risk

Are you Putting Your Business at Risk?

Owning a business is a lot of hard work. There are so many pieces to put together to make sure everything is working the way it should. It is important as a small business owner that you assemble a team that will help you protect your small business. This team should include a bookkeeper and accountant, a lawyer, and perhaps some business consultants.

You could inadvertently be putting your small business at risk. Here are three things that many small business owners overlook in their business but could ultimately lead to small business failure.

Sloppy Finances

The biggest thing that small businesses do to put them at risk is keeping sloppy financial records. It is important as a business owner for you to keep good and accurate financial records. There are several software programs available to help small business owners manage their own financial records, but it can often be just as cost effective and time saving to hire bookkeeper to manage your financial records for you.

Legal Snafus

Another thing that small businesses do to put them at risk is find themselves in legal snafus. As a small business owner, it is important to understand the laws that govern small businesses and your industry so you can avoid getting into legal trouble. Talk to your lawyer to find out what you need to do to protect yourself legally. It is also a good idea to invest in liability insurances which can help protect and cover some of the cost in the event of legal trouble.

Not Securing Information

Security breaches are really big in the news right now as many large companies are facing problems maintaining the security of user information. As a small business, it is important to diligently work to maintain security all the information in your business. You can start by protecting your network and selecting strong passwords that you change frequently, but there are many other things you can do to help maintain the security of your small business. Talk to a security consultant to find out your blind spots and work to correct them.

 As a small business owner, it is important to stay on top of these three areas to keep from putting your business at risk. By assembling a team of professionals to help you in these areas, you will be setting your business up for long term success.