Published on June 18th, 2015 | by Ivan Widjaya0
Why your Small Business Needs Better Security
Security is one of the most essential aspects of running a small business. There are many ways in which a small business can increase its security. There are essentially two types of security, digital and physical. Having either one not up to par can result in thousands or millions of dollars in lost revenue depending on the size of the business.
The good news is that there are many steps that businesses can take in order to increase their security under both parameters. At the end of the day, security is one of the best investments that any company can make in itself. The more valuable assets you have within your business, the more of an investment should be made to protect them. Conveniently enough, you can utilize these assets to help finance your security investment through asset based lenders.
Many people know and understand what physical security is. With advances in technology, security guards have given way to high tech cameras. There are many reasons to have a physical security presence in your business, especially if you have high value retail items. Whenever a business loses inventory due to something other than sales, this is referred to as shrink. The lower the shrink rate of a business the more profitable it is over the long term. In addition, the customers generally have a better experience knowing that your business has not been in the news for any break ins. The amount a business spends on physical security should correlate with how much money they make in a year and how valuable their merchandise is. A jewelry store should spend more than a typical clothing retailer for example.
The amount that you should spend on physical security also depends on the type of business that you run. For instance if you run a construction site or a auto dealership there are specialized businesses such as pro-vigil that focus on the issues you may face. In contrast if you run a large business that requires people to be present in security you may want to look at contracting out a team.
Digital security is much more complicated than physical security. In the world we live in today with rapid increases in technology every couple of months it can be difficult to keep up with security. There is a threshold of risk that every business must assume when it operates anything online. However, there are steps that a business can take in order to limit the risk of losing information or other data online. First of all, there are security systems and companies that can be purchased in order to protect the network of the business. In general, these systems have a higher up-front cost for installation and then have a much lower monthly cost for maintenance and repairs. In order for a business to make a wise decision, it is important that they view security systems as an investment rather than just an expense. The more investment up front, the less it will cost in the long run.
Another important aspect of digital security is the customer information. Every day, billions of dollars are spent at local small businesses, often times with credit cards. These cards transmit personal financial information that can be hacked from people that have the means to do so. It is important that a business spend the resources to protect the customer information as well as the business. There are many examples of customer data being hacked and thrown out on to the internet by people who want to use it for harm. The businesses that had the security leak always have a bigger backlash as a result, and it would have been much less expensive from a time and money perspective to invest in security ahead of time. At the end of the day, protecting customer data is one of the most important things a business can do.
Overall, investing in digital and physical security is one that is value added. Instead of viewing security as an expense to be cut, businesses should view security as an investment in their business and customers. There are many reasons for data breaches, but in the end they end up costing the business and their customers much more in the long run than it would have been to simply invest in the security on the front end. Smart businesses will take the time and money up front to invest in their business security systems. If you want to see a good example of small businesses that have had security issues just take a look at OnlyHonest.com, their story is one of warning for other businesses that don’t take their security seriously.
About the Author:
Lee Ying has over 10 years experience in the tech and security industry. He currently writes for various websites, if you would like to contact him you can find him on LinkedIn: https://www.linkedin.com/pub/lee-ying/9a/18b/238. Follow me on Twitter @LeeYing101