What Entrepreneurs Can Do to Protect Their Business

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Whether you have just launched your business or have been running it for some time, protecting what you worked so hard to build is crucial. Unfortunately, in all the confusion and rush of starting a company and operating it on a daily basis, many entrepreneurs neglect this.

 In this article, we’re discussing 6 steps you can take to protect your business.

What Entrepreneurs Can Do to Protect Their Business

1.  Properly Dispose of Documents Containing Sensitive Data

Data security is on the minds of many entrepreneurs and for a good reason. Besides the monetary costs, a data breach can significantly damage your business reputation and negatively affect customer loyalty.

One way to keep your sensitive data secure is by properly shredding any paper documents that contain sensitive data and/or confidential information. Be sure to do enough research before choosing a company that offers paper shredding services. Check the company’s reputation, compliance, operation style, etc. to make sure you can trust it to securely destroy your sensitive information.

2.  Protect Your Time

In business, every minute wasted is a minute not spent succeeding. Recognizing the value of your time naturally pushes you to protect it.

One of the best ways to do this is by investing in tools that streamline your operations and make your processes more efficient. Which tools you’re going to use will depend on the type of your business and your goals. For instance, if your goal is to generate more leads, you should invest in a quality lead generation tool such as Linked Helper. As their website states, this tool automates the way to find clients on LinkedIn and turn them into loyal customers.

Tech tools will enable your company to get the most out of your employees, making tasks faster and easier, while at the same time improving communication and collaboration, allowing you to save time that you can dedicate to growing your business.

3.  Consult an Attorney to Protect Your Intelectual Property

Intellectual property can consist of different areas, from products and corporate identity to logos and processes that differentiate your offering. When these ideas are used without permission your business can suffer.

Copyrights, patents, trade secrets, and trademarks are all important assets with significant value. This means that entrepreneurs should invest in protecting their intellectual property before it goes public.

Many entrepreneurs avoid speaking to an intellectual property attorney, thinking that it will be too expensive. However, consulting a knowledgeable professional can help you identify the risks and set up strategies to protect your company in the long run.

4.  Have a Disaster Plan

Disasters like flooding, hurricanes, and wildfires can strike at any time, so it is very important to have a disaster plan for what you will do in case of an emergency. Knowing which disasters are most likely to affect your company can help you create a plan and assign responsibilities for how to get customers and employees out of the facilities safely.

Your disaster plan will also serve as a roadmap to recovery and will help you return to normal operations as soon as possible. Be sure to practice your plan with your employees so that you are ready when a disaster occurs.

5.  Purchase Business Insurance

Companies need commercial insurance because it helps cover the costs associated with liability claims and property damage. Without insurance, you might need to pay out-of-pocket for expensive damages and legal claims against their organization.

Many businesses need general liability insurance and depending on the state you operate in, you might also be required by law to have workers’ compensation insurance or unemployment insurance. If you provide professional services or advice, you might need errors and omissions coverage.

Other types of business insurance to take into consideration include:

  • Commercial vehicle insurance, which protects you when a company-owned vehicle is involved in a collision, stolen, or vandalized.
  • Key person insurance, a life insurance policy a company buys on the life of a top executive or another critical individual.
  • Business interruption insurance, which replaces income lost if your business is halted due to damage or physical loss.
  • Cyber insurance, which protects your business from the high costs resulting from a data breach or malicious software attack.

 

 

6.  Protect Your Business With Contracts

Don’t forget to protect your business legally with business contracts. A business contract protects your company, your business partners, employees, and customers while clearly defining the relationships, expectations, and obligations. By signing a contract, all parties will be protected in the event of a disagreement or a potential legal dispute.

 

No matter what industry you are in or what type of business you own, there are several types of contracts that most businesses need, including operating agreements, non-compete agreements, employment agreements, etc.

Final Thoughts

There are many ways to make sure that all the different aspects of your business are protected, including intellectual property, customer data, and the people working for you. After all, you have invested lots of time, money, and effort into your company, so why would you leave everything to chance? A bit of preventative care now can save you from headaches in the future.