How Security Impacts Your Bottom Line
It seems that, when it comes to your business or company’s bottom line, the factors are constantly shifting. Financial success can be dependant on sales, staffing needs, market fluctuations, unexpected costs and many, many other variables. Protecting and maintaining your assets and profitability can seem like an ongoing battle, however security measures can certainly help. This week we’re looking at three important things to consider when planning to safeguard and protect your bottom line: insiders, information and inventory.
Sometimes, threats can present themselves from the inside out. Hiring the right people and having a trustworthy team is of the utmost importance, however it is unfortunately possible that an employee, contractor, or even someone in management could be abusing their authority or their access within the business. This insider threat can exist in regards to physical access to facilities and property, access to information, or access to systems and internal resources. Addressing any possibility of insider threat ensures that you will not experience loss due to internal mismanagement or theft. Addressing any misuse of business resources, facilities or assets also communicates an important message. It demonstrates to all who are involved in your business - be it employees, a board of directors, investors, customers or shareholders - that security, safety and protection are important to you, and that theft will not be tolerated. Prioritizing the security of your customers, space, inventory, information, finances and assets sends a strong message to staff and customers, but also to key investors, board members, donors or shareholders.
Information security is a growing concern. More and more businesses continue to move from traditional, often outdated, practices to more technologically advanced practices. As such, their security should advance as well. Managing overall information security can be difficult, especially when tasks are divided between multiple roles or departments. Information security, however, can have a significant impact on a company’s bottom line. Management - or in some cases even owners or a board of directors - must be accountable for information security. Cyber attacks can lead to huge business losses, not only in terms of financial loss, but additionally in terms of the time and resources that are required in order to deal with damage control following a cyber attack or breach of information. Budgeting and planning for information security can certainly protect your bottom line!
Depending on the type of business that you’re running, inventory can be a very significant factor. Whether your inventory is full of high cost items or items of lower value, inventory loss can be a huge detriment to your bottom line. On-site security, such as the presence of loss prevention officers, is an important way to deter theft and shoplifting from occurring throughout business hours, and can also protect a business from loss after hours. While shoplifting is a huge source of financial loss, for companies with expensive equipment, electronic systems or high value inventory, after hours break-ins can lead to significant loss as well. Protecting a physical location and physical assets with security detailing, patrol officers or advanced security systems is an important way to protect a business financially. Your inventory and physical assets can directly impact your bottom line, so security measures are essential!
While there are many things to consider as a business owner, security should not be one of them. Having a trusted security system and team in place means that you can focus less on worrying about loss or security breach, and more on the many other factors that impact your bottom line. As you plan to protect your bottom line, be sure to keep insiders, information and inventory in mind! If you’d like more information or assistance in implementing a security system that could protect your bottom line, don’t hesitate to contact us today!
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