Running a business is a risky proposition. From the investment of money and hours it takes to the bumps that appear along the way. There are quite a lot of those bumps, too. Your business could face threats legally, financially and all other sorts of ways. A good business plan is more than just a look at what you need to do right. It includes what you’re going to do to keep your business safe from danger. So here we’re going to take a look at just some of those dangers that can make waters choppy for your business and how to beat them.
Business Insurance
Insurance
One of the key things that every business owner needs to make sure they have in place is insurance. There are quite a few different kinds of insurance you might want to look at as well, as https://sba.gov shows. General liability insurance is considered a must have to protect you from cases of injury, accident or negligence. But you should also consider getting the more valuable assets of your business insured. This includes premises, technology and even people. You can get your employees insured so that, should one leave your company, you don’t lose any money while you replace them.
Tax
Taxes on business can be more than expensive, they can be downright tricky. Business owners lose hundreds and thousands each year because they don’t have the right protections on their tax. The key to making sure you’re not being overly taxed is to develop a knowledge of what breaks you can take. When issues about unpaid taxes arrive, you may have need of more than just an accountant, however. Tax evasion comes with serious repercussions for you and your company. Services like http://alexanderlawfirmllc.com/ can help prepare you for potential tax disputes.
Network
Your network
As companies grow, their IT department usually tends to grow as well. What started as a one computer operation can quickly become a multiple network and server operation. Protecting your computer is simple enough, but what about protecting a whole network? That’s usually beyond the expertise of your average business owner. Protecting your valuable data is a three-pronged solution. First, you need to make sure you develop a culture of smart computer use in the company. This includes smart passwords and never leaving computer access unattended. Next is having a back-up, so you’re not suffering too long from any data loss. Finally, IT consultants can help you identify and protect any weak points in your network.
Your premises
Of course, not all threats to your business are digital. There’s always the risk of crime that takes place in the real world that we have to be vigilant with. Protect your business even more than you would your home. After all, people know businesses are likely to have equipment that’s particularly valuable. Carry out a risk assessment and secure the premises fully by making sure there are no easy entrances for potential thieves. Secure your equipment and its storage by making your employees accountable for them.
Employee Safety
Employee safety
Of course, it’s not just your assets you need to make sure you protect. It’s your employees as well. Insurance is always the first step of being able to help employees in the case of accidents. But make sure they’re well trained in any safety measures necessary in the workplace. Clear any premises of clutter to prevent slips, trips and falls. If they’re dealing with dangerous equipment, retrain often and keep a close eye for equipment faults. If the job involves lifting, make sure they lift properly using their back without bending their waist.
Lawsuits
A lot of employers assume that employment lawsuits won’t appear because they’re ‘good’ to their workers. This is an assumption that many carry right up until it’s too late. But you never know when your actions might cross a legal boundary inadvertently, or when an employee thinks they have been wronged. Personal injury suits are the most common occurrence and can be avoided with the right reaction from an employer. Others as listed on http://bplans.com/ include overtime, discrimination, harassment and wrongful termination. Make sure you’re on the right side of the law in all these cases and have a lawyer at the ready.
Protect Cash
Cash
One of the things that more business owners need protection from is their own ideas of how their business is running. Not having a good grasp on your own cash flow is an easy way to start bleeding money. It can also lead to a bad understanding of which financial decisions make sense for the company. Getting an accountant can help you get a much more experienced eye on things. They do more than tell you the situation of your finances, as well. An accountant can help you identify the smart decisions and the riskier ones.
Intellectual property
It’s one of the messiest legal areas to get into with a lot of greys obfuscating things. That’s why you need to go through the legal processes of nailing down your intellectual properties from the get-go. http://bl.uk/ asserts that intellectual property is about more than the ideas. It protects the assets and means that you use to deliver a service. With a patent solicitor, it’s not too difficult to apply for a patent. Failing to do so can get you in hot water when another business claims you’ve infringed on their own intellectual property out of the blue.
Reputation
Reputation
There are few things as valuable to any organisation as the strength of their reputation. Customer trust can sink or float a company. Meanwhile, having a bad reputation can severely damage your chances of making beneficial partnerships, too. It’s best to scrutinise the content you’re sending out through marketing and make sure the people doing it are trained. Entering crisis mode might have you in need of a PR company, which can cost a lot of money. Taking some time to train your staff in how to communicate can save you a lot in the long run.