You’d like to think that you’d achieve success after success with your business. Alas, while you can hope that that’ll happen, the reality will likely be more complicated. There are plenty of things that can harm your business and make finding success all the more difficult. If you’re aware of these threats, however, then you’ll be in a strong position to keep them at bay. You can’t always predict what’ll happen, but you can control how prepared you are to handle them! In this blog, we’ll take a look at some of the threats your business faces, and also offer advice on how to protect yourself against them.
All business owners want the best for their business. However, sometimes, their eagerness to do what’s best for their company can sometimes be negative. This can manifest in various ways. It could be that the ego is too in control, which shuts you off from hearing other people’s (good) ideas. It could be that you push yourself to the limit each day, which is something that sounds noble, but just increases the chance of burnout — and in any case, you’re probably not working as well as you think once you reach hour twelve of your workday, anyway. The best remedy is to stay humble and to look at your own performance with a critical lens. Any business owner that focuses on self-improvement will always do right by their company!
Your staff should be there to help you achieve your goals. If you hire correctly, then that’s just what’ll happen. However, if you don’t hire correctly, then you could find that you face any number of problems. A bad member of staff can harm team morale, negatively influence your relationship with your customers, and in some cases, even commit a crime against your business. During the hiring process, make sure that you dig beyond the resume, and check that they’re trustworthy. If your gut is giving you a bad feeling about a potential employee, then listen to it.
Threats, especially threats of crime, can come from within or outside your organization. Small to medium-size businesses are disproportionately targeted by criminals, so it’s really important that you’re taking steps to keep your business safe. This means working with a company that specializes in IT security, so that your digital presence is kept safe, and also keeping your physical location secure. You can do this by installing CCTV cameras, a fence, and outdoor light to the outside of your premises.
Finally, let’s think about the threat that’ll ever go away: the rise of new companies. Things might be going well right now, but who knows, a new company could come out from nowhere, and take a large chunk of your business. While you can’t prevent other companies from popping up, you can reduce the chance that you’ll lose customers by always improving your business. If you’re always at the top of the game, people will have no reason to look elsewhere.