Times are challenging and most business owners are experiencing financial loss and discomfort with their business. Creating a sense of confidence to keep your business thriving is one thing, but creating a sense of safety can be a harsh reality. Especially during a pandemic with so many business owners of big and small businesses impacted by fraud and theft: two very common factors of a financial crisis.
The best way to protect your business from fraud and theft is to first organize and understand your finances. You must have your finances to be able to recognize if anything isn’t in place.
Cybercriminals are home and on the rise, as people are spending more time shopping online. When it comes to your business, maintain smart security measures. For example, change the password to your shopping accounts periodically, and be sure to keep an eye out on emails claiming that you’ve changed passwords that you did not change. Also, be cautious in storing and sharing your business credit card information.
Small businesses depend on grants and loans to keep their businesses funded. When applying for funding, be sure to do applications on a secure device and not a public device using a Wi-Fi connection in a public place. Online hackers can gain access to your information via public Wi-Fi connections. Also when applying for funding, do a thorough research of the actual foundation, organization, or business promising possible funding. Ask colleagues, check online to search the reputation of the business on The Better Business Bureau website at www.bbb.org.
Always remember, the journey it takes to grow a business is personal. Your financial security and your business identity must be taken seriously and it’s always important to keep organized records of all transactions regarding your business. If possible, work with an accountant and an attorney to help review important documents and carefully advise you regarding business transactions. By all costs, protect your business from fraud and identity theft during these unprecedented times, or it will cost you.
-Terrie Simmons, Strategic Exceptions Owner, and CEO