New to Business? 4 Risks Owners Face Everyday

Hannah Whittenly

May 16, 2018

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Every business is at potential risk for unknown problems either internally or externally. These disasters have to be mitigated by having a plan in place so that you can handle them quickly. Here are some of the risks that you may face and solutions to help you resolve them.

Loss of Inventory

There are a variety of forms of theft that can cause you to have a loss of your inventory. This can be detrimental to your new business. Whether the theft is occurring from an outside source or an internal one, you have options. Install security cameras and an inventory control system. In a store situation, an inventory control system can be used to alert you when an item leaves the premises. This will allow you to determine when items are lost or stolen.

Security Concerns

Cyber security is becoming a real threat in the digital age. You have to do what you can in order to protect your business from hackers. Keep your computer systems upgraded, install anti-virus software, and invest in a fire wall. You may want to hire your own technical support to maintain this system or outsource it. In order to keep your business secure, you need to take measures that will deter cybercrimes. Another threat to security is in your facility. Install the appropriate locks to prevent unwanted people from entering your business.

Liability Issues

Whenever you’re performing a service for a client, there is an inherent risk. There is a risk that the client may not be happy with your work or possible injury to your employees if you’re they’re performing an installation. You need to have insurance from a company like Zuma Insurance to protect your business from any incidents that may occur. This will help to eliminate some of the threats that are associated with doing business. If your company installs or repairs HVAC systems, for example, look into HVAC contractors insurance so that you can protect your employees and your business from a mishap.

Damaged Consumer Trust

Poor public opinion can cause damage to your reputation in the marketplace. This could leave you trying to play catchup as you do damage control. Consider using a public relations company to help you before a situation arises. If you feel more comfortable doing this yourself, setup online watches for mentions of your company’s name. This will allow you to get a handle on what is being said about you. You can work to mitigate any damage control that becomes necessary.

Starting up a new business is fraught with risk. You have to stay ahead of the situation in order to reduce the amount of risk that you experience.

Hannah Whittenly is a freelance writer and mother of two from Sacramento, CA. She enjoys kayaking and reading books by the lake.