Running a business is by no means an easy venture.
You’re going to have to pour blood, sweat and tears into it to get it off the ground and to make sure that it continues to experience success. Making a profit is a huge achievement and, generally speaking, your profits should reflect the success of your brand, your ideas and your hard work. But there are, unfortunately, various threats to your profits out there - incidents and actions that can chip away at your hard work and see others benefit from it at your expense. Here are just a few different ways you can protect your business against these threats - inevitably protecting your profits as a result!
Many business owners forget to protect their intellectual property until someone else has actively started using it and they’re experiencing losses as a result. Copyright and trademark your brand, your products and anything else you’ve come up with early on!
There’s a well known saying that time is money in business. It’s well known because it’s largely true. If you find that your employees are unable to work for a reason that is not their own fault, you’ll find yourself basically paying a large group of people to do nothing. They also won’t be able to be productive at this time, which will have a knock on effect on your projects, your marketing and more. This can all impact sales and cost you money in this way too! So, do your utmost to protect everyone’s productivity. Make sure that you have power generators in case of a power cut or black out. This will ensure that your business can keep ticking over doing whatever it does - whether that allows your office staff to continue working on their laptops, computers and other devices, or whether it helps manufacturing staff to keep the production line ticking over.
Your stock doesn’t come free. You pay for it to be made and you pay for the packaging. Sure, you sell it on at a higher price. But there is a payment that you need to make to get it in the first place. So, if people steal your stock, you’ll be actively losing money. This is why it’s important to protect your stock at all times. There are various effective means of doing this. CCTV is a good option, both inside and outside of the spaces where you keep your stock. Whether that’s a traditional brick and mortar store or a warehouse space. Make sure to place cameras in stock rooms and other back of house areas too. It’s unfortunate, but sometimes your own staff can steal from you. Cameras put people off taking anything, as they’ll know there will be evidence of their crime and consequences for their actions.
These are just a few areas to focus on. Protecting them can really make all the difference to your profits!