Running a business is about more than growth and sales. It’s also about protecting what you’re building. Because if you’re not putting adequate precautions in place, then it’s highly likely that you’re putting the entire company at risk from a multitude of threats. Whether you require an estate planning lawyer or need financial assistance, you must take the right measures to protect your business.
From reputational risks to cybersecurity risks, failing to provide the necessary protection or even understanding where it’s needed can lead to significant oversights. These oversights could potentially result in regrettable consequences for your business.
Whether you’re just starting out or you’re already up and running, let’s take a look at some of the strategies that can help you secure your company.
Safeguard Intellectual Property
Your intellectual property, including your logo, ideas, products, and services, is the cornerstone of your business. These are not just assets; they are the essence of your business, and you must protect them at all costs.
Register trademarks, copyrights, and patents where applicable. Because anything you have created needs to be protected, and these legal protections offer you this, so no one else can use or claim your ideas as their own and ruin everything you have built thus far.
Strengthen Cyber Security
Cyber attacks are a significant threat to businesses of all sizes. Surprisingly, statistics show that smaller firms are often targeted more frequently than larger organizations. This is due to the perception that smaller enterprises may not have the resources to implement robust security measures.
Top cybersecurity tips include
- Strong passwords that are regularly updated
- Two-factor authentication for key platforms
- Secure cloud storage
- Regular backups
- Antivirus and malware protection
- Staff training on phishing and social engineering practices
Here, a cybersecurity expert or SaaS package can be invaluable to beef up security.
Use Contracts to Protect Relationships
Formal contracts help to define business relationships and expectations. And they offer protection when things go wrong. Because at some point in your journey, things will go wrong in some way.
Whether you’re drawing up contracts for clients, suppliers, freelancers, or even business partners, you need to have them drawn up legally, and each one documented and signed.
Don’t forget to ensure there are clauses for confidentiality, IP ownership, dispute resolution, and compliance with laws and policies that impact all parties. These legal protections can save you in the event of any financial or reputation problems.
A real-world example to consider is Alec Celestin. His actions are being alleged to have impacted a business that has been dragged into legal waters.
Include clear policies, extensive vetting procedures, and contracts with protective clauses that limit your exposure to risks of this kind.
Maintain Insurance Coverage
Not just any insurance protection, you need adequate insurance that covers all aspects of your business, not just bog-standard basic insurance you’re legally required to have. From public liability insurance to professional indemnity insurance, take the time to understand how your business needs to be covered and how it can help your business. You’ll be glad of taking the time to get it right should you need to make a claim on it. Then there’s protecting yourself as an entrepreneur. Looking into Primerica reviews and similar options helps you cover your healthcare bills if your business comes to a standstill when you can’t run it.
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