Building your business from scratch is a feat. This would only make it harder for you if you lost your business’s physical assets. It could be caused by anything. Theft, fire, cyber-attacks, and more. The only way to protect these tangible assets is through risk prevention.
Protecting your business assets could be a lot to take in. But you cannot be complacent. Loss of assets might cost you enough to lose your whole business. Avoid the menace and see if you’re protecting your business’s physical assets enough. Check out the following tips below to secure your assets more.
Hire Trustworthy Employees
Believe it or not, employee theft is very common. CNBC mentions that employee theft is costing U.S. businesses $50 billion annually. That’s why choosing the right people is a significant factor in running a business. The first thing you have to do is profiling the people you are going to hire. Rely on reputable job boards. Review applicants thoroughly by checking their backgrounds. A skilled relative is an option too instead of finding someone else.
Consider them if they are qualified for the job. Nothing wrong with an extensive interview process. Get to know the people you’re letting into your business. It’s just normal to protect something you’ve established and saved up for. Give yourself peace of mind by hiring the best and the most trustworthy people.
Secure the Place of Business
Getting a team of dependable people is just one thing. If your place of business isn’t secure, it’s still prone to asset loss. Invest in an interior where you can secure your physical business assets comprehensively. Some places and companies such as Banner Solutions have a wide variety of security systems for locks and doors. This ensures the exclusive entry of authorized persons inside safeguarded rooms.
These rooms include your inventory, vault, security camera rooms, and more. If your place of business is substantially secured, it’ll be hard for unauthorized people to break in. This would give ample time for authorities to respond to burglary. Get this done so theft would be one less worry off your back.
Consider Putting Security Cameras
Security cameras have become a staple to every business. From big corporations down to smaller enterprises, everyone is taking advantage of the technology. It has become one of the most essential tools for business safeguarding. Security camera systems have also become less expensive. It’s a plus for small business owners. Not to mention the technology has improved a lot over the years.
You can now even watch your security cameras through your mobile phone. There are subscription-based systems that alert you if intruders are breaking in. Security cameras will give you a peek at what goes on inside and outside of your business. You can now protect your assets even when you’re far away.
Do Regular Asset Checks
A traditional way of securing your tangible assets is by check and balance. We all know that this method helps you with tracking sales. It can also determine which items you should prioritize on restocking. But it can actually be more beneficial than that. Regular asset checks can also help you determine irregularities in your business. A complete inventory could be very laborious. But this adds another layer of protection for your business. If you have an accurate figure of what should be there, you would know if you’re missing anything.
Invest in IT Systems
Your digital data may not be part of your physical assets, but your computers are. Business crimes have become more high-tech today. According to a 2020 research by Hiscox, about 6% of companies report having to pay a ransom to regain control of critical IT systems. Protect your computer system from cyber attacks too. Plus, getting your computers hacked can greatly affect your business. This would also have a direct effect on your revenue. The last thing you would want to happen is for your clients’ data compromised.
If a data breach happens, you might lose your customers’ confidence in doing business with you. It would just be the same as losing physical business assets. Prevent this by employing a reliable IT system.
Insurance Your Assets
Last but not the least, invest in a comprehensive insurance policy for your tangible assets. There are different types of business insurance that you can shop for. There are policies that cover assets in the event of natural disasters. Some cover business crimes such as embezzlement, fraud, and employee theft. Check the options that best fit your business. Choose a policy that can cover the types of loss your business would be most prone to.
Complacency in risk prevention could be a detrimental factor in asset loss. Securing your business’s physical assets may be tedious but it sure is worth it for a smooth revenue flow. There’s nothing more comforting than a protected business model
