Your business assets are all that you own in your business. This could include physical assets, properties, income, or even human resources. Losing some of your assets will lead to bankruptcy and the eventual downfall of your business.
So, it’s important to protect your business assets. With that in mind, Mt Pleasant North Carolina Accountant Susan Gordon Lee shares 5 ways you can protect your business assets.
1. Establish confidentiality agreements with your employees.
Setting up a non-disclosure agreement with your employees and ensuring they uphold the agreement is one way to protect your private information. Your private information is very important to the operation of your business and if such information is compromised, it could lead you to lose a few of your assets, whether they be physical or data assets.
2. Safeguard your brand by obtaining copyrights.
Getting legal protection is a sure way to protect your business’s intellectual property as well as safeguard the creative branding ideas you have for your business. You can secure copyrights and trademarks for your brands and creative ideas. You can hire an attorney to help you out with the legal process.
3. Secure your information.
In order not to have people access to any of your information, private or business-related, you can restrict access to only a handful of people. Restricting access prevents a lot of people from getting to your data and risking a breach. You can also employ only your trusted employees to the information for safekeeping. Add passwords or extra security when securing your online information.
4. Keep a record of your assets.
It’s easy to keep track of what you own by keeping a record of every asset you have in your business. You should keep a document listing all private and business-related assets in your company. That way, you’ll see which ones are missing or compromised and will be easy to locate. You can also isolate the other assets should there be a breach and ensure safekeeping. This way, you can manage the risks that could affect your company in the long run.
5. Have your assets insured.
It helps to have insurance in case you find yourself with a property that is missing, damaged, or stolen. Your insurance helps cover the costs and replacement of the insured assets. This also gives you the peace of mind that whatever happens, your items will be covered by insurance. It’s also a contingency plan of sorts should your assets be compromised. Insurance also backs you up in case of emergencies and unavoidable situations.
Most assets that can be insured are:
- Physical office and property.
- Cash and credit.
- Business equipment, stock, or machinery.
- IT systems.
- Good in transit.
Conclusion
Your assets define your business. The more you have, the bigger your business has grown. However, if anything goes missing or compromised, it can stunt your business growth or worst-case scenario, bring your business down. So it’s crucial that you protect your assets. In addition, you may also consult with a Mount Pleasant NC CPA like Susan Gordon Lee, so you’ll be on the right track.