There are several factors to consider when opening a business. The marketing should be topnotch to attract new customers. The products or services should also be of high quality to retain the clients. It should also be accessible so it would be convenient for its consumers. One of the most important aspects is security.
Whether it’s an online or brick and mortar shop, it should be secure for you and your customers’ benefit. Here’s how you can ensure your business’ safety:
Security guards and concrete blocks can prevent potentially dangerous and expensive safety problems. Before you open your shop, the vacant lot may attract squatters and thieves. This can damage the store before it’s even ready for its opening. It would be even worse if you have important materials and tools in the premises. It will cost you a lot of more money because you’ll have to repair the damage and replace the products. Plus, it would prevent you from opening the shop on time, so you’ll lose extra days of sales.
Another way you can secure your store is by installing a security system. While CCTV cameras have helped prevent crimes for years, its grainy footage can be difficult to decipher. Now, there are plenty of cameras with 4K resolution, motion sensors, and night vision. Whether day or night, it’s easier to identify and detect any thieves or vandals. There are even models that can send you an alert or contact the authorities if it recognized any threats.
There are two main components of website security: one is protection from hackers and the other is payment methods. For the former, choosing a trusted hosting service for your site is a good stepping stone. Do your research to find hosts that offer properties which meet your needs. Beyond that, you should also prioritize safety features and uptime. Because it won’t matter if you have a nice and attractive website if people can’t access it safely. It’s always best to hire IT professionals to ensure that your site is safe right from its launch.
Once the website is up and running, you can keep it secure by taking precautions. Make sure to regularly change your computer and Wi-Fi passwords. The Federal Communications Commission recommends installing a firewall. You can also limit access to your systems to a very small number of people. Don’t forget to have at least 2 different copies of your important files in case of emergencies.
To ensure safe online shopping, you should work with trusted banks and payment processing services. They have capabilities that can minimize chances of fraud and data phishing. There’s another way to improve the site’s security for your customers’ benefit. You can require two-factor authentication which adds an extra layer of security. Besides the usual password, it also sends the clients a PIN via email or text message. This limits the possibilities of fraud and hacks.
Location is also a factor when it comes to security systems. For example, Europe requires 3D Secure for merchants. It works in 3 steps: enter your card details, fill in the security code, which is sent via text, and confirm your order.
Besides helping your clients, it can also benefit your business’ customer satisfaction. Due to better security, there would be fewer instances of problems and complaints.
Businesses typically keep their money in bank accounts. When kept there, the money can keep growing due to the interest rate and it’s secure because of insurance. While it has many benefits, it would be difficult for stores to operate without cash on hand. This is because of bills, miscellaneous expenses, and emergencies. You must keep a cash reserve that can last for three to six months. The duration depends on the nature of your business. If you have a lot of large expenses, it would be better if you keep six months of expenses. But if you think your business could survive on less, you can put more money on investments and stocks.
To ensure the security of your cash, make sure to employ proper practices. Minimize the number of employees who handle the money. The fewer people who know the passwords to the safe, the better. You should also frequently change the passwords. Don’t forget to keep track of the amount of money in the vault.
When starting a business, security is usually not one of the biggest priorities. But it plays a biggest part in your business operations as well as customer retention.