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Running a business is full of ups and downs, bumps in the road and what can sometimes feel like a long drop down a very dark cavern…and that’s just Monday morning.

There will always be challenges in business, it comes with the territory. Some may not be the type of challenges that you were hoping to wrestle and conquer but when has that ever stopped them coming anyway. These are often the ones that will stretch us in ways that we never knew possible, probably leaving us feeling a bit beaten, battered and bruised…and maybe a little bit wiser.

When you grow through such challenges and are left standing victorious don’t worry, you won’t be able to celebrate for too long. Another one will be along shortly to test you, but hey, it’s just another chance to climb up onto the winners podium again.

The modern world has such a wide variety to offer us in terms of challenges and risk, it’s like we have our very own business jungle. There are so many potential threats that it can make you not want to go and enjoy the experience, make you paralysed with fear or develop a bit of a blind spot to it all. Ignorance is not always bliss and its difficult to be prepared for every single eventuality so where is the balance?

Being able to make an informed decision is a good starting point. There are multiple factors that can sway our decision making process including the financial impact, operational impact and also the emotional impact.

Some will spend because they are being marketed to in a way that stimulates our primal instincts for survival. Fear is a big tool in the marketing arsenal and getting the balance between education and risk awareness vs fear and pain is not always well weighted in the benefits of you. Then again, some would argue we need a little extra push to make a decision, for our own benefit obviously.

Others won’t spend until after they have suffered the pain of something actually happening. There is definitely a difference between knowing that a threat exists and the emotion toll of having to go through the experience and impact of it.

The experience is often the driver for committing to change. After all, most of us have heard some flavour of the words “I told you so” if not seen the merry dance that goes with it. The words of warning are the experience of someone else, it’s often not until we feel or can relate to it that we think, hmmm I won’t do that…again.

As companies adopt the use of more technology into business operations they are rewarded with new and often more efficient ways of working while also burdened with considerations around security.

In the technology world security is often unseen, which can make it seem different somehow. People are often quite comfortable locking their doors, closing windows and sticking an alarm on. These are things we can see, touch and feel. Their presence provides a physical point of reference in our daily lives so we have an awareness of them. We also appreciate what they are doing for us, like keeping our house and possessions safe. It creates a level of comfort for the things that matter to us.

When does the cost of protection outweigh the risk?

That is something that we all have to decide. While an object may have a retail value it also has a sentimental value and that can change your actions significantly.

For a business it is not just the cost of the service that has to be considered. On a positive side you could say that it is the freedom that it provides, which allows you to concentrate on other areas that will bear financial and positive progression. You could also say that it protects your brand and reputation, alongside staff, assets and so on. Alternatively, that could be finances that go to another area of the business or can be extracted for owners compensation.

The question is what are you protecting and what is the value of it being intact. 

If you create your very own Fort Knox to protect some costume jewellery at such an expense that you cannot afford to continue to trade then it simply does not make sense.

Protect a reported $278 billion worth of gold, maybe it’s worth some investment. The key is knowing your balance, understanding the risks to your business and in some cases simply your appetite to risk, or risk aversion.

The balance of investment into the ongoing health and security of the business vs the other financial avenues is one that will differ depending on your business too.

Compliancy requirements will dictate some of the protective measures you need to have in place. 

 

Brand

Intellectual Property 

  • Recipes
  • How you specifically do things

Trade Information

  • Clients
  • Suppliers
  • Staff
  • Sales
  • Accounts
  • Marketing Material
  • Communications such as email
  • Policies, Procedures, Processes

Personal Data

 

 

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