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Published On: Tue, Apr 4th, 2017

The Three Types of Protection Your Small Business Can’t Afford to Be Without

In the wake of a seemingly unsteady landscape for businesses, long-term protection and security are on the minds of many entrepreneurs looking to stay afloat.

You’ve probably grown tired of hearing about the endless slew of security breaches plaguing major companies such as Amazon and Apple; however, the problems of these giants aren’t exclusive to bigger brands. There’s a lesson to be learned here: that is, not taking the proper steps to protect yourself can ultimately hurt your business and your bottom line.

The Three Keys to Protecting Your Business

While there is no one-size-fits-all approach to protecting your business, there are three key components of protection for entrepreneurs regardless of industry. In short, the three elements you should strive to emphasize are…

 

  • Legal protection: lack of legal representation can represent a massive headache for small business owners, not to mention wasted time, money and resources
  • Solid security online: without taking the proper steps to protect your website and intellectual property online, the long-term safety of your business is a ticking time-bomb
  • Keeping your competition at arm’s length: protecting yourself from your competition is a subtle yet significant aspect of preserving your business and your livelihood

Here’s the question, though: how do can you protect your company while still getting down to business? Keeping your company safe is somewhat of a balancing act, but the following tips can help you can realistically make it happen.

photo by photoSteve101 via Flickr

Avoiding Legal Meltdowns

Year after year, millions of small businesses face legal action at the hands of customers and competitors alike. Rather than get caught in a sticky situation where your business is stuck in limbo, it’s crucial that all small business owners have some form of legal representation on deck.

Despite popular belief, hiring a lawyer is a relatively straightforward process that doesn’t require an endless array of meetings or a long, drawn-out process. In fact, most law firms are relatively small and can offer a personal touch for business owners looking to build relationships with their lawyers instead of dealing with someone cold and impersonal.

From drawing up contracts to fighting off potential lawsuits, having a lawyer on call is a layer of defense for your business that you simply can’t afford to ignore in today’s sue-happy society.

Sealing Up Your Online Security

Although cybersecurity often brings up images of firewalls and complicated systems, protecting your business’ online presence is simplefor most SMBs. For starters, make sure you stick to the following principles when it comes to running your business online:

  • Only rely on tried-and-tested programs and platforms (think: take special care with plug-ins for social media sites and your CMS)
  • Make your passwords as strong as possible; meanwhile, diversify your passwords across platforms and keep them under lock and key
  • Be careful with who you work with: take special care when sharing log-ins both internally and externally

Keeping Competitors at Bay

Finally, the biggest danger to your bottom line is perhaps the most obvious: competitors in your space that could potentially steal your business.

Rather than obsess over and fear your competition, simply keep an eye on what they’re up to through effective competitive analysis and be mindful of how your market yourself. As long as you’re not playing the role of antagonist and take the time differentiate yourself from the competition, you’re already way ahead of the curve when it comes to avoiding potential conflict.

Protecting your business is perhaps simpler than you’ve been led to believe. By ticking these boxes and taking special care with how you run your empire, you’ll avoid headaches down the road.

Author: Carmelo Hannity

On the DISPATCH: Headlines  Local  Opinion

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