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6 Ways to Protect Your Business from the Unexpected

The recent COVID-19 pandemic took everybody by surprise. Many businesses had to close or make extraordinary changes to keep afloat. While this outbreak was unfortunately unexpected, there are plenty of other scenarios that could unexpectedly happen to a business as well.  Whether it be natural disasters, recession, to even a lawsuit, businesses must expect the unexpected nowadays and keep themselves protected. These are six future-proof ways to protect your business whenever the next unexpected outcome occurs.

Get Business Insurance

Business insurance is worth your while if you’re truly wanting to protect your business. There are different policies that you can purchase that can protect you in an event of property damage, injury, accidents, theft, and other events that could occur. There are different types of insurance such as General Liability Insurance and Professional Liability Insurance. Both of these are very important and protect different aspects of your business from accidents to the accusation of negligence. Any sort of unexpected event from lawsuits to disasters is devastating to small businesses which is why you need to protect your business from the unexpected.

Stay Organized and Accurate

It’s important to keep accurate records to help you out in the case of a potential lawsuit or even requesting financial assistance for your company. There are multiple methods you can use to stay organized from hiring a bookkeeper, to backing up your files through a cloud, or even the old fashion way with neatly labelled folders and binders.  While it’s best to use all three methods to stay organized and to protect your business, you should also figure out a method that you’re most comfortable with doing.

Protect Your Business Data

Businesses used to only worry about physical threats such as theft but unfortunately, this is no longer the case. In the age of information, our interconnected nature of commerce can leave businesses very vulnerable to online data theft. It’s very important for businesses nowadays to have some cybersecurity awareness because any business regardless of size can easily be a target. If you’re accepting credit cards or any other digital payment, as well as storing confidential customer information, it’s crucial to create a comprehensive plan to prevent and detect potential risks.

Display Your Terms and Conditions Clearly

While it’s an absolute must to have terms and conditions on your website, it’s very important that the customer can find these and read them. Whenever a customer purchases a service or product from you, they’re essentially entering into a contract with you. The legality of it is so important how you detail how you do your business, plus it helps with building a strong customer relationship. Be sure that the language used in your terms and conditions is easy to understand, that way your business will have a more user-friendly approach.

Protect Your Intellectual Property

Intellectual Property can cover an array of things from the production process of a product to countries where patents are licensed. While it can cover just about anything, it’s very important for businesses to at least have the basics of intellectual property rights covered such as their products, services, logos, and everything else a business sees fit. Companies, especially small businesses are strongly at risk of facing losses if their concepts are being used without permission. A trademark legally stops competitors from using similar names and designs as your business. So the protection of Intellectual property is one of the most important things to do once starting a business and keeping your business protected from the unexpected.

Keep an Eye on Your Budget

It’s best to keep an eye on budgets from all departments. What often happens when a business is in a tough spot, it’ll heavily cut back on one of the departments, such as marketing. Marketing is one of the first budgets to be cut in a business and this can hurt businesses in the long run. All departments play a significant role in the success of a business, and each one needs both attention and funding. Instead of cutting budgets, listen to what the customer needs and what would be best for the customer experience.

Ideally, what would be better is to cut extra expenses rather than an entire department. These can be small things such as checking your thermostat so your utility bill doesn’t get expensive or investigating what software subscriptions are unnecessary. Depending on what your business is, just ask yourself and your employees whether something is nice to have or is it needed for the business.

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