5 Ideas To Protect Your Business Assets

Written By Alla Levin
October 19, 2020

5 Ideas To Protect Your Business Assets

There’s rarely a dull moment when you’re running a business; with so many different priorities, it can be difficult to know which areas to focus on. It’s important to protect your business assets, both online and physically. To help you to do this, check out these five ideas.

Cyber Security Protection

Experiencing a cyber attack is a costly inconvenience, so it’s essential to take the right precautions. There are a few things that you can do to protect yourself online:

  • Cybersecurity insurance: It’s a good idea to get cybersecurity insurance; in the event of a cyber attack, this type of insurance will cover any financial losses.
  • Multi-factor authentication: Multi-factor authentication can help you to protect your network and keep unauthorized users out. Typical authentication methods include strong passwords, SMS codes, and the testing of biometric traits.
  • Extra IT support: When you hire a managed IT service, you’ll get robust online security protection as part of the package.

Improving your online security is one of the easiest ways to protect your important data and assets.

Protect Your Business Assets: Purchase Public Liability InsurancePurchase Public Liability Insurance

To protect your company, it’s important to invest in public liability insurance that covers your compensation payments or legal expenses if an individual sues your company. A member of the public might sue if, for instance, they obtain an injury while on your premises, or their property/possessions are damaged.

Consider Your Branding

It’s useful to think of your brand as an asset and take measures to protect your branding and your reputation.

  • Brand monitoring: It’s a wise move to work with a good PR company so that they can monitor your brand, including your online presence.
  • Improve your marketing: To keep your branding strong, it’s also useful to think about improving your digital marketing. Video marketing can be an excellent way to protect and improve your branding. Video gives you the opportunity to humanize your brand and gain more credibility.

Building security

When you’re running a business you should take precautions to keep your building safe. To protect your assets, it’s wise to invest in security cameras, alarm systems, and hire a security guard. With all of these things in place, you’re less likely to experience theft or damage to your property.

Debt Recovery

It’s vital that you always receive the money that clients and customers owe you. The majority of the time, you will not experience issues; however, there may be those who attempt to avoid paying, or who make late payments. To recover a debt that your business is owed, the following steps should be taken.

Invoice first: The first step of a debt recovery process is to send an invoice as you normally would. The payment terms should have already been agreed on beforehand.

Send reminders: If the client does not pay fairly swiftly, you should send them reminders, either by email or with a telephone call.

Hold credit: If the client still does not pay, one thing you can do is stop carrying out work for them until you’ve received the payment.

It may be the case that you aren’t able to get in touch with the individual who owes you money. As time passes, you may need to contact a Skip Tracing service to track down the client who is in debt. When you’ve worked hard to create a successful business, you must take all the necessary measures to protect your assets.

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