7 Ways to Protect Your Small Business
Posted on: 28 August 2019 by Emma Parsons
Being a business owner comes with an immense amount of responsibility. Not only is there a responsibility to keep the business from running smoothly and growing, but there is also an obligation to protect the interests of the business from any potential threats.
For small businesses, any threats or attacks can have detrimental effects on the business. Thus, for small business owners, it can often be a difficult and worrying process trying to protect the business. Below, we explore 7 ways small business owners can protect their business.
Hire a Business and Commercial Lawyer
The first thing that all small business owners should do is to engage the services of a business and commercial lawyer. Although your small business may not be going through any major legal issues, a lawyer can benefit your small business in many other ways. With extensive knowledge on all business matters, a lawyer can provide the appropriate legal resources and strategies to protect your small business. From intellectual property, contract negotiations, employees to protecting assets, a business and commercial lawyer can be greatly beneficial for your small business.
One of the foundations to protecting your small business is having business insurance. Insurance helps cover costs associated with any property damage and liability claims. It ensures that you, your employees and your consumers you interact with are protected from the risk you may face as a small business owner. A lack of business insurance leads to huge risks that can leave business owners out of pocket or lead to the business having to close.
As more and more businesses turn to using online resources to store their data, files and important information, the more important it becomes to prioritise cybersecurity. With an increase in use of technology comes an increase of hackers. The most common cyber security threats include hackers, scammers, viruses, malware and network intrusion. As a small business, a network intrusion or data hack can be detrimental. Thus, implementing anti-malware software, firewalls and protective software on your online systems can help prevent your business from being hacked.
Protect Your Ideas
Intellectual property theft is a common occurrence amongst many businesses, big or small. Thus, it is incredibly important to protect your business’s assets. For many businesses, understanding how to protect ideas and inventions from being stolen is not a well-known process. Consequently, a business and commercial lawyer may be beneficial for your business as they have the expertise in helping businesses protect their assets and property.
Without trademark registration, your business’s logo, name, slogan or character can be used by others without any consequences. Even if you owned your business logo first, without trademark registration, it can be free for other individuals or businesses to use. This can impact your business reputation and could potentially affect sales too. Thus, trademarking your unique business logo, name, and character can be a great implementation to protect your small business.
Tailored Terms and Conditions
Whether your small business is involved in selling products or providing a service, it is important to ensure that you have clear terms and conditions set out for your consumers and clients. Not only will this clear up any confusion between you and a customer and provide a clear description of your products and/or services, but it will also protect your business if any issues arise between your business and your consumers that may lead to legal action.
One of the most important ways in protecting your small business is keeping record of all company documents, including your business revenue, your employees, where your business operates from, and how your business operates. Not only will keeping track of these documents help your business stay on top of all internal organisation but will also protect your business and minimise costs if you’re required to respond or deal with legal issues. Any gaps in these documentations can put your business at risk.
As a small business owner, the number one priority is protecting your business from any threats. Whilst not all risks and threats can be prepared for, implementing the above tips can help protect and prepare your business for most threats that come your way.