The greater the risk, the greater the reward! But sometimes it can be hard to look past the roadblocks when running a successful business. And because so many companies have an online presence—98% of small business owners have a website—that comes with additional risks.
We don’t blame you if you’re worried about the business risks of being online but there are some things you can do to manage them. So, let’s break down the top 6 business risks and how you can mitigate their impact:
Security Breaches
News of the latest security breach is always making headlines, but it might look like they only happen to multi-million dollar corporations. However, almost half of the 1,122 small businesses surveyed said they experienced a data breach in the last 12 months. Even more alarming? 60% of small businesses close within 6 months of a data breach.
How to Manage Security Breaches
Cybersecurity is an investment in the business you’ve spent so much time and effort building. At the very least, consider implementing a two-step authentication process for logging into your accounts and services, requiring stronger passwords, and using secure file-sharing services to protect confidential data.
For the best way to protect your data and save money on cybersecurity, speak with an IT professional about putting proactive measures in place.
Data Privacy
When a customer sends you their email or makes a purchase on your website, you’ve collected information that someone else would love to get their hands on. When it comes to protecting personal data, the laws are different around the world and by state.
If you don’t store data correctly, you could face fines and a hit to your reputation.
How to Manage Data Privacy
You need to be aware of the data privacy laws in your country and make sure you’re following them. This will involve setting up procedures for collecting, storing, and deleting personal information. You should also consider investing in a secure file storage system so that confidential data remains protected at all times.
Equipment Failures
Our reliance on technology means that if one small part fails, it can have huge consequences. This could be anything from a server crash to the loss of valuable customer data. Since certain infrastructure has now been around for a few decades (think computer systems, routers, and software), this means that equipment failures can occur more often.
How to Manage Equipment Failures
If you’re running a business online, then investing in quality equipment is essential. Make sure that you take regular backups of your data so that if there is an equipment failure, you don’t lose anything valuable. Also, ensure you have a dedicated team on hand to troubleshoot any problems and fix the issue as quickly as possible.
Compliance
Compliance is a set of rules and regulations that your business must follow to operate. These can include anything from health and safety regulations to data protection or consumer protection legislation, but the list can change depending on the region you’re in.
How to Manage Compliance
You may not be able to remember every single compliance rule in your area, so it’s important to keep up with the latest legislation and any changes to the law. Investing in a compliance consultant can also help you make sure that your business is meeting all of its obligations.
Maintaining a Reputation
Your online reputation is just as important to your business as any other asset. If customers have a negative experience with you, they can share it with their social networks, and that could mean the difference between success and failure.
Data privacy ties into reputation management too—if customers don’t trust you with their data, they’re unlikely to be loyal.
How to Manage Reputation
It’s important to be proactive when it comes to maintaining your online reputation. Respond quickly and politely to customer complaints, use social media monitoring tools, and set up alerts so that you know what’s being said about your business.
Follow all data privacy laws, and be honest and transparent with customers—any negative experiences can likely be turned around if you show them your commitment to doing the right thing.
Speed of Innovation
When you’re just starting a business, it can feel like every tool and program is vying for your attention. You may have limited funds or not know which program is best suited to your business needs.
How to Manage Innovation Speed
When it comes to managing innovation, there are a few tips you can follow: research the market, look for customer reviews, try out free trials of different tools and platforms, and invest in quality over quantity. An IT consultant is going to be your best option for finding and implementing the tools your business will actually benefit from.
Minimize Business Risks With Forum Info-Tech
Risks are part of running any business, but after decades in the IT industry, we’ve developed simple strategies to minimize them. From smarter IT infrastructure to compliance monitoring and data privacy protection, Forum Info-Tech can help you manage all of the technology-related risks your business faces.
Send us a message and we’ll get back to you in about 23 seconds—our average response time! With a client satisfaction rate of 96%, we’re confident we can help you take care of the business you’ve worked so hard to build.
Schedule a free consultation to talk to a team member today.
