All businesses are prone to various kinds of loss. Whether it’s the loss of income, funding, or a drop in your staffing levels – or even experiencing a huge data loss that sets your business back a year. It is wise and expedient to do whatever you can to keep the chances of such losses as low as possible. It’s also a good idea to have some strategies for countering them all together, or as close to that as possible. Here are some of the most effective strategies out there for countering losses of all kinds in your business.

Funding

Given the central role that money plays in business, it’s no surprise that a loss of this kind can very easily spell disaster. If you have what you think is a reliable source of funding stripped from you, that can be a particularly worrisome thing to happen, so anything you can do to protect against that is going to be a good idea. It might help to have several funding sources which you can turn to, or to budget your money carefully once you have received it, so that a loss would not immediately cause you trouble, and you have time to find new funding streams.

Data

Because of the kind of data that you will generally need to hold on to, experiencing data loss can be very worrying indeed. There is a data protection issue at play here: any information that you might hold on your customers needs to be especially well protected as if that is leaked then you could find yourself in big trouble, especially if the data is used in harmful ways. One of the best lines of defense against data loss is having a partnership with an outsourcing firm like Lighthouse IT, as they will be able to keep your data safe much better than you can alone. You will also find that learning to encrypt sensitive files is a must.

Staffing

Sudden drops in staffing can lead to worsened customer service, a slower response to the changing paces of the marketplace, and a slowing down of production, besides many other negative effects. In order to ensure that you keep a hold of your staff, you need to make sure you treat them right, first of all. Any mistreatment might be a potential staff member lost, so you really do have to keep on top of this at all times if you can. You will find that listening to employees’ feedback and responding to it will be a powerful thing to do.

Stock

Sometimes, you lose stock – whether it’s through theft and other shrinkage, known waste, or something else entirely that you didn’t foresee. It’s obviously important to protect against these things, and if you know the cause of your stock loss then you can try to tackle it head-on to stop it happening again. Most of all, make sure that you have good, strong stock routines in place, to help avoid this happening in the first place.

By Erica Buteau

Change Agent. Daydream Believer. Maker. Creative. Likes love, peace and Jeeping. Dislikes winter, paper cuts and war. She/Her/Hers.

Leave a Reply

Your email address will not be published. Required fields are marked *