Almost every business owner’s nightmare is running into a pitfall that could potentially damage their business or reputation. Most company owners have worked hard to get their businesses started, so any potential threat is a major concern. Here are just some of the pitfalls to avoid if you want to keep turning those profits.

Falling Behind Competitors

Thanks to internet accessibility and new businesses, there’s no such thing as a unique idea these days. Regardless of what your business does, you will always have some form of competition.  It doesn’t mean you cant succeed as a business. However, it does mean you need to have one eye on your competitors and the other eye on your business. If they’re whizzing ahead and you’re falling behind, this isn’t good news.

Read your reviews and your competitor’s reviews as well. Ask yourself:  Is your business failing somewhere? Or, are they meeting customer demand in a new way? Are they being more productive? Or, are they utilising new technology?

You can get software to automate or assist in any area of your business these days. Some include document templates software, accounting, legal, presentation and CRM software amongst others. If you’re still in the dark ages using manual methods, it won’t be long before you begin to lag behind your competition.

Lawsuits

If anyone becomes ill or injured as a result of your business, then this can spell disaster for you. This could range from an employee tripping or a customer slipping on snow outside your premises. It may be someone becoming injured as a result of using your product or services. It may even be injuries from neglecting company health and safety concerns. Whatever the issue is, you don’t want this happening to you.

Always provide good employee training. Ensure that your products are signed off as safe and thoroughly tested. Also, ensure health and safety rules are followed correctly in all areas of your business. You should also have the right insurances in place, at least that way if the worst were to happen you won’t end up significantly out of pocket. However this kind of incident can ruin your reputation and so it’s very important to be aware of these potential issues.

Fraud and Theft

As a business owner, the last thing you want is someone coming in and stealing from you and potentially destroying your entire venture. This kind of crime can be a result of a hacker, a burglar or even a member or your own workforce. Keep your business safe both online and in person.

Shutters, CCTV, a burglar alarm and good safes are all essential security measures. In addition to thios,  strong passwords, firewalls and cloud based storage also essential since these are encrypted. A final note to entreprenuers: Be very wary of who has your passwords and sensitive information as these should remain with trusted senior staff members only.