5 Ways to Protect Your Business

July 26, 2023 | Posted in Bank Blogs

Whether you're a new entrepreneur or the owner of an established business, it took hard work, commitment, and financial investment to get where you are today. That's why, it's important to make sure you protect what you've worked so hard to build.

Here are five simple ways to protect your business:

1. Safeguard your data. Data breaches can happen to any business at any time. To prevent one from happening to you, make sure you update all systems and software programs on computers and devices and regularly change your passwords. Take stock of your current programs and security procedures and then educate your employees on the steps they need to take to protect data. Also, make sure you install firewalls to safeguard your business from outside cyber threats. And to ensure the ongoing operation of your business, make sure you regularly back up customer data.
2. Get business insurance protection. Lawsuits happen, too. That's why you want to ensure you have insurance coverage to protect you from claims filed against you. With professional liability insurance, for example, you can get coverage from claims of errors or omissions. You'll also want general liability coverage to protect you from claims made from property damage or bodily injury. Make sure you talk to an experienced insurance professional to learn more about ways to protect your business.
3. Hire a CPA. Tax laws are always changing. One way to ensure your business keeps up with them is to work with a licensed professional like a CPA. A good CPA will not only be able to help you keep up with tax regulations but could help you take advantage of opportunities to reduce your taxes. Who doesn't like the sound of that?
4. Find a good attorney. An attorney can help you manage risks before they happen. For example, you may consider hiring an attorney to protect any intellectual property you might have that could be stolen by your competitors or misused by others. Make sure you ask for attorney recommendations from other business owners in your network or professional associations.
5. Protect your reputation. In business, your reputation is everything. In today's online world, customers and employees can easily share their opinions about your offerings and your company. That's why it's so important to respond to any customer concerns or feedback as quickly as you can. For example, if customers post their concerns in an online review or on social media, respond to them or arrange a time to talk to them to determine how you can help them. Mistakes can happen, but how you respond to them can make a big difference to your reputation.

Your business may very well be your biggest asset. Make sure you take these measures to protect it.