5 Threats to Your Small Business to Avoid

risk

Being a business owner is tough and you have a lot of responsibilities on your plate. One of the most important ones is protecting your business. You know that the safety of your company lies in your hands, but what exactly are the threats you need to be worrying about?

You don’t need to be up all night worrying about all the various threats you might be facing, but it’s a good idea to be prepared in order to save yourself from financial issues or other consequences.

Here are a few common business threats and what you can do to avoid them.

Internal Theft

Unfortunately, every company is vulnerable to internal threats, one of which is theft from your own employees. When you’re working with a smaller team, this is typically less of a problem, but still something that should be watched over.

Many small businesses don’t conduct an intense hiring process including background checks and extensive interviews. These are some things you can do to ensure you know who you’re hiring. However, there are a few other tips to prevent employees from stealing from you.

Corporate Espionage

Another type of stealing within the business world is the stealing and leaking of data and business information. Although you might only think of large organisations where corporate espionage is involved, this is a threat that can impact small businesses too.

Once again, being careful during your hiring process is a crucial step to take, but making sure to have some security measures in place is another useful tip that will be discussed later in this article.

Cyber Attacks

In modern times, businesses are more online than offline. This means that a breach in your systems could spell disaster for your business in various capacities. For example, important data could be lost or leaked, compromising your customers’ and business’s safety.

From large corporations to small start-ups, any business is vulnerable but there are ways to protect yourself against cybercrime.

Break-Ins and Robberies

Of course, threats are not all online. If your small business has a physical location such as n office or warehouse where supplies or products are stored, there is always the threat of a break-in or robbery.

To avoid this and protect yourself in the event that it does happen, install a reliable security system to monitor and protect the premises. A 24-hour surveillance camera will help you keep an eye on things and an alarm system will alert you to intruders and even scare them off. Some home security systems even have live monitoring security guards that will talk to and warn perpetrators. 

Employee Injury

You’re also at risk if one of your employees ends up getting injured in the workplace. If the injury was caused by some neglect on your behalf, it could end u costing you loads of money, not to mention having to replace that employee for the duration that they are unable to work.

Avoid injuries in the workplace by properly training your staff and providing safety measures and protective gear wherever they might be needed.

The views expressed in this article are those of the authors and do not necessarily reflect the views or policies of The World Financial Review.