Business Bust: 3 Unexpected Threats To Prepare Your Company For

Managing your business requires juggling a number of concerns that affect how you serve your customer base. Even small interruptions in business can cost hundreds of thousands of dollars and can allow other businesses to get the competitive edge. If you want to avoid interruptions in your company’s productivity, you must anticipate problems that can occur. The 3 problems can threaten your business at any time, and can cause a dramatic drop in your profitability.

1 – Natural Disasters

A natural disaster to any business at any time. Life-threatening floods, tornadoes, hurricanes, earthquakes and other severe events can bring your business to a stop and can cause the loss of significant amounts of money. In some areas of the country, preparing for natural disasters are a part of normal business organization, requiring the duplication of records off-site, an effective notification system and insurance against loss of revenue due to natural disasters. These measures can help to minimize the negative effects of these incidents.

2 – Cyber Attacks

A new problem that businesses of all sizes have to consider is the threat of cyber attack. In April of 2017, roughly 74% of cyber attacks were related to crime. Companies of all types and sizes are experiencing hacks into their computer systems, with theft of sensitive company information, as well as accessing of customer data. Recently, large companies and medical institutions have been the victim of ransomware that encrypts data and demands a payment for an encryption key to allow the company to access the data. Businesses must do all they can to prevent unauthorized access to their computer information with the use of virus protection software and other programs. Software, such as CYBERGUARD360, can help to protect companies against ransomware that can cause their business to become victims of unscrupulous hackers.

3 – Legal Exposure

Another area that can be a serious threat to your business and your plans for growth is exposure to legal entanglements that can drain your finances and mar your reputation. Legal exposure may come in the form of employee problems, such as disputes over salaries, benefits or treatment on the job. Legal problems can also come in the form of disputes over trademarks or intellectual rights. Some businesses find themselves in legal trouble with contract disputes, over delivery problems or quality of products. Every business should be in contact with an experienced business attorney that can provide advice and answers to questions on legal matters.

Actions to protect your business against these 3 threats are just as important as protecting it from an economic downturn. Successful entrepreneurs know that preparing for these unexpected threats can help to prevent the loss of revenue that can cause a devastating setback. In these cases, an ounce of prevention is worth several pounds of cure. If you take steps to minimize the damage from these incidents, you will be in a better position to keep your business moving forward, regardless of unexpected threats.