Running a business can feel a lot like juggling, much like parenting does. At any given moment you could have a lot of balls up in the air, and you can’t afford to drop a single one. However, some areas of your business are going to be more important than others and should be considered a top priority. It’s crucial that you know what these areas are and how to handle them effectively. This is something I learnt very quickly!
It’s safe to say that security has become a major issue for every business owner and indeed, every customer. In the next few years, cybertheft will become the main problem for companies with a hack on a company expected to occur every twenty seconds. When a cyber hack does occur then, it’s not your business that is targeted but rather your customers. It’s their data that’s being stolen. It’s them who is actually at risk.
Recently business owners in Europe were put through the ringer with the new GDPR, a set of data regulations and a hefty threat of fines for not remaining compliant. You may have noticed that a number of high profile websites are now no longer accessible in Europe, suggesting their security was simply not up to code.
Increased security can start at a basic level simply by running your site on Https, a higher level of encryption compared with Http. Make sure you are up to date with what your business needs to do in order to be GDPR compliant and of course as secure as possible.
Data and Running a Business Effectively
While data is certainly linked to security, this is not the only reason for focusing on this area of business. You should also be thinking in terms of what data can do for your company. Ultimately, using data correctly you can chart not just where your business is but where it is going and what it can be. Every major company invests in data analytics or uses a service like Cloudstream Partners, and you should consider doing the same. With this type of setup, you can unlock the true potential of data from discovering what your customers want from your business to finding out what your next step should be.
Are you worried about the legal aspects of your company? The answer is probably no, but you should be. It’s very easy to fall on the wrong side of the legal line when running a business. Regulations and laws change every day, and if you don’t keep up with these new evolutions, then you could find yourself with legal fees and claims against your company. Do make sure that you consider investing in the services of a legal advisor who can keep you on the right path here and have insurance in place.
Lastly, do make sure that the logistics area of your business model runs like clockwork. It’s vital that deliveries and orders are handled fast with turnaround time kept low. A failure to do this will result in poor customer reviews that could cripple your business bottom line. Whether you are a freelancer such as myself or run a bricks and mortar business or even a big company, having effective management of these things is a must.
What would you say is essential to running a business effectively?