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Business Planning Process Planning & Strategy

Potential Threats to Your Business – and How to Protect Against Them

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Owning a business can be a rollercoaster from the beginning. We have so much riding on the success of our businesses, that we start to look for potential problems to make sure we don’t fall short in any area. Protecting our business to the best of our abilities is essential to work. And certainly something you don’t want to overlook.

So, once you have put everything in place, hired an accountant, dealt with the start-up side of things, and purchased your insurance, what else can you do to ensure your business is safe? And are the things you may not have thought about?

PR Disasters

There have been many PR disasters in the past that as business owners, we can learn from, all it takes is for a miserable customer to take to the media and try to ruin your business. In the past, a faulty product, and mishandled customer service complaints, and problems from food manufacturing have all made significant dents to firms. If you aren’t sure how this can relate to your own business, then just do a quick search online to read the details and see if anything stands out that could cause your business problems. Hiring a PR company that deals with this potential threat, is a fantastic investment, and if you do find anything crops up in the way of a PR disaster, the quicker it is dealt with, the better.

Of course, the best way to prevent this potential problem is to ensure that you have all bases covered, that your insurance is up-to-date, and everybody that works for you is well trained and up to speed on business practices, and law. Some customers may never be happy with what you do, but managing expectations and creating fantastic customer service is key to avoiding a PR disaster.

Brand Theft

Unfortunately, many people are going to be looking to steal from others. We often think of petty crimes, we are people who are stealing from shops, or calling up vulnerable people with scams, but have you thought about your original brand and intellectual property? Depending on the type of business that you run, there will be a certain amount of Individuality and copyrighted areas. Some people will steal these without a second thought, and produce cheap copies that people will buy, and either receive a terrible product or line the pockets of criminals. Ensuring that you have brand protection in place will prevent this from becoming an issue for you.

Mistakes

Unfortunately, mistakes do happen, and we’re all human. However, there is a time where mistakes can cost you significantly. If a member of staff sends an invoice with an incorrect amount of money on, or if you send the wrong item, or even if you just misquote something during the meeting, you may end up paying for the significantly. Of course we can’t always plan for mistakes because we don’t know when they’re going to happen, but making sure that all your staff are working at the best of their ability, everyone has the correct tools in place, and your maintenance and technology are all updated, will undoubtedly go a long way in keeping you and your business as secure as possible.

Ultimately owning a business is always going to put a slight amount of worry on your plate at all times, but preparing the best you can be positive, and hopefully, prevent you facing disaster.

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