5 Proactive Steps to Protecting Your Small Business Long Term

Whether your small business is just starting or you’ve had a hand in the market for years, protecting all your precious assets is critical. Your company could fail without adequate protection, leaving you searching for a job or struggling to make ends meet.

You want to take every step possible to manage and mitigate risks associated with owning and operating a profitable business. How will you react if unexpected circumstances occur? What plans do you have in place to manage new challenges? 

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These are essential questions you must ask yourself if you want to remain a successful business. Take the COVID-19 pandemic, for example. It presented trials and unprecedented challenges for plenty of companies across multiple industries, and those prepared for unexpected events remained competitive. 

Here are five proactive strategies you can use to prepare for the long term. 

1. Maintain Your Facilities

Facility management plays a significant role in how your business operates day to day. Regardless of the space you work out of, you must keep your workspace clean and ensure you’re performing regular preventive maintenance to stay safe. 

Preventive maintenance can increase your team’s productivity and allow them to perform their tasks without any interruptions in their workflow. In the spirit of being proactive, take the necessary steps to prevent accidents, which could hamper your productivity and employee morale. 

2. Implement a Cybersecurity Program

New technologies bring a stronger need for reliable cybersecurity. Creating a feasible security program, including firewalls, antivirus software and more, will help protect your business assets from would-be cybercriminals. 

Educate employees on best cybersecurity practices and even go as far as to provide training on the subject. Attacks can occur anytime, and small businesses are just as vulnerable as large corporations. Secure your sensitive information and implement a safety program into your business.

3. Hire a Reliable Accountant

Managing finances helps your business stay afloat during challenging economic times. Errors in accounting can cost your company more than hiring an accountant.

It’s easy to overlook crucial details, and if you plan on expanding your business regionally, nationally or globally, your financial situation will only grow to be more complex.

In addition, tax season comes around annually, and it would be extremely beneficial for you to have an accountant’s expertise during this time. Be sure to consider consulting an accountant to help you manage your bookkeeping so it doesn’t get left on the back burner. 

4. Purchase Insurance

Any company that wants to succeed for more than a couple of months must understand how crucial it is to purchase business insurance. 

The majority of businesses need general liability insurance but may require more layers of protection depending on the industry they serve. For example, you may need to purchase professional liability coverage if you provide advice or service to your customers. 

The insurance world may be complex to the average business owner, so you must do your research and consult a professional agent if you need a refresher on what policies will best suit your needs.

5. Use Data to Monitor Potential Risks

More companies are recognizing the long list of benefits big data has to offer. It opens up a world of possibilities for businesses, and yours will likely experience the same. 

Gaining valuable insights about your customers, geotargeting them or improving your marketing efforts are some examples of how your business will benefit from using big data. Leveraging information to enhance operational efficiency can elevate your company and help you stay ahead of the competition, and we all know how competitive the small-business landscape is.

These five proactive strategies can help your business maintain a path of success that will carry you into the future and outlast your competition. The ultimate goal is to build up your company’s resiliency, stability and performance. 

Other Considerations to Make When Protecting Your Business

Here are additional ways to protect your small business. 

  • Cut extra expenses: Like any financial situation, cutting unnecessary costs will keep cash flowing and ensure your business remains profitable.
  • Keep accurate and specific records: Staying organized by keeping track of receipts, records and other important documents will come in handy when your business faces unexpected challenges.
  • Focus on your main product or service: Hone in on what products or services sell best — be sure to make continuous improvements and keep your customers happy.

Overall, many small businesses experience an ebb and flow in their operations. It’s normal to have high and low moments, but the goal is to be proactive to endure the downturns. 

Protecting Your Business One Step at a Time

Whether you’re an experienced business professional or just starting your journey, keep these tips and strategies in mind. Be proactive as much as possible and take multiple steps to protect your company in a competitive environment. 

Remember to always reach out for help when you need it, rely on your professional network and keep your customers at the forefront of your business model.


Eleanor is editor of Designerly Magazine. Eleanor was the creative director and occasional blog writer at a prominent digital marketing agency before becoming her own boss in 2018. She lives in Philadelphia with her husband and dog, Bear.

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