Business owners face an array of threats. While it may not be possible to secure and protect your company against every attack, breach or disaster, there are steps you can take to minimize risks. Here is some useful advice for business owners keen to make protection a priority.
Securing your business premises
Whether you run an office-based business, you own or rent a warehouse or a store, or you have a chain of restaurants, beauty salons or healthcare practices, it’s crucial to secure your business premises. Often, commercial ventures are attractive propositions for thieves keen to make money, with stock, machinery, technology and supplies a valuable haul. There are multiple ways you can protect your premises, from investing in security measures and deterrents to limiting entry to trusted personnel. Taking advantage of services like Swiftpro’s trusted ID card solutions and installing barriers or security gates can help you prohibit unauthorized personnel from entering. You can also reduce the risk of break-ins by fitting CCTV cameras, burglar alarms and outdoor lighting. If you are worried about expensive items, or stock that could potentially be dangerous if it gets into the wrong hands, it’s also wise to consider hiring a security firm.
Running a business carries risks, and sometimes, life isn’t plain sailing. Natural disasters, theft and fires can all put the future of a company at risk. You might also suffer if your employees make mistakes or they display negligent behavior. As nothing is certain, it’s critical to take out business insurance. You can insure your premises and any stock, supplies or machinery and tools you own, as well as taking out policies to cover you if clients make a complaint. Look for insurance providers that specialize in your industry, and think carefully about your requirements. Generally speaking, the more expensive the policy, the more comprehensive it is. It is worth using the Internet and making some calls to compare prices and plans before you make a decision.
Reducing the risk of cybercrime
Cybercrime is one of the most significant threats to businesses today. When you read about high-profile data breaches in the news, it’s easy to assume that hackers will only go after large-scale corporations. This is simply not the case, and companies of all sizes are at risk. Research suggests that the global cost of cybercrime will rise to $6 trillion by 2021. It’s essential to protect against cybercrime to minimize the risk of losing money, to shield sensitive customer data and to maintain a good reputation. If your systems are breached, your customers might not feel safe using your business again, and they might defer to a competitor. Make sure your network is secure and provide all your staff with training. Employees should be encouraged to choose passwords that are hard to guess and to change them on a regular basis, and policies and procedures should be updated frequently.
As a business owner, the last thing you want is for the future of your firm to be threatened by a robbery, a natural disaster, an employee error or a cyberattack. It might not be possible to avoid every issue, but making protection a priority will make a positive difference.
The Covid-19 pandemic has taken most of us by surprise. At the start of the year, so few of us could have anticipated that the world would find itself in the grasp of a contagious virus that would rapidly spread from one country to another around the world. Very few of us were prepared to suddenly face social isolation and social distancing measures, where everyone other than essential workers would be asked to stay at home unless absolutely necessary – perhaps to buy food or pick up medication. As business owners, things have been turned upside down too. Unless you work in a key sector, chances are you’re struggling right now. Very few industries are profiting at the moment, as workers have to adapt to working remotely and many companies are finding that their employees can’t carry out their roles remotely. On top of this, sales are dropping, as the economy is taking a hit and people are becoming more reluctant to make purchases that aren’t absolutely necessary, as many have lost their jobs and are struggling on a personal financial level right now too. This is all daunting and problematic. But it’s important to avoid sweeping problems under the carpet and to manage your business as effectively as you can through this. Here are a few suggestions that may help.
Find Out What Help Is Available
Many governments around the world are aware that their economies are struggling and that businesses are struggling. Many have offered support to tide everyone over during this hard time. So, take a moment to look around and determine what help is available to your business. Some governments are providing stimulus checks. Some are paying employees’ wages on your behalf. Some are offering support to business owners and freelancers. Apply for any help you’re deemed eligible for.
Determine Whether Your Business Can Recover
Some businesses, unfortunately, simply won’t recover from the consequences of this pandemic. Losses may already be too large to recover from, or you may have lost a lot of staff due to pay cuts and other issues in the process and the level of recruitment required to get things back on track could be too much for you to fork out. You may find that you need to consider filing bankruptcy and shutting things down. It’s a good idea to get the advice of a financial advisor to help analyse your situation and come to the right conclusions.
Plan Ways for Your Business to Operate Post-Pandemic
If you find that your business does have a chance at making it, you’re going to have to do some post-pandemic planning. You may need to implement measures that will allow your business to operate safely when isolation and lockdown measures do begin to be lifted – investing in PPE, implementing distancing rules in your commercial premises and more.
These are strange times that we’re living through. But hopefully, some of the above advice will help you to make the right business decisions as we progress through this pandemic!
The global pandemic that everyone has faced has hit many businesses hard, and so you may be thinking about recovery and the next steps that you can take to help your business survive. You may have been fortunate enough to diversify your business, or keep things afloat, but as things start to improve and we enter a new normal still with the threat of this in isle enemy, you may be thinking what next? There are a few things that you could consider doing with your business. Here are some suggestions.
Sell your business
One of the first things that you might want to consider is selling your business. It might be time to think about what the future has in store for your business so whether you want to sell a dental practice, a shop or even an online digital business that has thrived during the coronavirus pandemic, it might be time to take that plunge. It could give you the courage to start a new business, or use the funds raised to look at other opportunities that may have presented themselves during this time.
Diversify further and expand
During the crisis, you may have had no choice but to diversify and change the way your business operates. Some have gone purely online, others have offered delivery services. Even things like subscription box services or monetising different aspects of your website. So is now the time to build upon that and diversify your business further? It could be a great opportunity to continue making positive changes and expand your business even further than it has been. Some businesses have thrived during this crisis, and it could be the ideal time to build upon your most recent successes.
Look at options of making savings
There is no denying that many businesses have had to look at their costs during the last few months as things have changed. This might have been noticeable due to not being able to work from or visit offices or shops that you may have. However, having enabled your business to continue to work, perhaps you now realise that you don’t need these things that are costing you money? It could be time to think about cutting leases, making changes, and outsourcing aspects of your business to make some all-important savings and to maximise your profits.
Seek out new opportunities
Finally, maybe now is the ideal time to start looking for the next step that you want your business to take. Maybe you could look at expansion globally, or perhaps looking at franchising your business. There could be many different options that you could now consider as the way some businesses operate have changed for the long-term. Diversifying, expanding your business, and making changes can mean that your business grows and continues to experience success. It may seem like uncertain times right now, but it could also be a positive change for your business.
Let’s hope this has given you some ideas of what could be next for your business.
A residential property is one of the most valuable assets you can own. Many people buy properties to make money through capital appreciation, while others lease them for rental income. Purchasing a rental property can be a highly lucrative revenue stream, but just how lucrative depends on the quality of your tenants. If your tenants pay all their bills on time and treat your property with respect, you will have no problems at all. But every landlord has experienced problem customers who refuse to pay their rent, damage the property, get complaints from neighbors, and in the worst cases, take unjust legal action against you.
Evicting such troublesome tenants can be a long and painful process, particularly if they refuse to go quietly. The best course of action is to implement a strict screening process from the start to ensure you find the most respectable tenants and weed out any potential troublemakers. Here are some tips to help you find the perfect tenants for your rental property.
Ask for recommendations
You will usually find the highest volume of applicants come from online listings, but the safest way of finding a respectable tenant is to ask your family and friends. A prospective renter who comes with a recommendation from someone you trust is much more likely to be well-behaved and respectful of the property than a complete stranger. Chat to people at work, post on your social media profiles, and call your loved ones to see if they know anyone looking for a new place to live.
Do background checks
It is usually standard practice to conduct a background check on a prospective tenant, but not all landlords do this sufficiently. If a tenant is not properly vetted, not only may they cause problems, but your negligence could result in your landlord insurance becoming invalid. Financial and identity checks can be easily applied for online. They will tell you whether a tenant is reliable and trustworthy enough to keep on top of rental payments, as well as flagging up anyone with a criminal record. Always ask for references from an employer or previous landlord to get a better sense of their character.
Conduct an interview
You may not get to spend a lot of time with someone before they move into your property, so it is imperative that you ask them the right questions and try to get a sense of who they are. Usually, a short chat is enough to get a feel for someone. Trust your instincts. Even if a prospective tenant looks great on paper, if you don’t feel good about them, don’t be afraid to accept another tenant instead.
Although it is impossible to know for sure whether a tenant will cause trouble, following these steps carefully will minimize the risk. Once they have moved in, you should check in with them on how they are getting on with the property. For peace of mind, consider installing a smart home sensor such as Minut, which can alert you if tenants throw noisy parties or leave the heating on. Always have a legal professional check over your tenant contracts to ensure it will be easy to evict a problem tenant if needed.
Green businesses and companies with an eco-friendly ideology are on the rise. Consumers are changing their habits and opting for more sustainable businesses. Going green is therefore not only better for the environment but good for business as well. There are many financial benefits as well as profits. These include tax reductions, sponsorship, and subsidies. Here are some of the advantages of going green this year.
What makes your business green?
Sustainable production is a key feature of an eco-conscious business. Where do your materials come from? Are they ethically sourced, or cruelty-free? Consider all the areas, transport, production emissions, and Farming Technology. Analyze your business under sustainability criteria and check what improvements can be made.
The benefits of going green
As environmental concerns become more mainstream, green-driven consumers signal future priorities for everyone. Therefore making eco-friendly changes to your operation could be a smart decision, now more than ever. Here are some benefits of setting up an environmentally friendly business this year.
Attract new customers
21st-century consumers are becoming increasingly informed and aware of the environmental impacts businesses have and it is affecting how they choose to consume. It’s a good idea to add a new green angle to your brand image and marketing in order to attract new customers.
Financial benefits
There are different types of financing available such as subsidies and grants. Tax breaks, rebates, and other financial incentives are being offered to the companies that make the decision to go green.
Longevity
Sustainability is an approach to increasing your company’s longevity. Look to the long-term to build a business that can last in the future. Your business will more likely have a place on the market in the future is you make the changes now to be more sustainable.
Employee satisfaction
More employees are also more interested in working for an eco-conscious company.
By “going green” and making your business more sustainable you will be able to reap some of these benefits. Here are some tips on how to run as a sustainable business.
Recycle as much as possible
It’s becoming increasingly expensive for businesses to dump their waste in landfills due to tighter restrictions. Now is a good time to be vigilant about waste and reorganize your recycling program. This will not only help to reduce your business’s environmental impact, but it will also save you money. Recycling companies charge less because they can recover costs by selling useful materials.
Reach out locally
In order to keep your business sustainable, it’s best to think locally. Collaborate with other local businesses, and stay loyal. Long-distance travel and transportation will only cause your emissions to skyrocket so explain how you’re reducing your carbon footprint. Select locally sourced suppliers, for example, and create an eco-ad campaign that benefits both of you. Focus part of your marketing at least on the local community. This could involve a local blog or taking part in promotional events.
Work with non-profits
Get your company aligned with environmental initiatives and non-profit organizations. Volunteer for charities that your business can relate to and make sure you publish your efforts. Make the most of creative technology like video content or podcasts and develop your website even further. Social media is also a great tool. Post on Instagram and other platforms, and get employees motivated to take part as well. Think of creative yet eco-friendly ideas to get your logo out there, like quirky, custom made t-shirts for your team to wear.
Consider getting certified
Companies that make a large social contribution can qualify to become a registered B Corp. This will do wonders for your reputation, even if it seems a while off yet. If you’re wondering how to become certified, do your research. Find an eco-label in your field and look up the certification requirements, for more information on how to get certified click here.
Be transparent with customers
Always be honest about your business. Prove to your customers that you’re trustworthy by communicating the benefits of buying your eco-friendly products from their perspective, rather than yours. Make sure you make the right choices for your customers. Are your materials healthier, or longer-lasting? Stay honest and transparent about the nature of your business.
In 2020 the more your business is marketed as sustainable the better. Many studies have shown that companies that support a more environmentally friendly ideal are more successful because of it. Other companies will also be more likely to work with you as you will help to promote their image as well.
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