How to reduce costs and risk across your business?

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The less you have to spend on your business, the more you can put back into it. To keep your numbers in black, make sure the facility is right-sized, and you are following all necessary actions to ensure customer data is secure. This is how one can reduce costs and risk across the business.

Reduce business costs and risk

Outsource expertise that requires quick expansions.

Your accountant takes care of your taxes and legal work because knowing the law and the IRS (Internal Revenue Service) regulations is their business. Your financial planner takes care of your investments because they know the SEC regulations and the markets. If your customers give you their credit card data and expect you to protect it, doesn’t it make sense to hire a team that can protect all of that data?

Compliance needs to be important before you have a data failure or breach.

To get the best protection according to Netop, your business needs to be on top of all aspects of security and privacy listed in their secure remote access retail guide.

Following the most secure guidelines is particularly important if you’re expanding your business for overseas sales; international regulations are different and can change quickly.

Where possible, use freelancers.

If you’re a numbers business or offer a digital service, there’s a good chance that your workforce doesn’t include a lot of party planners. Should you be planning a launch, an investor meeting, or another event that has a physical footprint, consider outsourcing your event planning. From space rental to caterer, let someone else who knows that business handles the work. Carefully review references and maintain the connections you make with the right people. Outsourcing can work for many challenges you face. Monitoring your social media presence, contacting lurkers with a follow-up email, and many other digital cleanup tasks can be done remotely by a freelancer. The more involved your need, the stronger a connection you need with your freelancer. If you find a good freelancer on a particular project that you want to scale up, maintain the contact and be ready to bring your work to the top of the pile.

Start an internship program.

If your business uses degreed or skilled professionals, and you have skills to teach, working with interns is a wonderful way to boost your workforce, do some good in your community and train great employees for your future business. Check out local colleges and training programs for students who are ready for a real-time experience. Carefully track the workload of your interns.

Data entry for the sake of keying skills in an accounting office is a useful skill, but knowing the “why” of that data entry will be a better use of your intern talent pool.

Reconsider your footprint.

How much physical space do you really need to run your business? Do you have an inventory to maintain, or are you a digital entity? If you don’t have a great need to store products on-site or to work all in one location, consider reducing your footprint to lower your overhead expenses and let employees work from home. Put strict data controls in place. Make sure that everyone working outside the office has a quality tool with the right security on it and get waivers signed so everyone knows their security responsibilities.

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