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Whether you are the owner of a small business or a manager in a large corporation, knowing how to protect your business is critical. After all, your brand and commercial property are major assets exposed to a wide array of risks. Learning how to safeguard your business from external and internal threats can help you increase your company’s longevity and success. In this guide, we’ll look at key strategies every business owner needs to know.
Work With A Legal Team
Working with a team of business or Corporate attorneys is essential to protect your business in legal matters. Lawyers can help you understand your rights, manage disputes, resolve conflicts, and ensure you receive the right compensation in the event of a court case.
Be sure to find and select specialists you can trust before legal problems arise, so that you can keep your business thriving in the face of adversities.
Choose The Right Business Model
Choosing the right business model sets up your business for long-term success. Consider options such as subscription-based, franchise, Direct-to-Consumer (DTC), or wholesaling. You should also be sure that the legal frame of your business – such as sole proprietorship vs LLC – meet your needs and risk appetite.
If you are unsure how to get started, working with a mentor or business specialist can help you understand the implications of each option and decide for the best alternative for your goals.
Beware Of Cyber Threats
Estimates show that, in 2023, three out of four companies in the US were at risk of cyberattack – and this threat is becoming more prominent with every passing year! To protect your business, there are a few key strategies you can deploy, including:
- Managing access to documents and ledgers
- Using reliable cloud-based business
- Implementing features like two-factor authentication, cryptography, and firewalls
- Backing up your data in a safe way
- Training employees to reduce the risk of human error
If in doubt, partnering with a chief information security officer (CISO) can help you better understand how to protect your business from cyberattacks and data loss.
Invest In Comprehensive Insurance
According to statistics, nearly 30% of businesses don’t carry commercial insurance. While navigating this field can certainly be confusing, it is critical to have the right insurance policy to ensure peace of mind.
Through your insurance, be sure to cover any asset of your business, including physical properties, equipment and tools, and even intellectual property. This simple strategy can protect you against unforeseen losses and ensure you get the right compensation should any damage to your assets occur.
Install Security Systems
Last but not least, be sure to protect your business premises against unlawful or unauthorized entry. A comprehensive security system can help you keep your commercial property safe, safeguard your employees and equipment, and give you the peace of mind that your business is protected around the clock.
To get started, opt for security cameras and a network of alarm systems. You can also manage entry points through biometric systems and install a comprehensive lighting system to deter criminals and manage access points.
