Running a successful business is not a simple task because of the number of threats. From going broke to falling traffic, a boss has a lot to deal with on their plate. However, lots of the risks companies face are because of the times. Tech changes, new rules and regulations are brought in, and the industry evolves. Still, that doesn’t mean there aren’t small business threats which are not a constant regardless of the era. Even when the industry changes, the following are the biggest dangers to an SME and its staff.
These are the hazards to look out for as a small business owner.
The shift towards digital security is apparent for all to see. But, thieves who target physical goods are just as dangerous now as they were in the past. Because they are opportunists, they will never pass up an opportunity when one presents itself. A building without CCTV cameras and high fences and secures locks is one such opening. Plus, office space tends to be an SME’s most valuable asset, especially if you own the property. Therefore, it makes sense to increase physical security features such as an alarm system and safety personnel.
Of course, digital security is as important in this day and age as physical safety. And, it won’t change for a very long time as businesses heavily rely on the World Wide Web. Until there is a shift in focus from the internet, cyber criminals will attack and attempt to uncover sensitive data. Due to the size of the company, a dedicated IT team might not seem appealing. After all, it’s a lot of money and hassle to maintain a specialist team. However, computer experts are the only people who can use document classification and encryption to manage e-data. Antivirus software might keep hackers at bay, but only in the short-term.
Health and safety might have changed, but employee injuries have always been a sore spot. The rise in the reported number of injuries is skyrocketing, yet this doesn’t mean they didn’t happen before. Rather, employees didn’t report them for fear of being fired. In today’s era, there are better workers’ rights, which is why lawsuits are not a rarity. The only solution is to be able to show a tribunal that you did everything in your power to keep your staff safe.
The average person these days spends around three years in one role. For a company, this number is a lot lower than it would like to admit. Losing employees is something which happens, but that can destroy a business or at least move it backwards. People move because they want a new challenge, but they also need a balance between work and life. By providing people with different work on a daily basis as well as social incentives, it is possible to keep employees from leaving.
The threats above are always apparent, so don’t forget them if you own a small enterprise.