As a business owner, you continually consider what you can do and change to contribute to your growth and development. For the most part, this is easily done and can include a handful of basic adjustments. But, on the other hand, there are more intricate details that need considering, which can be time-consuming.
Businesses big and small overcome several obstacles in their journey towards success; there is no one-size-fits-all, for each company experiences different issues from the next. Although naturally, you can do things internally to minimize any risk to your business, some obstacles and threats might be more challenging to predict. This includes those external to your company.
External threats to your business are challenging to control, and without protection, could lead to a drastic and significant impact on your company. As a business owner, you should do what you can to implement resources within your broader network to protect yourself and your business from these threats.
You might be asking yourself what these external threats may be and what resources are available to you for tackling them? If that is the case, you have found yourself in the right place at the right time. Continue reading to discover what resources you can use to protect yourself in 2021 and beyond.
Physical Threats to Your Business
In this day and age, this might seem like something that belongs in a Wild West film! But, unfortunately, while we recognize that might very well be the case, that does not stop external influences from potentially damaging your property, whether intentionally or by accident.
If you have a physical branch of your office or store, you will most probably have taken steps to protect it from damages. While that is very well the case for some businesses, there might be some budding entrepreneurs reading this who are in the first few steps of their business journey and are looking for some inspiration.
Implementing security systems into your physical store is one of the primary forms of protecting yourself from physical threats. For example, security cameras can be used to deter criminals and others from causing physical damage to your store. While nothing stops you from implementing working cameras, you could also consider using decoy ones.
At the same time, having physical barriers at your store is a different way to protect yourself. For example, shutters can be lowered at the end of the working day and can be used to protect doors and windows to your store. Physical damage to either of these parts of your business can be costly to fix repeatedly over time. Taking preventative measures as early as possible will significantly minimize how much you are spending on repairs over time.
Taking out insurance policies that cover this type of damage should be at the top of your priority list. At the same time, you will want to be protecting your physical branch from other external factors. This includes adverse weather conditions and accidents like burst pipes and fires.
While these are factors that should be considered when wanting to protect your business from external threats, it is not just the physical ones that need mulling over. As we live in such a technologically-driven world, you want to do what you can to consider the virtual threats too. This leads us to the following point.
Virtual Threats
A few decades ago, the prospect of a cyber-attack happening didn’t really spring to mind all that often. While there was no doubt going to be developments made in technology, this side of it never really struck home for plenty of people.
Fast forward to the present day, and we are continually vigilant and aware of the potential for virtual and cyber-attacks on ourselves, both in a personal and professional sense. However, much like when trying to predict other things, it can be challenging to know if and when a cyber-attack will happen to your business.
While that is very well the case, there are measures that you can take as a business to minimize the chances of something like this happening. Furthermore, by implementing these resources, you would be able to act accordingly and swiftly should you notice something out of the ordinary taking place.
At the same time, it is also worth having someone in your business who is trained to handle any security breach. Encouraging and enrolling a staff member on a cyber security course will provide them and yourselves with the knowledge required to manage and contain a security breach effectively.
You needn’t worry about sending a member of staff away from work to complete a certificate in cybersecurity either, for there is the opportunity to learn cybersecurity online. Perfect when navigating this new virtual world of business that we have found ourselves in throughout the last fourteen months or so.
Ensure you do ample amounts of research into the available courses to find out more about how they can be used within your business model as effectively as possible. Knowing what is available to you will provide you with all you need moving forward.
Economic Threats
This might slip through the net when people consider the external threats to businesses, but it can have the most significant impact on a company and its success. While there is no doubt that businesses big and small have experienced financial struggles throughout the last year, there are economic threats that must be taken into account beyond the parameters of a pandemic.
Changes in market conditions can be predicted to a certain extent, but this is not always the case. Not to mention that as a business owner, you most likely do not have the time to spare to monitor the day-to-day changes of the markets.
While that is very well the case, it is still important to understand the implications that market changes can have on your business and what you can do to protect yourself from these changes and threats.
Putting aside some money to protect yourself in the event that you experience financial hardship is one way of minimizing the effects of this particular threat on your business. Consumer confidence significantly impacts companies’ profits and is most common during times of high unemployment or recession. Unfortunately, there is not much you can do to change the market when faced with something like this. Instead, implement measures internally to ensure you can ride the wave and come out the other side unscathed.
Accountants can assist with this particular threat and will monitor the market changes for you. Offering their recommendations and suggestions of how to manage the situation in front of you, you can rest assured knowing your business and its assets are as protected from financial threats as possible.
On the whole, as an entrepreneur, there are some actions that you can take to tackle any threats that are posed to your business. However, much like other areas of life, you cannot control or prevent everything in your path, and you must remind yourself of this in the difficult moments.
However, with that being said, we hope you are leaving us with a better understanding of what you might need to do upon your business launch or to change your existing methods. Then, protect yourself in 2021 and beyond, and everything will be plain sailing!
