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Expect the Unexpected: How to Protect Your Business From Nasty Surprises

Expect the Unexpected: How to Protect Your Business From Nasty Surprises

Running your own business may have been your dream for a long time, so when you finally get it up and running, it is a great feeling. However, one thing that many small business owners discover very early on is that for anything to get done, they need to be the one to do it. Having to handle every single aspect of your business yourself can be a daunting prospect; you may worry that you might be missing something important that needs to be done. Aside from the uncertainty, you may also struggle to find enough time to balance meeting demand for your work, while managing to stay on top of the admin side of your business. Running a company is a real balancing act, so the last thing you need is to be hit with an unexpected issue that throws you completely off course.

To prevent unanticipated issues coming along, it is a good idea to pre-empt any problems and find solutions to avoid them arising in the first place. Here are a few things you may like to consider to prevent yourself from falling victim to unexpected bills and other issues:

Keep Your Accounts Up to Date

When your working day is already full just trying to stay on top of the orders you have coming in, the admin side of your business can sometimes take a backseat. This becomes a vicious cycle, as once you fall a little bit behind, it can feel like an impossible task to catch up with, and even harder to find the time to do it.

One crucial part of running a business that you must keep up with is your accounts. If you don’t have the time to go through them and update them in a block, try to update them as you go along so that you don’t lose track.

Not keeping up with your invoicing and payments can cause significant headaches, your business’ cash flow could end up in serious trouble if you don’t remember to invoice your customers on time, or if you are not chasing up late payments. On the flip side, if you do not remember to settle payments that your suppliers have invoiced you for, you may find yourself being chased for cash, which is terrible for your reputation and could cost you big in late payment charges.

As well as keeping your accounts up to date, you will also need to ensure that you have them ready to file your taxes. To prevent a nasty surprise such as an unexpectedly high tax bill, it is a good idea to use an estimated tax calculator to work out how much you will need to pay.

Protect Your Systems

In recent years increasing numbers of businesses have had the misfortune of being hit by data breaches. Finding out that your systems have been compromised is one of the nastiest surprises of them all. Explaining to your customers that your system has been hacked and their personal information taken is not something you want to have to do. To help prevent yourself from ending up in this highly unpleasant situation, it is essential to take steps to avoid it in the first place.

Ensuring that your computers have the latest updates installed on them and that you have adequate antivirus software will help. You may decide to get support from an outside company that specializes in cybersecurity for added peace of mind.

Step Up Security

Don’t forget that although data security is a hot topic right now, physical security shouldn’t be seen as less of a threat. Having your work equipment or products stolen is a truly upsetting situation to find yourself in. A break in at your business premises can put your company out of action for a while as you wait for the police to investigate and the insurance claim to be made. A burglary like this also means contacting your customers to let them know what has happened and trying to make sure you can fulfill their orders.

Stepping up your security will give you some peace of mind that you are doing all that you can to keep your livelihood safe and secure. To keep it secure you may want to get an intruder alarm fitted, as well as CCTV surveillance cameras as a deterrent for would-be thieves. Check that your locks are secure and that your windows and doors are in good condition and not an easy target for a break in.

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