Safeguarding a company’s long-term interests requires proactive planning. Here are 10 simple steps every business owner should look at to protect their company.
Simple Steps Every Business Owner Should Look At To Protect Their Company
Beyond day-to-day operations, safeguarding a company’s long-term interests requires proactive planning by owners. Thoughtful precautions and risk mitigation provide valuable security to sustain your enterprise through unpredictable events.
Here are key protective measures every UK firm should consider implementing.
Maintain Robust Insurance Coverage
Work closely with qualified brokers to implement core insurance policies protecting your company’s physical and financial assets, reputation, and decision-makers. Review specific coverages annually to adjust for evolutions in operations, property, staff, and other factors impacting risk.
Formalise Continuity Plans For Disruptions
Document playbooks addressing scenarios like technology outages, supply chain crises, facility issues and staff unavailability that could significantly disrupt business. Assign response roles and train staff on activating plans, rapidly restoring operations through contingencies.
Implement Cybersecurity Best Practices
Cyber risks expand rapidly, so vigilance is key. Follow protocols like multi-layered anti-malware defences, extensive access controls, encryption, VPNs, and staff cybersecurity training to lock down vulnerabilities. Enable robust monitoring to detect and halt attacks early.
Strengthen Physical Security
Assess security risks at facilities with interventions like entrance control systems, alarm systems connected to monitoring centres, secure access protocols, CCTV surveillance and guards if warranted. Protecting premises and inventory starts with sturdy physical access control.
Get Proactive With Health And Safety Training
Make robust health and safety training mandatory for all employees to minimise workplace accidents and injuries. Review incident data to identify recurring issues training could address. Drill staff on emergency protocols regularly. A healthy, safe workforce is your most important asset. You should be looking for a health and safety training course that gives your company SSIP accreditation. Smas Workspace can help you gain this accreditation and demonstrate your responsibility to customers and clients.
Create An Internal Risk Register
Maintain a frequently updated risk register identifying key vulnerabilities your company faces, quantifying their likelihood and potential impact. Assign mitigation actions to strengthen defences against significant threats. Continually expanding perspectives on risks protects interests.
Review Contracts With Suppliers And Clients
Ensure contracts contain adequate protections for your company in the case of non-delivery, force majeure, non-payment, or other breach. Define exit strategies if needed. Ironclad contracts reduce counterparty risks and provide recourse. Consult lawyers.
Perform Environmental Impact Assessments
Identify aspects of operations carrying environmental risks using hazardous materials, emissions, waste generation or vulnerabilities like flood zones. Mitigate identified threats proactively with procedures, equipment enhancements or relocation of sensitive activities.
Diversify Revenue Streams And Supply Chains
Dependence on a single customer or supplier poses existential risks if disrupted. Develop additional product lines, services, and customer segments to diversify income. Build redundancies into supply chains using multiple vetted vendors in case of supplier failure.
Maintain Adequate Insurance For Decision Makers
Ensure Directors’ and Officers’ liability insurance is in place, covering legal costs and awards arising from official company decisions being challenged after the fact. Likewise, pursue adequate coverage for key personnel proving irreplaceable if lost. Insure people and decisions.
Steps Every Business Owner Should Look At To Protect Their Company – The Bottom Line
While no business is immune from growing risks, dedicating focus to risk management provides confidence and stability. Judiciously addressing vulnerabilities before crises allows companies to play offence rather than recovery defence.
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