Important Issues to Consider to Protect Your Business

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On March 31, 1993, Brandon Bruce Lee, the son of the great martial artist, movie star, and cultural icon Bruce Lee was killed while filming a scene for The Crow. Due to a series of unfortunate events, he was shot with a real gun armed with live rounds instead of the usual prop used in filmmaking.

On October 21, 2021, American cinematographer Halyna Hutchins was shot in the chest by actor Alec Baldwin on the set of Rust, his most recent film. Once again, it was the mishandling of a live weapon that caused this tragedy.

Both catastrophes could have been prevented with a bit more attention to detail, seriousness, and responsibility. Nevertheless, accidents do happen, especially when there are guns around.

Still, that doesn’t mean we shouldn’t take as many necessary precautions as possible to ensure film sets, shooting ranges, gunsmiths, shooting clubs, and places where ammunition is manufactured are secure. And there is no better way of doing it than enrolling your enterprise in a firearm liability insurance program. The right vendor will not only protect your firm from financial loss but also grant you the peace of mind of knowing you are doing everything at your disposal to keep your company and its employees safe.

Yet business insurance is not enough. There are other factors to look into when trying to safeguard your organization from possible eventualities as well. This is true regardless of the industry or field your company might find itself in.

With that in mind, let us expound on a few of the most important ones.

The Man With the Numbers

The United States Internal Revenue Service or IRS does not forgive, forget, or make exceptions. No matter what your excuse is or how reasonable it may seem, it will collect when it is time to collect. And if it can’t, it will take whatever you have and never look back.

As such, it is in your best interests to hire the right accountant to handle your organization’s finances. And by right, we mean knowledgeable, intelligent, and honest, not unscrupulous and clever in the worst possible way.

In most cases, this doesn’t come cheap. However, even if it costs you a bit of money, you will be saving yourself plenty of future headaches, not to mention unnecessary capital outlays in fines and other penalties.

Quality Before Quantity

When it comes to business prosperity, the best thing you can do is sell as many products or services as you can to as many people as possible. However, there are a few things you should pay attention to regarding your clientele. Two of them are the quality of the individuals and corporations you do business with and the number of resources your enterprise possesses.

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For the first one, it is useless and counterproductive to provide your services to people who cannot pay you. Naturally, there is an element of trust involved, especially at the beginning stages of your firm. Still, you should do your due diligence on your corporate customers to see if they can afford what you are offering.

As for your resources, few things are worse than overpromising and underdelivering. Thus, only engage in what you can handle. Slow growth is infinitely better than a reputation for not keeping your word.

An Inside Out Approach

We spoke about the importance of having quality customers. But what about the men and women inside your organization? What about the internal customer? Shouldn’t they be examined also?

An excellent workforce is the beating heart of your enterprise. It is the lifeline that keeps it going and helps it achieve heights you could have never reached on your own. Similarly, unmotivated, irresponsible, and untrustworthy staff are like cancer, an enemy corroding your business from the inside out.

Because of this, you must hire with wisdom, caution, and expertise. You must have an adequate HR and recruitment department with industry knowledge and relevant experience. Without it, your firm will be at a risk level it can ill afford.

As we have seen, there are three key issues to protect your organization from any eventuality that may arise. The first is keeping an expert accountant in your payroll, either full-time or project-based. The second is understanding that customer quality is much more important than quantity. Even if you don’t see as much profit as you imagined at the beginning, great customers are a stable source of income and a valuable tool for referrals. Finally, you must hire the right people.

Protecting your business is as important as marketing your products or making sales. The more engaged you are in it, the better the chances your company will flourish.











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