As a business owner, you need to be aware of all the specific dangers that might affect your company’s success.
You’ll undoubtedly know all the common threats already. Competitor activity, regulatory changes and economic dips can all present a risk to your company’s success.
But what are the less well-known obstacles to your company’s success?
It may not be the first thing you consider, but a personal injury suffered at work could see real damage caused to your business. There are multiple reasons for this. Your company could be liable for the accident that caused the injury, particularly if risk assessments weren’t carried out or were ignored. This means a significant amount of compensation could have to be paid out.
Injuries will also typically result in lost productivity for your company. As the injured worker recovers, this will usually mean they have to take some time off. And if their colleagues are covering their workload, this could mean they start to neglect theirs.
All that is to say nothing of the reputational hit that could result from an injury to a worker becoming public knowledge. You won’t want to be known as the business that caused someone to suffer harm. It won’t do you any favours when looking for new customers or clients – and it certainly won’t help you when trying to recruit new team members.
The weather has a particularly emphatic effect on bricks and mortar businesses that customers have to leave the house to visit. When it’s raining – or snowing or icy or windy – people don’t go out as much as they usually do.
It’s not just customers who might find the weather off-putting. During especially inclement weather spells, you might find that your suppliers just can’t get to you. This then means you can’t provide your product or service to the customers who did decide to leave the house to buy what you’re selling.
However, bad weather can also present opportunities for certain firms. Food delivery services, online entertainment and car maintenance companies will usually benefit – and research has shown that these kinds of companies see their stocks rise during bad weather. So not everyone sees storms as a negative.
You need your employees. They’re your best asset. But they’re also a potential threat. When employees are uninformed about cyber threats, they leave your company wide open to an attack. Hackers can take advantage of someone’s naivety about online security and use them as a weak point to siphon funds or access information they shouldn’t.
If you want to ensure everyone on your pay roll knows the risks of cyber-attacks, you might want to invest in training. Highlighting how a breach might affect them personally can help them realise the importance of online security.
When it comes to threats to your business, it pays to think about those that aren’t as obvious. The more prepared you are, the better your company will withstand them.