EconomyEditor's PickNewsHow to protect your small-to medium-sized business

2 years ago217 min
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Protecting your small- to medium-sized business (SMB) should be a full-time endeavour for business owners.

No matter how comprehensive your protection strategy was when you first started out, if it is outdated it is failing to adequately safeguard the business’s future.

As your business grows and technology evolves, so should your business protection strategies. Many SMB owners do not have the time to constantly be reviewing and updating their security measures. This guide is here to help you ensure that your business is adequately protected, by measures that do not require your full-time supervision.

Invest in Cybersecurity

Most business owners in 2020 are tech-savvy enough to know that they need to use standard cybersecurity to protect their business. Although using password protection and other rudimentary methods are, of course, better than nothing, they alone do not fully protect your business. If you are regularly using cloud apps such as Microsoft Office 365, Box or Google G Suite, then you need to upgrade your cybersecurity. Cloud security has become an essential aspect of business protection. Although cloud servers do offer some level ofprotection, they do not completely safeguard your sensitive data. Cloud Access Security Brokers (CASB) helps you protect your SMB, allowing you to gain better control over app usage and sensitive data in the cloud; find out more here.

Be Aware of Your Business Finances

As a business owner, it is vital that you are fully aware of your business finances. You should have up-to-date knowledge on everything from your incoming and outgoing cash flows to business taxation. As anSMB, it is unlikely that you have a dedicated accountancy team to send you up-to-date information, but luckily for small-business owners, there is another solution. Accountancy software enables you to stay informed about your business finances. For a monthly fee, you will be able to stay on top of the books, pay staff, manage your assets, plan for the future and stick to your budget.

Protect Yourself Against Risks

There are some threats to your business that cannot be foreseen, such as natural disasters, fires or injuries, but there are a variety of ways in which you can protect your business against unforeseen circumstances:

Business Insurance

Business insurance is there to protect your company against losses that might occur during the normal course of business. The type of business insurance that you will take out will be evaluated on the needs and potential risks of your business. When evaluating the potential risks of your business you need to consider the specifies of your working environment. Types of damages covered by business insurance include property damage, legal liability and employee-related risks.

Health and Safety

It is vital that you have clear health and safety guidelines in place to protect both your employees and your business. Without health and safety measures you are leaving yourself liable to any damages that are incurred due to an employee injury.

As a business owner, it is your responsibility to protect your business to ensure that it is able to continue operating in the future. No matter how small your business is, it is essential that you take measures to protect it. You do not need to view business protection as an unnecessary expense, but rather see it as one of the best ways you can ready yourself for future success.

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How to protect your small-to medium-sized business

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