What people don’t seem to understand about business is that no one is safe. No one is going to have a business that lasts forever and no one is going to successfully run a business without actually planning out their long-term goals. Continuity planning is another concept that needs to be taken into consideration if you want to have a business that can stand up to the competition and be safe from disaster.
This is all a bit vague, so let’s take a closer look at what it means to actually protect your business and why your company is not invincible no matter how successful you are.
Do you provide a flawless product, or are you riding a trend?
Many business owners fail to realise the difference between riding a trend and actually having a successful product that people want to own. There’s a huge difference between the two and it’s going to take a bit of experience and trial and error before you’re able to tell the difference. For starters, take a note of your customers and your general audience. If they’re all easily influenced (such as young teenagers or active on social media) then there’s a good chance that your product is at the centre of something viral.
If that’s the case, then you need to learn how to properly take advantage of the trend and improve it for the future. Once the initial rush to buy your product has slowed down, how do you plan to improve it? Do you plan to specialise your products and continue building up the trend, or do you take your popularity and expand into other industries with the help of your sales representatives? These are all considerations that you need to plan for ahead of time or else you’re never going to receive the attention you deserve or last long enough to ride out the trend and beyond.
Without a plan for the future, there’s no hope for your business. Successful entrepreneurs don’t think just one or two steps ahead, but they plan for any outcomes that could happen in the next few years. By thinking into the future and planning for every possible situation, it becomes far easier to manage your business and prepare it for growth.
Protecting your business the correct way
So now that you understand the threat of not planning correctly, here are a few ways in which you can properly protect your business:
- Insurance – One of the quickest and safest ways to protect your business is to look around for small business insurance quotes. This will ensure that your business property and assets are safely secured in the event of an accident that puts you out of business for a while. Depending on the policy you choose, you can change what you protect and what you value in order to save money. There’s a lot of shopping around to do when it comes to insurance rates, so make sure you do ample research and read all of the claims so you have a better understanding of how business insurance works. It can be helpful if you have a lawyer or accountant to work with during this process.
- Digital Security – Another facet of protecting your business has to do with your digital assets. Data isn’t invincible and no matter how many antivirus programs or firewalls you have installed on your computer, there’s still a small chance that you’ll leak information to the wrong people or your systems will be hacked via social engineering. This means you need to train your staff in order to prepare them for the off chance that they might accidentally reveal passwords to hackers or other malicious groups.
- Continuity Planning – As mentioned briefly, in the beginning, it’s important to invest in a business continuity plan (BCP) so that if your business does suffer from a catastrophic accident, there’s still a chance that you can regain control of your business with minimal downtime. A typical situation that many businesses encounter is the possibility of losing your data. A hardware failure could occur which wipes your hard drives or corrupts important data. With continuity planning, you should have a cloud or off site backup storage solution that is regularly updated so that the chance of you losing data is much slimmer. You might also invest in redundant storage to reduce the chance of hardware failures.
No business is invincible no matter how much popularity you’ve gained or what trend you ride. Make sure you protect your business with a combination of proper planning and caution.