Small business owners all over the world have one thing in common: a dream. They wish that in the future, their small business will grow from the humble beginnings of a startup and reach international recognition. They dream that their business will have thousands of employees, hundreds of office locations and a product to be reckoned with. Sadly, those dreams will quickly be stamped out by these following issues if they aren’t taken seriously enough. From fraudster employees to copycats, here are the threats you need to look out for as you’re running your business.
Lack of Continuity
When your business suffers an accident, such as being burned down in a fire or when your internet connection goes down, you need to have a continuity plan. In short, this is essentially a backup plan that you engage when something goes wrong. For instance, if you work exclusively in the cloud, then you’re technically immune to any kind of hardware failures, but you won’t be able to work without an internet connection. On the contrary, if most of your work is stored on physical mediums at work, then an office fire or flood could destroy the hardware and it will forever be lost. The best solution is to mix both mediums and hatch a continuity plan.
When employees commit fraud, there are no second chances. You need to terminate their contract and replace them as soon as possible. Luckily, there are services like MCC4Tax that will prevent your company from suffering the consequences of something like tax evasion that was committed by a fraudulent employee and not by you. Fraudulent employees could also mean employees that pretend to be something they aren’t. A good example of this is when an employee claims to know certain skills and does a half-arsed job when asked to work. Get rid of these types as soon as possible and ensure that your recruitment process combs through every bit of history your new recruits have.
Spreading Resources Correctly
One of the biggest decisions a business owner has to make is the choice between diversification and specialisation. One one hand, diversification helps you reach a wider audience, but specialisation helps you build a loyal fan base. The decision to diversify or specialise ultimate comes down to you as the business owner, but it’s worth analysing the advantages and disadvantages of both in your situation. For instance, if your main product is a smartphone, then diversifying it to have a large screen model might spread your production resources too thinly because there isn’t enough demand to make it worthwhile. On the contrary, specialising your current product and creating an updated version might alienate new potential buyers because you have a niche in the market.
Lastly, let’s not forget about copyright disputes. If a copycat is trying to mimic your product, then you need to hire a lawyer as soon as possible and send a cease and desist letter. If they don’t respond, then take legal action and shut them down. Copyright disputes also work the other way, however. For example, if you’re randomly stealing images from the internet to use on your website, then you might have a nasty surprise when someone claims you’re using their work without their permission, and this could result in expensive image copyright fines that could set your business back.
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