When launching a new business, you will naturally feel excited about the prospect of building a successful company. But while your thoughts are dominated by productivity and profits, you also need to think about protection. The harsh realist is that a failure to protect the short and long-term future of the company can undo all of your good work. Use the following 6-step checklist for guidance and you won’t go wrong.
By Team Savant
Image: S O C I A L . C U T
Manage The Legalities
Before starting your venture, you must ensure that you are legally allowed to operate. Registering the company is one thing, but you also need to consider permits that may be required to operate in your location or industry. Otherwise, you could be hit with hefty fines or even forced closures until those issues are corrected.
You will also need to confirm that your business name and brand do not cause any copyright issues. Failure to do this could result in an enforced rebrand and a loss of momentum. It is far smarter to conduct a little research first in a bid to avoid this outcome.
Understand the Full Financial Picture
The success of a business can be measured using many different metrics. Ultimately, though, the others are irrelevant if the finances do not add up. However, many startups cause problems for themselves by overlooking key issues and obligations. Outsourcing for accountants and bookkeeping experts soon solves that issue. Now and forever.
It may seem like an additional cost, but the experts will save you money in the long run. This is supported by the fact you won’t need dedicated spaces and equipment for on-site financial management. It is the most efficient way to protect your finances.
Keep Business Premises Safe
When thinking about protecting the business, it’s hard not to consider security. CCTV systems and alarms are essential additions. Many businesses also need to consider access entry points that use ID cards or bioscanning for authorisation. You simply cannot afford to run the risk of allowing unauthorised people into the workplace.
It’s not just about protecting assets. Investing in the right safety equipment to keep employees and visitors safe is equally vital. Otherwise, you could be left facing costly personal injury claims and repercussions. A safe workplace is a better one.
Safeguard Intellectual Property
Physical theft would be bad, but intellectual theft is even more dangerous. Allowing fraudsters to get away with selling counterfeits doesn’t only impact your sales. It leads to damaged reputations due to inferior quality. Yours is the only business that should benefit from its innovations. With this in mind, you must also consider non-disclosure agreements. This stops partners, clients, and former employees from trying to capitalise.
Intellectual property safeguarding is an area where prevention is the best form of protection by far. No business owner wants to deal with the disruption, or damage, of handling these matters. Not least because it takes years to recover.
Prevent Online Attacks
The harsh reality is that cyberattacks are the most common threat to modern businesses. Therefore, outsourcing cybersecurity to an expert in this field is vital. It is the only way to ensure 24/7 protection and the opportunity to stay ahead of the latest threats. Crucially, this allows you to focus on the core business functions, leading to better productivity. As with other outsourcing, it reduces the demands on your equipment and in-house teams.
Online attacks are most commonly attributed to human errors, though. With this in mind, you must also invest in regular staff training to make them aware of the latest threats. Otherwise, even your outsourced experts can’t prevent the threats.
Prepare For Difficult Moments
It would be very naive to think that all business matters will run smoothly. As such, you must put contingencies in place for all eventualities. Unscheduled downtime is a particularly worrying matter. Having backup power generators or the capabilities to run hybrid working makes this a lot easier. If nothing else, it delivers the peace of mind that you deserve. Another key focus point relates to upgrading outdated tech.
Persisting with outdated items only causes your business to fall behind its competitors. While it might not necessarily put your venture in immediate danger, this can only result in one outcome. If you want to enjoy sustained success, staying relevant is king.
The Final Word
Every business needs to find its own path to success, but putting the right features in place for long-term protection is vital. Do this today to save yourself from tomorrow’s problems.