Reducing Risk: The 4 Different Ways to Protect Your New Business

No-one ever said running a business was easy. If you want to succeed in your industry, you must be prepared to face many obstacles along the way. After all, itís how you overcome the pitfalls that could help to make your business stronger.

Risk is an inherent aspect of business, and once one problem disappears, another one can rear its ugly head. Itís what makes business so interesting, as each day will throw a new challenge your way. Rather than going into panic mode, be prepared by learning about the different ways to protect your new business.

  1. Avoid Controversy

It can take years to build a strong brand and just a few seconds to destroy it quickly. For example, the wrong wording in a public statement could signal the end of your business, as your brand could be widely criticized by both the press and the public. Your business image means everything, so avoid controversy as much as possible. For example, steer clear of unscrupulous tactics or associates, and avoid taboo topics.

  1. Obtain Liability Insurance

Your employees need to be kept safe, and while you may do everything in your power to keep them out of harmís way, sometimes an accident can happen onsite. Liability insurance can financially protect you, should an employee or customer make a claim against the company, and should, therefore, be a must when protecting your business.

  1. Protect Your Data

Many modern companies are using computers to power their businesses. While storing documents online can add an extra layer of security to your data, it is possible your important files could fall into the wrong hands following a cyberattack or data breach. Take the cloud as the perfect example. While itís the providerís job to prevent vulnerabilities in the system, itís the customerís responsibility to safeguard the files that are uploaded onto the solution or downloaded onto a device. For instance, an employee could choose to download and share a file with a third party. Eliminate risk by finding out more about Office 365 data loss prevention, and how you prevent sensitive data from being shared unknowingly to a third party, and why you should enforce consistent DLP policies across cloud services.

  1. Secure Your Intellectual Property

If you want to secure your companyís innovations and ideas, it is imperative to protect your intellectual property. If you fail to do so, other brands can reap the benefits of your inventions, and youíll lose your industry advantage. There are a number of ways you can protect your intellectual property, which will ensure you maintain your market edge and enjoy a healthy profit margin.

Before you launch your new venture, take the time to educate yourself on the different ways you can protect your inventions and ideas. For example, a patent will prevent others from creating, using or selling your invention or design. You can file an application for a patent with the US Patent and Trademark Office (USPTO). Other options will include copyright, which protects the original works of authorship, or a trademark, which can protect a word, phrase, or design. The earlier you secure your intellectual property, the fewer headaches youíll experience once your business is up and running.