Being in business always contains an element of risk. But knowing where those risks and threats can come from can help you either avoid them entirely or be prepared when the worst does happen. With this in mind, check out our guide below to see how secure your business is right now.
1. Are You Insured?
Getting insurance is one of the key ways to ensure that your small business is secure and prepared for anything that could happen. But what insurance do you actually need? Well, this will differ from business to business depending on your field of expertise. But if you have a bricks and mortar premises you will need third party insurance in case anyone gets injured while on your property.
Many small home based business also need specific insurance that covers their home as a place of work. This is in case they get broken into, there is a fire, or a vital piece of equipment breaks down. Something that can seriously affect your income.
2. Do You Have Data Backups?
Of course, now that so many businesses, even the small ones run a lot of their company online, to be truly secure you must have data backups. This is a service provided by a company like Spectrumwise that save the data on your servers regularly. This ensures that even if there is a mass systems failure, you will not lose the information that is vital to running your business.
Service like these can also help you recover data when your systems do go down. Something that is particularly important if you rely on IT heavily to trade, but are not an IT specialist yourself.
3. How Stable is the Market You Are in Right Now?
Another factor that plays into how secure your business is right now is what the market is like at the moment. Obviously, the global and national financial markets have an effect here. But you also need to look specifically at the area that you are providing a product or service in.
Some markets seem like they are booming, but are in fact fads. A great example of this is the trend that we are see at the moment for fidget spinners and office toys. There is only so long that their popularity can continue before the bubble bursts and a lot of retailers and manufacturers will be left with stock that they can’t shift.
However, being aware of the instability of this market the key to success, as it depends on buying cheap and selling quick. So by understanding your market you can work within its limits and still achieve success.
4. Do You Have a Website?
If you have a website, as most small businesses do these days do, you need to ensure that is secure. That means storing customer’s’ information in line with the data protection laws of the land. Something that means you have to have the correct security software in place to stop hackers.
Of course, you will also need to ensure your website itself is safe and secure from being changed without your knowledge or being crashed. As if your customer can’t get in contact with you can lose significant amounts of revenue this way.