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When you’re running a small business, you need to deal with a stream of complex issues. These issues include managing your small business’s finances and your company’s security.
It’s important that you take the time out of your busy schedule to prepare your company finances. Only when you have enough startup funding to cover more than the average business expense can you begin to maximize your company’s chances for success.
But how can you ensure your business’s financial and physical security when you’re operating on such a small budget to begin with? Here are a few ways you can make your small business more secure all the way around when you’re working on a budget.
Screen your employees regularly
Up to 90% of companies recognize that it’s crucial to screen job candidates to avoid external threats to customers, employees, and the company. But not many companies recognize the importance of screening current employees.
Current employees can also be a potential threat to your company if they’re stealing information or leaking data. Sometimes employees may even be causing threats to your company by mistake because they don’t follow company protocol.
In either case, screen your employees before they’re hired and don’t be afraid to screen them during their time working for your small business, either. Screening can help to prevent employee turnover, secure your data, and protect information.
Use the latest technology when you can
Investing in the latest technology may not sound like a way to save money. But it can certainly help you save money in the long-run and help your company stay secure.
When a company uses the latest technology, it helps to make the company more secure in many different areas including cybersecurity, employee turnover, and customer service.
Old software allows hackers to easily make their way into your computer system, and old technology can leave employees feeling unproductive.
As for custom service, 79% of businesses who use field service management software say they’ve been able to boost customer visits. The latest tech like field service management software can increase your small business’s efficiency and productivity.
Remember to use prototypes
Some small businesses choose to forego a prototype when it comes to their products and their product packaging in an attempt to save money. But your business can actually save more money by using those prototypes.
Every year, up to 95% of new products fail when they go on the market. For small businesses, this can be disastrous.
Prototypes can lower the risk of your company’s product failing because they give you the chance to see your product and product packaging up close and personal before it goes on the shelves. You can spot any problems that may have gone unnoticed or improve packaging designs that may need to be more visible.
Packaging alone can cause a bigger problem than you’d think. Up to 72% of consumers say they read the nutritional label on products almost always, which means a big chunk of your target audience will be judging your product on appearance and contents alone. Prototypes can ensure your product is at its best once it gets on the shelves.
When it comes to securing your business’s financial and physical security on a budget, it’s important that you don’t take shortcuts when you ought to take the long way around. In other words, take the time to screen your employees, update your software and technology, and invest in prototypes. They’ll help you save money in the long run.
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