All businesses face threats that could ultimately harm their profit margins, or even force them to shut down for good. But some businesses are at greater risk than others. Take small businesses, for example.
Unlike large corporations, smaller enterprises typically don’t have the same level of financial, physical, and technical security required to keep threats at bay. This is always the case, but especially so during a pandemic year; indeed, some 76% of businesses are concerned that there’ll be permanent closures of businesses within their industry as a result of the coronavirus pandemic.
It’s important to remember, however, that there are always things we can do to keep these threats at bay. The first step is to simply be aware of what the threats to Kansas City businesses are. If we can do that, then we can protect a vital foundation of the Kansas economy. Small businesses make up 95% of all businesses in the state, after all.
Let’s dive in to see the biggest threats that they face.
1. COVID-19 Pandemic
The world has been shaken by the COVID-19 pandemic. While there were many large corporations that had the cash-flow required to ride out a few lean months, for smaller businesses, it was more difficult.
As well as having to limit their operations, small businesses face the task of winning back customers who may be a little nervous about spending time in public, or who may have their own financial difficulties as a result of the pandemic.
2. Cyber Threats
Cybercrime is one of the fastest growing crime activities in the world. And unfortunately, compared with larger enterprises, small businesses are disproportionately targeted by would-be criminals. Though this is a real and sustained threat, it is something that small businesses can protect themselves against.
In this day and age, lacking digital security is no longer an option. By working with a company that provides cybersecurity solutions, they can ensure that they’re always one step ahead of the cybercriminals.
While it’s increasingly common for people to steal from companies digitally, we shouldn’t forget that “real world” crime is still prevalent. As such, it’s really important that all small businesses are taking steps to ensure that their physical premises are as secure as can be.
There are multiple ways to do this. The first is to make your premises look physically intimidating, so as to deter would-be criminals from sensing opportunity. You can do this by adding a fence, security cameras, and night lighting.
Another way is to make it so that even if people were to enter your premises, it wouldn’t be worth their while. You can do this by keeping any valuables behind lock and key.
4. Natural Disaster
We tend to think that threats to our businesses come from other people. But as we’ve seen with the coronavirus pandemic, nature can also have its say. One of the more unlikely yet damaging threats comes from a natural disaster.
If an extra-strong storm hits Kansas City, your business could be at risk. You can reduce the threat of long-term damage as a result of a natural disaster by ensuring that your premises are kept in tip-top condition.
If your building is fortified and in all-around good condition, then it’ll be less likely to suffer damage. You’ll also want to keep your important digital documents in cloud storage, rather than on a hard drive that could be destroyed.
5. Economic Downturn
Finally, there’s always the risk of an economic downturn. These do happen from time to time, and there’s not much that any single business can do to prevent it from happening. The best you can do is prepare yourself for it.
If you’ve got a healthy reserve of cash and your business is in a healthy position, then you’ll be in a better position than most to navigate the economic troubles.
The main threats to your business will be the coronavirus pandemic, cybercrime, theft, natural disaster, and economic troubles. While you can’t predict these threats, you can prepare for them.
It’s a good idea to make a business continuity plan and also prepare your employees so that you can face these threats head-on should they strike your business. Do that, and you’ll stay in control even when troubles come your way.