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How To Ensure That Your Business Is Protected From Every Angle
Every business owner can appreciate the need to protect their company. However, potential threats come from multiple directions. So, only a robust and comprehensive strategy will suffice. Whether launching a startup or looking to upgrade the security measures for your existing venture, this guide is for you. Let’s get started.
Protecting Your Business In The Modern Era: 10 Key Steps For Success
Step 1. Choose Trustworthy Partners and Suppliers
Most businesses naturally implement positive steps to protect themselves internally. Sadly, the benefits will be greatly hindered if you work with unprotected suppliers or service providers. After all, if criminals infiltrate those systems, they could subsequently access your data. Or conduct an attack on your venture.
Diligence is very important when selecting software providers for document management. After all, your created files will be sensitive. Apryse completed the AICPA Service Organization Control (SOC) 2 Type I audit. So, this is the perfect choice for developers who want to generate, convert, view, edit, and sign documents within an App.
However, you should additionally take care when choosing suppliers. If they do not provide a reliable service, it will inevitably impact your company’s output. You cannot allow those outside influences to stop your progress.
Source: Pixabay
Step 2. Stop Intellectual Theft, Internally and Externally
When thinking about theft, most companies worry about products and data. Ultimately, though, the worst damage occurs when your ideas and intellectual property are stolen. Only you should benefit from them, and allowing others to take advantage will indirectly stand in the way of your conversions. Worse still, your reputation will become compromised.
Before worrying about external threats, though, you must focus on internal matters. Without the right protection, ex-employees could take your innovations, client lists, and other details. The use of non-disclosure agreements protects your business with a legally binding contract. It is the key to confidentiality and ongoing success.
As for external threats, fraudsters could try to rip off your brand with counterfeit goods. Or competitors could try to emulate your products. Either way, copyrights and patents protect you. When necessary, you should not resist taking legal action.
Step 3. Invest in the Best Cybersecurity Systems
Protecting your intellectual property will give your business a solid platform to build upon. For the best results, though, your company must ensure that it is supported by the right security systems. This is particularly important in the digital space. This is because the majority of SMEs that fall victim to data breaches sadly stop trading within a matter of months.
Statista reports that the average cyber breach costs businesses $4.35 million. Meanwhile, other reports suggest attacks occur every 39 seconds. SMEs are often the target because criminals expect the defense systems to be less robust. Given that an increasing percentage of business activities take place in the digital space, you cannot ignore this issue.
Whether you take the in-house or outsourced approach, a comprehensive strategy must be used. Firewalls, anti-virus tools, two-step authentications, and mobile security are all key features. But you must address other issues too.
Step 4. Keep Employees Aware of the Latest Scams
Source: Pixabay
Putting the right cybersecurity systems in place will make the firm far less vulnerable to cyberattacks and damage. However, criminals continue to develop more advanced tactics in a bid to infiltrate defense systems. Crucially, they will often target employees as a potential weakness. As a business owner, then, you must prevent potential attacks.
Almost 90% of all cyber attacks can be attributed to human error or behavior. With this in mind, it’s vital that you invest in regular staff training to ensure that all workers are able to avoid scams. This can protect you from ransomware, phishing scams, malware, and more. It’s always better to be safe than sorry.
In addition to preventing cyber attacks, you must teach employees how to respond. Every minute matters following a breach. A clear protocol of who to contact and how to prevent further damage should be a priority at all times.
Step 5. Choose Secure Payment Systems
Suitable business protection should extend to many different aspects of the venture. Ultimately, though, financial elements will always sit close to the top of your agenda. While this topic itself can be broken down into several areas, transactions deserve a lot of attention. Without smooth payments, the venture cannot generate revenue.
For starters, you must invest in a point-of-sale system that is capable of accepting all major credit and debit cards. It should also manage both online and offline transactions. Meanwhile, Mastercard’s Small Business AI tools ensure that merchants can gain help if required. So, you will be far better positioned for sustained success.
It delivers a better experience for the client, which can only translate to better results for the company. When supported by the right choice of business banking solutions, the company will stand on stronger ground.
Step 6. Protect Physical Workspaces
By now, it should be clear that protecting your business in the digital space is vital. Especially with transactions and data transfers. However, businesses should not overlook the need to use advanced security in physical workspaces. Otherwise, it could leave them open to theft, vandalism, and other very costly outcomes.
As well as break-ins, you need to be aware of theft during opening hours. Statistics show that almost 1 in 10 Americans shoplift, and it is an issue that can cost your company dearly. An alarm system is essential while security guards serve as a deterrent too. Adding security cameras is also advised, not least because it builds evidence for any legal cases.
Meanwhile, you can protect commercial spaces with access entry points that utilize biometrics. This will prevent unauthorized access. It additionally ensures that employees can only reach the areas that are permitted to enter.
Source: Pixabay
Step 7. Manage Your Reputation
When protecting the immediate and long-term future of the business, you must consider the reputation too. Otherwise, you will find it very difficult to maintain the loyalty of your customers. Likewise, it will become even harder to win new clients from your competitors. Worse still, reputations can be quickly lost and difficult to rebuild.
As far as digital matters are concerned, reviews are the key to success. It is shown that 88% of consumers consult reviews, and positive views will influence their decisions. More importantly, negative reviews can impact their opinions as well as your search engine visibility. When supported by a strong social media presence, reputations soar.
Your business reputation can also be supported by affiliate marketing and influence marketing. Meanwhile, the external spaces and reception spaces within the business premises will have a big impact too.
Step 8. Avoid Financial Waste
Business success can be defined in many ways using various key performance indicators. However, nothing else matters if the company’s finances aren’t in good health. The road to increased revenue may be a long one that requires a lot of patience. So, one of the best ways to regain control is through reduced financial waste.
Firstly, negotiating with suppliers, like energy companies, will make a difference. Where possible, automation can help reduce manufacturing and material waste too. Perhaps most importantly, you should focus on tax relief and credits. Hiring an accountant seems like an added expense but will save you money in the long run. As well as a lot of hassle.
If nothing else, increased financial efficiency allows you to be more competitively priced. Moreover, it will provide the blueprint for cost-effective growth and expansion. So, the benefits can be enjoyed for the long haul.
Step 9. Get the Right Insurance Coverage
Source: Pixabay
While prevention is the best form of protection, the harsh reality is that you cannot stop all threats. Therefore, you must also ensure that you are prepared to deal with all situations. Ensuring that your company is protected with the necessary insurance coverage should be at the top of your agenda. This will serve as a financial and emotional safety net.
Insurance payouts will allow you to get the business back on track following an incident. Some products that you must consider include liability, workers’ compensation, and interruption insurance. In today’s climate, cyber liability insurance is as vital as commercial property insurance.
In addition to issuance, businesses can put contingencies like backup power generators in place. Moreover, having the capability to work from home can offer a solution if the commercial property is temporarily closed.
Step 10. Provide a Winning Service
Building a strong platform to protect the business is one thing, but it counts for little without the right products and services. After all, if you get this wrong, there soon won’t be a business to protect. Besides, providing a better service will aid other factors like the software you choose and security matters.
Providing the best client support, underpinned by transparency and quick responses, is vital. It is known that 75% of consumers will spend more with businesses that have a good customer experience. It is also a key issue that will get more conversions over the line. Moreover, it will keep them coming back for more.
Providing more convenient transactions, along with loyalty schemes, can make a huge difference. Once you have established a winning business protocol, it should give you the added emphasis to protect it.
The Final Word
A business is only successful if it has a long-term future, which is why putting the right protection in place is vital. Above all else, you must act with consistency. Otherwise, a single vulnerability could spell disaster. For the sake of the venture as well as your peace of mind, now is the time to gain control.
