Moves to Protect and Secure Your Tech Business

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Your tech business is your baby. But helping usher it into adulthood takes more than a great idea. Understanding ways to protect and secure your business are key to future growth and expansion.

Here are the moves that you should be taking to protect and secure your business.

Know when to warn customers and clients.

Does your tech business have a brick and mortar office somewhere? If so, did you know that a few well-placed signs could wind up saving you large sums of money?

Reyna Injury Lawyers, a law firm in San Antonio, explains, “A business that is open to and serves the general public has a duty of care. That means that the business is required to act in such a way that they keep their premises safe from what would harm anyone coming into the store to do business. They must warn the customer if there is any potential danger.”

This means that if your office is undergoing reconstruction, you put up signs to caution passersby. Not doing so could be inviting accidents and personal injury lawsuits.

Know what laws you need to comply with.

Do you know the federal and state business laws that your tech company must comply with? Brushing up on your knowledge of these laws will help you avoid fines and other complications for failure to comply with regulations.

The US Small Business Administration lists the guidelines you must comply with on their site. Certain requirements differ based on your corporation type and the state that your business is registered in. But for the most part, requirements include:

  • Business report, annual or biennial.
  • Franchise tax.
  • Federal tax obligations.

If you have more than 50 employees, then you will need to comply with the Affordable Care Act.

Maintain and keep up to date any licenses, certificates, or permits needed for the running of your business. For permits issued by the federal government, check in with the issuing institution for guidelines on renewal.

Know how to keep your cloud information secure.

Small business owners are increasingly turning to cloud solutions when it comes to storing their business’ files. Not only is this a clutter-busting move. But it minimizes the need for huge filing cabinets and large offices to accommodate all that paperwork.

Additionally, cloud storage of business files allows for teams to work remotely. The downside? Breaches in security, malware, and a host of other online security issues are real concerns. In a survey of small companies, one report noted that 61 percent of companies experienced a security break in the last year.

Many cloud storage solutions have built-in privacy features. But these features are often ignored or not used to their fullest potential. In some cases, they require a paid plan in order to make use of the full suite of security features.

Small business owners might initially balk at paying for a plan when the same service can be used for free. But it is this thinking that can land entrepreneurs in hot water. Know when to spend in order to save yourself from a hack attack that could wind up costing you a lot more than a monthly $10 fee.

Understand how to manage cash flow.

Do you go from month to month wondering if you will have enough cash to make it until the next windfall? If this sounds true, you might need to make large changes to your budget and rethink your line items.

Getting to the end of the month always low on cash is a sign that something is amiss in your spending habits. There are many expenses to running a business, such as your payroll, rent, and marketing.

But having ready cash on hand is essential for bailing a new business out of a bind. Use accounting apps to help you keep track of your business spending. Find out where your bills are the highest and figure out how to curb spending there. 

Plan for the unexpected.

Recession, a sluggish economy, a product launch that fails… These and many other reasons could result in a poor business quarter. A wise business owner will plan for the worst while hoping for the best.

Knowing what measures to take if an emergency occurs will give you peace of mind and help you to weather the storms with the least amount of damage. Worry can be turned into a productive resource if you allow it to spur you toward developing a Plan B.