The majority of business owners have invested considerable time, energy and financial costs into setting up their company. Having made the decision to be their own boss, rather than an employee, they face considerable responsibility for making the business work. Having put everything into getting a business up and running, it becomes a priority to protect it.
There are many ways to protect a business. Firstly, finding the right insurance is important. The type of insurance that is needed will depend on the nature of the business, the annual turnover and the number of staff that are employed. Combinations of relevant policies are often sold together in a package, to ensure all of the key functions of business operations are covered.
Security is another important consideration. These days it isn’t just about locks on your filing cabinets and doors. You also need to invest in appropriate online security measures. CCTV cameras and alarms can help reduce the risk of a physical break in, but there is a need to protect against cyber-attacks, which are far more commonplace.
In the case of innovative companies that are designing new ranges, inventing products or researching new ideas, it is also necessary to protect this intellectual property. Trademarks and patents are available to ensure that others can’t steel a company’s innovations and get away with it. In fact, any business should gather information on whether it is advisable to contact the UK Intellectual Property Office to register your brand as a trademark.
Spreading the Load
Another means of protecting a business is to consider the risk of keeping all the eggs in one basket. If every item of stock, every piece of machinery and every file is kept in the same location, a burglary, fire, flood or other damage could wipe out the entire business in one go. Even with an insurance pay out, it is tough starting over from scratch.
If excess stock, old files, resources that are used occasionally and spares are located elsewhere, there is a better chance of getting a skeleton service back in place and rebuilding the business on this. For SMEs, self-storage facilities provide a viable, secure and cost effective option when considering how to spread the load.
If you believe that you can reduce the risks by investing in self-storage, Oxford based Barretts can assist. With a range of business orientated services and reduced rates for longer term unit rental, we can provide a secure, flexible and cost effective solution.
Identifying What’s At Risk
Every company will face its fair share of challenges. Whilst established companies may have a greater capacity to overcome disruption and major issues, a similar scenario can have a much greater impact on a small business. Unexpected situations can be sufficient to make or break a company and there is a level of uncertainty, particularly in the early years.
By taking stock of what is really vital to the immediate and long term success of your business and identifying the greatest risks, you can make an informed choice on how to protect it.