In 2022, it’s harder than ever to protect your business. Here we take a close look at just a few of the ways you can safeguard your interests.
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The coronavirus pandemic not only shattered the American economy but also revolutionized business practices. The massive shift to remote working, the increasing popularity of the corporate nomad, and the rapid evolution of today’s digital landscape are changing the way Americans work.
This, in turn, changes a lot for business owners specifically. Managing remote teams, expenses, and travel becomes more of a challenge. Moreover, business owners must still keep in mind the various types of insurance fees that they will need to be aware of when they purchase new insurance.
Let’s take a closer look at some of the ways business owners can protect their businesses in 2022.
#1. Invest in Fraud Protection to Protect Your Business
The freelance marketplace Upwork estimates that remote work will continue to increase. What’s more, it will increase at such a fast pace that by 2025, nearly one-fourth of the American workforce will be working remotely. This is an 87% increase from pre-pandemic levels.
A recent Mercer study released earlier this year also found that 70% of U.S. companies plan to adopt some sort of hybrid working model. This massive adjustment to dependency on digital devices means that cybercriminals now have more prey than ever to choose from. It is imperative that you protect your business from these nefarious types.
For a business owner specifically, investing in a fraud prevention solution that can tailor to their business’s unique needs and characteristics is vital for success in 2022. The last thing you need to worry about (on top of your already mounting list of liabilities) is a database breach or a hacker compromising one of your employee’s sensitive workplace information.
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Much goes into running a successful business beyond numbers, forecasts, and profit margins. A good manager also understands their employees’ natural needs as people. Checking in on your remote employees, even in the simplest of ways, can go a long way in improving productivity and keeping your business’s machine well-oiled.
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At the same time, you should take stock of your employees’ communication styles. Which ones prefer a simple email over a Skype call? Which would rather not be bothered at all? This absolutely matters when it comes to protecting your business with strong workforce morale.
A focused employee who checks their email often may not want to be interrupted by an obnoxious ringtone. Keep track of who needs more management versus others. Then take action accordingly.
Many companies in the US and around the world have had to adopt logistics and operations procedures that do not rely on in-person proximity. In other words, you’re probably managing almost your entire workforce from your computer screen. You may end up hiring someone who isn’t as familiar with the digital landscape or who didn’t have to endure a rapid progression to such in order to survive.
As a result, chances are you won’t be around to physically monitor and check in on your teams with the art of in-person conversation. Taking the time to invest in resources that will help sharpen your employees’ digital best practices will help protect your business in 2022.
Document these training procedures and adjust them accordingly with the times. Soon, you’ll have templates that can streamline the training and education process. This will save your business time and money.
#4. Sharpen Your Budgeting Skills and Protect Your Business
Small business owners especially should use this digital shift to enhance their budgeting skills. They should also educate themselves on insurance fees and other costs associated with running a successful business.
For instance, did you know that insurance agents and brokers can charge their own broker or agency fee on top of the commission their employer already pays them for the sale? If you’re thinking about acquiring new insurance for your business this year or upgrading to a better policy, uncover all the potential costs that go into such practices. This will help you sharpen your budgeting skills and save money.
About the Author
Luke Williams writes and researches for the insurance comparison site TheTruthAboutInsurance.com. His passions include writing about personal finance, modern business, and other ways everyday business owners can save money.