When your business becomes more successful, it also becomes more vulnerable.
There are many potential threats that can harm your business, and you need to defend and protect as your business grow.
Do you have sleepless nights over these concerns?
- Are l taking too big a risk growing my business ?
- How to protect myself from business lawsuits ?
- What happen to the business if something happen to me ?
- What options I have to protect my business interest ?
- How can my business recover from a disaster ?
Whenever you see a successful business, someone once made a courageous decision. Peter F. Drucker
Business Innovation Threats
Your business grow and prosper because of special unique proposition or technological advantage. Beware of potential threats in the areas of business invention copycat, trade secret theft, copyright infringement etc.
As we are now connected with the internet, understand the vulnerability of your business data. Cyber attack or cyber crimes launched by hackers who are out there can steal or phish your business secret or sensitive information such as financial or customer contacts.
Business Operation Threats
Your business operations could be disrupted for a number of possibilities :
- Breakdown of machinery and equipment
- Natural disasters such as fires, flood, storms or catastrophe
- Loss due to theft, burglary
- Loss of a key staff member with unique skills
- Misappropriate company funds
80% of companies that fail to recover from a major disaster within one month will go out of business.
Business Lawsuit Threats
Your business may be subject to lawsuits for a number of reasons :
- Unable to fulfill the delivery of business orders
- Unhappy or wrongful dismissal of a employee
- Customer claims from a defect product or negligence
- Dispute among partners over business interest
- Disputes arising from competitors over business competition act
Lawsuits can be expensive, even if you are confident that your company will win. There are cost for legal representation and spend a lot of time defending your company.
Business Reputation Threats
Business or your product or services brand has intrinsic and goodwill value. So it is important to take good care of the business reputation. If your reputation is damaged, your business will see an immediate loss of revenue, as customers become wary of doing business with you. On the other side, your employees may become demoralized and leave. Potential candidates may have heard about your company bad review and don’t want to join your firm.
Your business reputation risk can be arising from a number of ways :
- Major business lawsuits
- Embarrassing product recall
- Negative review about your company online
- Inappropriate postings by your employees on social media