Building a successful business in today’s landscape is tough. However, sustaining success after allowing someone to attack the company is on a whole new level.
Prevention is the best form of protection by far, which is why you must be ready for every situation. Therefore, implementing a solid and comprehensive strategy should be at the top of every entrepreneur’s agenda. Use the following checklist for guidance and you won’t go far wrong.
Step One: Protecting Intellectual Property
Only you should be able to profit from your brand and its innovations. Without the right features in place, though, you run the risk of leaving intellectual property open to others. For starters, competitors could then look to create copycat products. These ultimately reduce your sales and profits. So, you must protect them before going to market. Or else you’ll be open to damage.
Likewise, the brand identity needs protection, which covers the name and its designs is key. Registering a trademark with an expert is relatively easy, and gives you the peace of mind you deserve. If someone does then try to use it, you’ll be positioned to take legal action. This can lead to financial compensation while also protecting your brand reputation.
Internal threats are another concern you must not ignore. Using non-disclosure agreements is key. It stops ex-employees from taking advantage of the contacts made whilst working for you.
Step Two: Protecting Physical Assets
Intellectual property should be the first point of focus. Nevertheless, all physical assets require attention too. Otherwise, theft will reduce your profits, thus forcing you to increase prices. Sadly, this will do very little in your bid to win customers and keep them happy. Therefore, investing in CCTV and alarm systems to secure your workplaces is crucial. Be sure to treat all premises.
Further tech features may include access entry points. However, you may also find that security teams are needed to monitor warehouses and other locations where stock and money are held. Of course, regularly depositing cash into the bank is a wise move. The addition of order and stock management software can also remove the threat of discrepancies.
Security isn’t the only key matter. Protecting your equipment and assets should extend to keeping them in good health to retain their value. It’ll also reduce ongoing maintenance costs.
Step Three: Protecting Digital Assets
There is no escaping the fact that we live in an increasingly digital age. So, it should be no surprise to learn that your digital assets need as much protection as physical ones. Not least because cybercriminals often attack SMEs due to perceived lack of infrastructure. Otherwise, a breach would put you at significant risk of closure within one year of the attack.
Learning to safeguard your business from cyber threats should occur long before you launch the business. Whether using in-house efforts or hiring a cybersecurity expert is up to you. Either way, though, you cannot afford to leave any opportunity for cybercriminals to attack. The financial and reputational repercussions of getting this wrong are far too severe.
It should also be noted that over 90% of breachers are attributed to human error. As such, you must train all employees on the latest threats and scams. And teach them to use all software.
Step Four: Protecting Capital & Cash Flow
If the firm runs out of capital, it’s game over. However, the figures in your profit and loss account only tell half of the story. In addition to theoretically having capital, you must have it physically available. Once you get this right, though, the future of your business will look far brighter. As long as the financial barometer is in good health, other changes can be made later on.
Reducing financial waste and pricing your products correctly will help. As for cash flow management, you may need to consider bridging loans or lines of credit. Invoice financing is a popular choice. It allows you to access capital after making a sale but before the client has completed a payment. This is ideal for B2B firms or businesses that offer repayment plans.
Protecting yourself against bad debt by credit checking consumers is also vital. When supported by various insurance, such as public liability, your financial health looks far more stable.
Step Five: Protecting Your Time
It’s an old cliche, but time is the most valuable resource at any company’s disposal. Allowing problems to cause major disruptions is one of the easiest ways to halt your progress. And see the company fall behind its competition. You must, therefore, learn to protect the company and keep things running smoothly. Otherwise, future success may be compromised.
Thankfully, a host of AI tools can be used to automate various tasks. Moreover, predictive analytics can determine when machinery maintenance is needed. In turn, you will be able to avoid unscheduled downtime and the disruptions this brings. For the best results, you’ll also need backup power generators and contingencies for other mishaps.
Prevention is the best form of protection, but knowing how to respond in emergencies is equally key. The right tools and training will enable you to get the company back on track ASAP.
Step Six: Protecting Customer Retention
Finally, every business owner should appreciate the Pareto principle. It states that 80% of revenue comes from 20% of your customers. With this in mind, a focus on developing loyal customers is an ongoing priority. If you have already won the client over, the next step is to ensure that you provide a winning service that satisfies growing demands. You should start this right away.
A winning consumer experience should support the user at every step of the journey. A Customer Relationship Management system will allow you to track data. Or tweak the experience and integrate winning features. From the transaction to client care and custom offers, everything gears towards a personal experience. It will resonate greatly with the user.
In addition to preventing clients from going elsewhere, it encourages them to advocate the brand. In turn, this can become one of your greatest weapons in the battle for growth.
