As a business owner, the greatest fear is to lose your business. You can have the best management and financial skills, but some events beyond your control can affect your business negatively to the point of closing. Some of these events include natural disasters such as fire, earthquakes and flooding, as well as human-driven like theft and unhealthy competition. These events may be rare, but they do happen, meaning you have to protect your business through preventive measures like CCTV and protective measures like access control systems. Below are some of the ways you can protect your business from both internal and external threats.
Evaluate the Potential Threats
Before you start implementing possible protective measures, it is better to start with evaluating the potential threats. Some of the threats can be prevented while others are beyond our control. You can protect your business from theft through an access control system and CCTV installation, but only insurance can help when it comes to natural disasters.
The threat evaluation process involves thinking carefully about your type of business and all the crucial factors in its operations. A proper evaluation will help you identify all the possible risks for your type of business. You can make a list of all these threats for a better analysis.
Determine the possible protective Measures
After identifying the possible threats, the next step is to find ways to protect your business from these risks. For example, for perils such as theft, you can go for a security camera install and access control systems. The CCTV cameras will help deter theft and also help identify the criminals in case of a theft.
Determine the Insurance Coverage You Need
The best way to protect your business from uncertainties is through an insurance cover. There are a variety of insurance covers, but small businesses may not have the capability to cover every aspect due to the high cost. You can check the effectiveness of the protective measures you have put in place to avoid some of the covers. For example, you may prevent a theft policy if you have done a security camera installation. The CCTV installation reduces the risk of theft because most thieves will fear such premises.
Identify Your Assets
Protecting your business assets also protects your business. It would help if you took inventory of all the assets owned by your company for easier tracking. Checking your assets helps prevent possible risks like theft and vandalism. The tangible assets include the land, inventory, tools and vehicles while the intangible assets include reputation and intellectual property. Employees are also an asset, especially the ones who hold critical positions in the business. Identifying all these assets will help you protect them better.
Create a Business Continuity Plan
A business continuity plan helps in ensuring that your business runs smoothly for the benefit of your customers. You can start by compiling the contacts of essential persons such as the management staff, customers, emergency workers, insurers, utility providers and suppliers. Having these contacts helps when you are facing an emergency such as sudden stock-outs or power problems. The other step is implementing policies to guide everyone on crucial business features.