How to Protect a Small Business

Listen in! Pick up some expert advice to a reader's question that we selected from CyberSchmooz.

Whether you are the owner or an employee of a small business, it is likely you want the company to be protected against any unexpected situations. From workplace injuries to poor financial management, there are many different occurrences that can impact the future of any small business. This guide is here to help you ensure that you have everything in place to safeguard the future of the small business you own or work for.

Health and Safety

If you are a small business owner, it is imperative that you have clear health and safety guidelines in place. If you fail to comply with health and safety laws, you are putting yourself at risk of very serious repercussions. According to the latest report from the U.S Bureau of Labor, there are an average of 2.9 million workplace injuries and illnesses in the private industry per year, which is a rate of 2.9 cases per 100 full-time employees. Workplace injuries threaten not only the safety and happiness of your employees but your business finances too.

If you are the employee of a small business, you should be on the lookout for infringement in health and safety and notify your employers. When health and safety issues fail to be addressed, it can result in very serious consequences for the victim, from pain and suffering to loss of normal functioning. Some workplace injuries can result in lengthy periods of time off. If you get severely injured at work, you have a legal right to hire yourself a lawyer to gain compensation.

To avoid any unnecessary accidents happening at your place of work to you or any of your colleagues, you should always uphold safety practices and inform your employer if you notice something that is not in line with health codes.

Cybersecurity

It is no longer sufficient for business owners and staff to protect themselves against physical threats, but a company must be safeguarded against potential cybercrimes. Broadband and information technology are powerful tools and are probably essential for your business operations, allowing you to increase efficiency, productivity, and reach new markets. If you use internet-enabled devices, they must also be protected to safeguard the business, as well as customers and data from potential hackers. Everybody in the company that handles electronic devices that could be hacked should be trained and use cybersecurity software such as firewalls.

Business Finances

Financial mismanagement is one of the most common causes of small business failure. It is imperative that both the business owner and key members of staff understand the business’s finances. It is necessary to monitor both the ingoing and outgoing cash flow, manage debts, and understand business taxes. If the business does not have a dedicated accounting team, you might want to recommend using accountancy software, as it can help you to stay on top of business finances. If you discover any issues, it is important that they are dealt with quickly and effectively to minimize potential risks.

Insurance

Business insurance is there to protect the business if against any potential damages. Many small business owners and managers wait to take out insurance until their business is producing more revenue. Even though that’s common, it’s important to insure the company, however big it is. Insurance is there to make sure that whatever happens, however unexpected, you have the capability of continuing operations in the future. There are many different types of business insurance on the market, so it is important to take the time to find the solution best suited to your company’s needs.

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