Saturday, February 27, 2021


Common Threats Small Businesses Have To Face.

July 20, 2018 by  
Filed under Money/Business, Weekly Columns

(Akiit.comOptimism is a vital trait of entrepreneurs and business owners. After all, you can’t make any big decisions or take any risks if you believe that they will all go badly. That being said, there is a thin line between being an optimist and being unrealistic. Whether you like it or not, there is always the chance that something will go wrong in your business, and, although you shouldn’t let these threats hold you back, you do need to prepare for them. If you don’t, you could risk any number of serious problems, endangering your company entirely. With that in mind, here are four common threats small businesses have to face and what you can do to protect yourself.

Inventory Shrinkage

Inventory shrinkage or loss is a huge problem for any business that produces physical goods or products. It refers to the loss of these goods, either from employee theft, retail theft, vendor fraud, administrative errors, or damages. It can cost you a lot of money, but, thankfully, there are lots of things you can do to prevent it. To start with, you need to invest in some professional security equipment, including CCTV, motion sensor lights, and security alarms. You should also get references for all of your employees and ensure they’re given proper security training.

Business Interruption

Regardless of your type of business or where you’re located, you’re always at risk of business interruption. This could occur due to a natural disaster, crime, accident, or something else, but, whatever the cause, you are going to lose profits. Because of this, you need to ensure that you get back up and running as soon as possible. Thankfully, there are flood, fire, and crime scene cleanup companies to help you with this. To cover you in the meantime, you should make sure that you have business interruption insurance.

Workplace Injuries

When an employee is injured in your business, it leaves you with a number of problems. Of course, the most obvious is that you’re going to have to pay your employee while they’re off injured. However, you should also remember that you could get into a lot of legal trouble if it’s found that your workplace is unsafe. To avoid this, you need to conduct regular risk assessments and combat all of the dangers you find. You should also ask employees for their feedback and ensure that you have a comprehensive insurance policy.

Cybercrime

These days, our entire lives are online, so it should be no surprise to you that one of the biggest threats you have to face is web-based. Cybercrime could completely ruin your reputation and your finances in the click of a mouse, so it’s vital that you defend against it as much as you can. This means bringing in an IT specialist to install firewalls and anti-virus software among other security measures. You also need to avoid connecting business devices to public wifi and ensure that all of your passwords are long and unique.

Optimism is vital in business, but don’t let it cloud your judgement. There are a number of threats small businesses have to face, so consider the advice above and do what you need to keep your company safe.

Staff Writer; Ricky Day


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