcing, working with other firms or going into a partnership.
Encourage customers to leave positive reviews
Negative reviews can put customers off and encourage them to choose other brands. Research suggests that over 90% of consumers use online reviews to inform decision-making, and most people will filter results to show businesses that have a minimum rating of 4 stars. With reviews carrying more weight than ever, business owners can protect their reputation and drive sales by striving for 5-star ratings. Focus on customer service and experience, value for money and quality. Take the time to read reviews and highlight concerns or complaints, and take ideas and suggestions from customers on board. Look after your clients, don’t make promises that you cannot fulfil and go the extra mile to provide a memorable experience for every customer.
Business owners devote a huge amount of time, energy and money into getting a company off the ground and keeping it afloat. It is natural to want to protect your business and maximize the chances of long-term success. Invest in cybersecurity to lower the risk of data leaks and breaches, make sure you have comprehensive insurance cover, research other businesses before doing deals or signing agreements, and encourage your customers to leave positive feedback and reviews.
