It’s so easy for you to think that your business is only going to be plain sailing. When things are going right, and it seems like your business is hitting all of the right milestones, it’s easy to set right into a routine of becoming complacent. But the bigger your business grows, the more likely you are to run into problems. The rules and regulations that you have to follow just seem to keep on growing, and the people who can really sting your business, seem to come out from nowhere. So this article is going to be all about protecting you,because we feel like far too many businesses aren’t aware of the different ways their business could face big penalties. You might be super aware on how you might lose profit, or how to grow your business, but you need to be prepared for the stings to come, so that they don’t happen at all, or so you can manage them as best as possible. So keep on reading, and see if you can find anything you need to change. 

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Data Breaches

Data breaches are a common one we’re seeing at the minute, so this is the perfect opportunity to warn you as to what might happen if you don’t manage your data properly. A data breach doesn’t necessarily mean that someone is hacking into your company and taking the data. It is however, a common thing that we’re seeing happening at the minute. Hacking is so easy to protect yourself one, you just have to encrypt everything, and always keep your passwords regularly updated. But it’s the simple things that you could be doing, such as sharing customer information without asking, that could get you in a world of trouble. Damages in data breach litigation cases vary, because it’s not exactly the usual case to deal with, and the law is still pretty new considering. But we do know that it is going to be a big sting for your company, because data breaches are becoming more and more common, and it worries the public! So always keep data within your company, and used by the selected people who need to use it.

Professionalism Issues

This is another big one that companies seem to be getting stung with at the minute. Employees are taking their employers to court because professionalism lines are crossed. From employees being bullied, to sexual harassment, the court hears it all. It’s so important that you keep your employees separate from your personal life, and professional at all times. It’s fine to build a bond with them, but you don’t want to take it so far that they’re feeling victimised or uncomfortable. If a professionalism issue hit the press about your business, it could be so damaging for sales, and for your future efforts in hiring new employees!

Financial Stings

All of the above cause financial stings, but we’re talking about the problems that come when you don’t pay your taxes on time, or pay them wrong. As a small business, you will have an accountant to help you, but still mistakes come, and bills don’t get paid. So always liaise with your accountant, making sure that you’re always following their instruction. Half of the time a sting only comes because a business owner forgets what the accountant has said!