We all want our small businesses to run as smoothly as possible with as few mishaps and mistakes along the way as possible. If only things were that simple!
There are so many things that can go wrong and get your small business into trouble that it is worth knowing about them in advance, so you can mitigate against them where possible, and be better prepared for them if they do rear their ugly heads.
Accidents can and do happen all of the time, but if they happen on your business premises or as a result of a product you have sold that has malfunctioned, that can cause you serious trouble and potentially even see you having to hire lawyers to represent you in court.
Having business general liability insurance is one way to mitigate against this should it happen, but it is better to try and prevent accidents and injuries from happening in the first place, so adhering to health and safety regulations, training staff well, and having good quality controls in place are all very important. The last thing you want is to end up being sued for thousands, even millions of dollars!
Today, it is sadly not uncommon for hackers to target businesses of all sizes. These criminals will hack into your computer systems and steal your files. Harvesting the data to sell on to third parties or to blackmail you with.
If you want to avoid the reputational damage that a cyber hack could ring your way, then you need to ensure that you have the best antivirus and malware software your small business can afford. Having regular access to an IT team would also be an advantage, as would vetting employees very carefully before hiring. It’s also a good idea to strongly encrypt your files if possible too.
Speaking about employees, having a rouge one on your staff could be a real problem for your small business. Employees who are not well-trained or who have an axe to grind against the company can cause untold damage and ruin your reputation.
What’s the answer? Hire a good HR company to screen all of the candidates who apply to work for you. Once you have hired them, try to foster a positive atmosphere within your small business. This should help to keep staff happy so they do not bad-mouth you on social media or do anything else that would harm your business.
Of course, nothing can get your business into trouble like not having enough money to pay off suppliers and other creditors, so it is really important that you have a strong business plan in place, and access to emergency funds, especially in those early days of trading.
As you can see, there are lots of issues that can crop up and completely floor your small business, but now you know what they are, hopefully, you can avoid them completely, or at least handle them better if they do happen to you!
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