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Entrepreneurs put so much creative energy into running a business. With so much at stake, it’s important to protect your company. To help you create a business protection plan, here are ten steps to protect your small business.

1 . Business Continuity Plan

A business continuity plan states how a company will operate in the event of an unforeseen disruption. It describes how business processes will continue, covering all areas that could be affected.

Plans include data backups and supplies and equipment. The roadmap also covers contact details for key personnel. A key part of the plan details strategies for dealing with IT disruptions. The idea is to maintain office productivity, and meet the needs of the business. Without a business continuity plan, companies may experience expensive downtime.

2. Insurance Coverage

Businesses need the correct insurance coverage, to protect their assets and meet legal requirements. There are several different types of insurance that a business might need. A few examples include:

• General Liability Insurance: This type of insurance covers your business if a member of the public attempts to make a legal claim against you. Individuals may attempt to sue if their property has been damaged, or if they have been injured, (and they believe your business to be liable).

• Product Liability Insurance: PL insurance protects a business if someone becomes injured due to a product fault. Businesses are covered for faults that were overlooked by quality control procedures.

There are many other types of business insurance that you may need. When choosing your insurance, you may wish to consult your attorney.

3. Online Reputation

Businesses must protect their online reputation. One option is to work with a reputation management company. Reputation experts help businesses to monitor third-party sites, improve SEO, collect positive reviews, and deal with negative feedback. Another option is to use reputation management software, for example, social listening tools. When businesses receive bad reviews, this can be incredibly damaging to their reputation. It’s important to ensure that negative reviews are professional.

4. Cyber Security

All businesses face cybersecurity risks, from data breaches to phishing scams and computer viruses. There are many steps a business should take to improve its online security:

• Multi-Factor Authentication: MFA is a system used to improve online security. Individuals must identify themselves in several ways before they are granted access to an online network or account. Authentication methods include passwords, SMS codes, and fingerprints.

• Managed IT Providers: Third-party IT companies can improve the IT infrastructure of a business, and enhance security at the same time.

• Anti Virus & Malware Protection: All businesses need robust anti-virus protection, to keep their devices safe and minimise downtime.

It’s important that business leaders understand cyber security, and train their staff accordingly. If you’re interested in learning more about cyber security, check out a 

masters in cyber security online.

5. Work With An Lawyer

An attorney can help with a number of business legal issues. Lawyers can support companies to:

• Define the correct business structure.
• Adhere to due diligence.
• Write up employment contracts, a non-disclosure agreement, and a shareholders agreement.
• Register the business.
• Comply with appropriate regulations and laws.
• Protect your property.

6. Get Your Finances In Order

To protect your assets and grow your business, it’s important to get your finances in order. There are lots of budgeting tools that can help businesses to manage their expenses and plan their finances. A few examples of budgeting software include Vena, Jirav, and Float. Businesses should also work with an accountant, to manage their finances, and adhere to the correct tax regulations. To improve your financial health, it’s important to stay in control of your expenses.

7. PR Strategies

PR companies can help businesses to protect their brand. Public relations teams can help to mold a brand’s reputation and earn audience trust. If your company faces a PR scandal, public relations teams can provide damage control, helping the business to get back on its feet. PR companies offer other useful forms of support including:

• PR teams can help to boost your SEO.
• PR supports your marketing efforts.
• Can provide great social media content.
• Can help to improve customer loyalty.

8. Reduce Your Debts

Debts will hold your business back, eating into profits, and jeopardising investment opportunities. Businesses should try to pay off their debts as quickly as possible. The best thing to do is to work with a financial advisor. With the help of a financial expert, businesses can access debt management strategies. Financial advisors can help companies in many different ways, including:

• Provide advice on investments.
• Help businesses to reduce expenses.
• Create a clear picture of your finances.
• Plan for the future and create forecasts.
• Wealth management and decision-making.

9. Secure Your Premises

Businesses should secure their premises with the right equipment and security precautions. Steps to secure the business might involve hiring security guards, installing CCTV cameras, and alarms. Businesses should ensure that only authorised people can enter the building. Companies should also invest in buildings insurance, and contents insurance to protect their assets.

10. Protect Your Brand 

Building a great brand is a lengthy process, and so it’s important to protect your brand. There are many different ways to protect your brand, such as:

• Web Content: Businesses can protect their web content by creating a DMCA account. DMA is one of the leading companies in copyright infringement. Once you receive certification, ensure that you put the DMCA badge on your site.

• Trademark Registration: To legally protect your brand you should register your trademark. Businesses can register online with the Patent and Trademark Office. It’s advised that you get a lawyer to help you do this.

• Patent: If you’ve created an innovative product, ensure that you get a patent (before other brands try to copy your idea)!

By taking these ten steps you’ll keep your company safe from several legal and reputational risks. When you protect your assets you can relax and focus on what’s important. Without the right protection, businesses face several risks and setbacks.