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Running a business always involves risks – but if you can identify them, you can take steps to counteract them. Here are five hidden threats to your business and some potential solutions.
Cyber Threats
Technology helps companies to run smoothly, but email, digital clouds and other computer-based resources can increase a business’ vulnerability to data leaks and cyber-attacks. These attacks can take many forms, such as malware or phishing, and can wreak havoc on your business’ cyber systems. Luckily, these risks can be mitigated by using systems such as Xelix, which offers protection from cyber fraud attacks. You should also be sure to use strong passwords that cannot be easily guessed.
Employee Absences
There’s no avoiding the fact that sometimes, people will be absent from work. It might be due to health reasons or a family emergency, but regardless of the cause, absences can be a problem for your business – namely, that the absent person is not there to do their job. Make sure you’re prepared for if someone is off for a day or two by looking at who their essential tasks can be temporarily reassigned to. If a person is habitually absent, talk to them and take steps to address the issue.
New Competitors
The emergence of new businesses in your sector can be an issue, as you suddenly find yourself competing against companies with all sorts of different ideas. While you can’t stop new competitors from joining the market, you can focus on your business’ strengths. Identify what’s unique about the services you offer and be sure to highlight it in your advertising. Place emphasis on what you can do for customers that your competitors can’t.
Emergencies
Do you have a plan in place in the event of a fire or flood? If not, this is definitely something to consider, as emergencies like these can result in damage to buildings and equipment – which can be expensive to replace. It’s important to make sure everything is insured. You can take steps to prevent damage by placing fire safety equipment, such as fire extinguishers, in easily accessible locations. It’s also a good idea to install CCTV cameras, in order to reduce the risk of property loss or damage through theft.
Changes in Demand and Demographic
Sometimes, there will be shifts in demand that affect your business. Demographics can alter over time as populations get older or younger, and you may find that the services your business provides are no longer as in-demand as they once were.
You can’t stop demographics from changing, but you can be prepared for when they do. Your business needs to be ready to adapt, so consider other services you could offer, and implement marketing strategies to appeal to new audiences. Take the time to gather feedback from your customers and get their opinion on what you should keep doing and what needs to change. Willingness and ability to adapt are especially important if your business has a very specific consumer base. The smaller your demographic, the more likely your business is to be affected by demand shift and hidden threats, so keep an open mind and be ready to make changes if necessary.
