3 Threats That Could Bring Your Business To Its Knees

Two of the focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. As a business owner, you want to always be conscious of threats to your operations and to be proactive about them. The following contributed post is entitled, 3 Threats That Could Bring Your Business To Its Knees.

* * *

When it comes to running a company, it certainly can be a risky business! In fact, there are often all sorts of threats that loom over your business, that could quickly bring everything you have worked so hard and so long for, crashing to the ground. Fortunately, proper planning can significantly minimize the risk that such threats pose to your company. A topic you can read more about below.

Compliance Risk

Compliance is how well your business meets the laws and guidelines set out by the countries and sectors that it operates in. For example, in many places, companies will be expected to protect customer data, protect employees’ health and safety, and protect service users by acting within strict guidelines and operating codes.

Additionally, if your business fails to meet such codes, you make yourself vulnerable to many risks. The first of these is the fine and punitive action professional organizations, governments, and private citizens can take against you. While the second is that by intentionally or accidentally not complying, you can jeopardize the reputation of your business. Something that can lead to a lack of customer trust and so negatively impacts on success.

Therefore, always familiarize yourself with the codes relating to your business. You must also demonstrate that you are doing all in your power to meet them while also keeping the necessary documentation. Of course, if you are unsure or unclear on any official rules or guidelines, consulting a legal specialist in the areas in which your business operates is best.

Physical risk

Another type of threat you must plan for when running a business is physical risk. There many of these that need to be considered depending on your location, including flooding and earthquakes. Then there is fire, which is not so location-dependent and is a threat that can wipe out your assets and pose a genuine threat to the life of your employees and clients.

The good news is that there are several actions you can take to minimize the risk of a fire occurring and the risk of it causing damage and injury. One such step is to ensure that any buildings you own or lease are constructed with fire safety in mind. Something that may mean using resources such as fire curtains in large open plan spaces. The reason being that they block space off, preventing a fire from spreading and making it much safer.

Security risk

Finally, when it comes to threats to your business, you must carefully consider any security risks. This means dealing with both real-life perils such as burglary, and vandalism, and cybersecurity issues.

To that end, you must give as much attention (if not more) to your online security as you do the protection of your buildings. Something that means you will need to consider tactics such as two-factor authentication for users, and robust cybersecurity policy and training. Also, finding data storage providers that use the most up to date cybersecurity systems possible is essential here too.

Author: anwaryusef

Anwar Y. Dunbar is a Regulatory Scientist. Being a naturally curious person, he is also a student of all things. He earned his Ph.D. in Pharmacology from the University of Michigan and his Bachelor’s Degree in General Biology from Johnson C. Smith University (JCSU). Prior to starting the Big Words Blog Site, Anwar published and contributed to numerous research articles in competitive scientific journals reporting on his research from graduate school and postdoctoral years. After falling in love with writing, he contributed to the now defunct Examiner.com, and the Edvocate where he regularly wrote about: Education-related stories/topics, Science, Technology, Engineering and Mathematics (STEM), Financial Literacy; as well as conducted interviews with notable individuals such as actor and author Hill Harper. Having many influences, one of his most notable heroes is author, intellectual and speaker, Malcolm Gladwell, author of books including Outliers and David and Goliath. Anwar has his hands in many, many activities. In addition to writing, Anwar actively mentors youth, works to spread awareness of STEM careers, serves on the Board of Directors of the Friends of the David M. Brown Arlington Planetarium, serves as Treasurer for the JCSU Washington, DC Alumni Chapter, and is active in the Dave Ramsey Financial Peace Ministry at the Alfred Street Baptist Church. He also tutors in the subjects of biology, chemistry and physics. Along with his multi-talented older brother Amahl Dunbar (designer of the Big Words logos, inventor and a plethora of other things), Anwar is a “Fanboy” and really enjoys Science-Fiction and Superhero movies including but not restricted to Captain America Civil War, Batman vs. Superman: Dawn of Justice, and Prometheus. He is a proud native of Buffalo, NY.

Leave a Reply

Your email address will not be published. Required fields are marked *