Whether you’re a small startup or a major corporation, the security of your business is critical. If you’re losing equipment, data, or even documents, you risk running out of business. Your reputation and existence will also be at risk if sensitive information lands in the wrong hands in the cyber world.
The key to keeping your assets secure is to set up systems that boost management. Keep reading to learn how to protect your company’s assets better for a successful business.
Well, security should be a priority, and this needs no further emphasis. Below is a list of ways to manage your company’s assets better, with security as your primary concern.
1. Document Your Assets
You need to know what you own to protect it. So, make a record of all your assets. Documentation helps you track how your company is using its assets. You can check expenditure to avoid loss, equipment, or even digital assets. The good news is that thanks to technology, there is a wide range of inventory management tools and software you can use for this purpose. Startup accounting firms can help you with these tasks so do not be afraid to outsource these responsibilities if necessary. Documenting your assets is among the best ways to ensure everything is utilized properly, for the intended purposes, and for the benefits of your company.
2. Restrict Access to Digital Assets
Your digital access may include photos, websites, domains, and mailing lists. Alongside customer data, these assets are at risk of cyber theft and hacking. To keep them safe, be sure to limit the number of people with access to sensitive company data.
Protecting your company data may include utilizing strong passwords and a two-step authentication protocol for both staff and customers. If you accept card payments, you can learn more here on ways to safeguard sensitive information while ensuring PCI compliance. This way, you can ensure that your customer, employee, and company sensitive information is protected, and these are among your biggest intangibles assets in today’s digital world.
3. Prevent Theft and Loss
As a company, you don’t expect theft to be happening within your firm. All the same, it is wise to prepare for any eventuality. One way to do this is by enlisting the services of a security company to help ensure your company’s assets are protected. For instance, you could hire a security team to scan visitors and patrol your offices during operational and after-hours, depending on your company’s needs.
Additionally, you can install security internal and external cameras to help with monitoring the premises. Still, asset tagging is an intelligent way to prevent theft, especially when you’re sharing offices. These come extremely handy in the management of tangible assets such as inventory and business equipment.
4. Use Employment and Confidentiality Agreements
Employees can leak important business information, leading to losses. To guard against this, ensure your workers sign non-disclosure agreements, preventing them from sharing sensitive company information such as records or formulas. Should any leakage happen, you can use these agreements to sue them.
5. Choose the Right Business Insurance
Insurance is an excellent way to keep yourself safe on a rainy day. Whether you’re a new owner starting up a business or you’ve been in the game for a while, look into your insurance options. With insurance, you can take care of an emergency and get back on your feet.
For instance, in case of a fire or theft, insurance will help you restore your assets. But, keep in mind that insurance varies depending on the business. For example, a rental property owner needs a different type of insurance from a jewelry store owner.
6. Limit Personal Liability
Your personal possessions such as cars or homes may be at risk if they’re tied to your business. To protect them, incorporating your business can help. This makes your business a separate legal entity, which comes with multiple benefits. Your business can pay for its debts, and if sued, it can stand on its own.
If you leave a company as a sole proprietorship, you have unlimited liability. These are just some of the many perks, including tax benefits, brand protection, and the ease of transferring the business to a new owner.
To sum it all up, how you manage your company’s assets determines your profitability. You can protect your assets by installing inventory management software. You may also consider hiring a security team to prevent theft. For digital assets, copyright laws and backups can save you in case of a breach. Don’t forget to insure your business against security emergencies or general liabilities.