Small Business Risks That Many Entrepreneurs Forget About
Opening up a business is never a light decision. You put in months of hard work before you even open your doors to customers, and even then you’ve still got a long way to go. And thanks to all this effort, it’s important you keep in mind the kind of risks that could tank your operation. These are risks every small business has a chance to run into, but they also seem to be the risks entrepreneurs forget about most of all! So, to prevent you from falling into the same trap, here’s a quick list to keep in mind.
Overspending without Realising
If you don’t keep an eye on the budget, it’s going to slip away from you without you knowing it. What you think is OK to spend is actually moving into the red of your business overdraft, or has used up the majority of the business loan it took you months to secure beforehand. Always know the number in the bank, and where and when it needs to be spent. You’ve got ongoing bills to think about – that new display model can wait until you’re more secure!
A Fire
Fire damage can be extensive. Fire can spread quickly and rapidly before you even get the chance to call for someone to put out the flames, and your business will never be the same again. That’s where investment in passive fire protection comes in. Not only do you need to have an active fire drill, and know the emergency exits in your building, but you’ll also want to think about incorporating materials that’ll slow down the burn. In an ideal world you’d never have to think about a disaster like this, but seeing as a fire can start up from the smallest of sparks, make sure you consider this issue early on.
Bad Press on Social Media
Not all press is good for you. If you get a bad review, you can usually walk it off with a simple response and an attempt to reach out. But if more than one person on social media starts creating posts and stories in their own time about how bad your customer service is, people are going to believe it! Social media goes ten times more viral than a bad review on Google will ever have the chance to. If you want to give your company the best chance, talk to your customers on social media, and be active in replying to their comments and DMs.
Not Changing Passwords
If you don’t change passwords on a regular basis, you might just lose your data to someone who plans to sell it for their own gain. That’s something you should always be aware of, as we live and work in a digital world. The more proactive you are about online safety, the easier it’s going to be to protect customer details.
If you’re an entrepreneur with business plans, don’t let these kinds of risks get ahead of you.
