Most folks in the business world have heard about the SWOT analysis, and know that it covers strengths, weaknesses, opportunities, and threats. However, all too often the emphasis is put on the strengths and opportunities, and too little attention is given to the weaknesses and threats. This is, a mistake however because truly successful business know that to be forewarned is to be forearmed because this information can then be used to inform their decision-making process. With that in mind, I have compiled a list of the most common threats that could affect your business. Read on to find out more.
Interruption
Interruption can be a significant threat to your business, particularly when it means you cannot reach or serve your customers.
Why is it so bad? Well, at best, the sales that you were going to make that day will be lost, and at worst, customers can fall out of love with your brand and in love with a competitor, all because you weren’t available to meet their needs.
That is why it’s hugely important to do everything in your power to ensure its ‘business as usual,’ even if things feel like they are falling apart. To that end, having an action plan for different crisis situations can help a great deal – a topic you can go to http://www.disaster-resource.com/ to read more on.
Also ensuring your supplier relationships (including your internet provider) are strong, and that they will move heaven and earth to get you what you need so you can continue to serve your customers no matter what.
Data security
In our online, digital, world the risk that poor data security can pose to your business cannot be overstated. In fact, it is hugely important that you do everything within your power to manage this risk and reduce the impact of a data security breach, should it occur.
One way in which to do this is to employ a company like https://www.providyn.com/ to manage your IT services for you. Something that will ensure that your data is protected by the expertise of specialists in the field.
Also, don’t forget that it is crucial to train your staff in secure data management as well. In fact, instructing them on even the most simple things like using only secure networks, setting strong passwords, and prohibiting the use of memory sticks at your premises can make a massive positive difference to the security of both your confidential company data and the data of your customers. The latter being something that if breached, is likely to cause serious problems, and possibly even a PR disaster.
Loss of key employees
Another threat that you need to be aware of is the loss of key employees. In fact, this is a problem that can devastate even a successful business if you aren’t careful. This is because businesses are like complex webs of relationships and processes, and if you remove a crucial node from that web, they can quickly start to unravel and fall apart.
Sharing out responsibilities could save your business.
With that in mind, it’s essential to ensure that no one person is fully responsible for the success of your business. What this means is that responsibilities need to be shared among the team. Something that will allow your business to carry on, even if one of those team members becomes ill or decides to move to another company. Thus averting a potentially damaging disaster, and ensuring your business can continue on to success.
