Privileges in your business’ cybersecurity

If you can't bake a cake without all the ingredients, you can't run a successful business without having preventative measures in place. Chances are, your business is your livelihood. In that case, wouldn't you want to protect it as if your life depends on it? Simply making sure you have your ducks in a row can mean the difference between success and failure (aka lawsuits or no lawsuits). Prevention can be overwhelming, and although we can’t cover EVERYTHING, below we’ve broken down 5 ways you can protect your business, regardless of its size. 1. Keep Accurate Records and Put Everything in Writing Running a business means that “business” is being conducted day in and day out. With so many moving parts, (like employees and inventory) there’s a lot to keep track of. If you want to keep your head above water, the best way to do that is to remain organized. According to the IRS, keeping accurate and in depth records can aid in keeping tabs on many things. Monitoring the progress of your business Prepping your financial statements Identifying sources of income Keeping track of deductible expenses Keeping track of your basis in property Prepping your tax returns Supporting items reported on your tax returns Another major preventative for your business is ensuring that everything is put into writing. No deal or agreement is sufficient with only a handshake or verbal communication. Good intentions and trust is no substitution for a written agreement. Verbal Agreements are meaningless Verification doesn’t exist without documentation Your rights rely on documentation Misunderstandings and miscommunication happens all the time. Ensure your business’s safety and rely on written documentation, not a past conversation. 2. Follow Employment Laws and enforce policies and expectations clearly Businesses are typically subjected to many different employment such as wage and hour laws, safety regulations, and laws intended to extinguish workplace harassment and discrimination. Even if any of these laws or regulations are broken unintentionally, you may find yourself with a lawsuit in your lap. Know what laws apply to you so you can create and enforce policies to ensure your business is in compliance. 3. Provide Outstanding Customer Service Not only should you be clear and compliant with your employees, you need to communicate with your customers and clients as well. Whether an order will be delayed, or you learn a project will take longer than expected, you don't want an unhappy customer. You never know what type of person you're dealing with, and sadly there are people out waiting on the edge of their seat for anything they can use to place blame on you and your business. Apart from keeping communication open with your customers, you need to be able to provide a positive and appealing environment overall. If your store is filthy and your checkout girl has an attitude, chances are you’ll be losing some customers. 4. Get Insured When owning a business, risks come with the territory. Therefore, its pertinent that you have solid liability insurance. Say someone gets hurt in your business or your system is hacked, insurance is there to cover those risks and losses and in return, minimizes your chances of getting sued. Insurance companies can handle claims, and negotiate settlements should those situations present themselves. 5. Find a Great Business Lawyer If there’s one professional you want in your corner, it’s a business attorney. No matter what phase of business ownership you’re in, a good business attorney can provide you with advice and the vital assistance you’ll want to ensure your business is a well oiled machine. Some instances could include but are not limited to the following. Zoning Copyright and Trademark Corporation and LLC Domains Licenses and permits IRS paperwork Written agreements for contracts and consultants Contracts for the sale and rental of goods Buy-sell agreements for business partners