In this blog we discuss the impact of crime on business and what you can do to safeguard against it.
The Damage
From the theft of goods to property damage, the financial cost of crime seems easily quantifiable at first. But, what most businesses fail to realise is that its impact can be felt long after the original crime occurred.
Increased insurance costs, possible legal fees and additional security measures each take a financial toll on a business and can seriously impact profit, ultimately rendering the company no longer viable and forcing its closure.
Of course, there’s also the impact on the people within the company, as both the business owner and staff are sure to be affected. Operations and productivity can be directly impacted as a result of crime, with staff time taken-up dealing with the incident and team morale negatively affected.
There is of course the consequences for mental health too, with the burden of crime and it’s effects weighing heavy on those within the company, causing stress and anxiety that can lead to staff absence.
Each crime brings with it a unique set of problems for business owners to overcome, and as we move to an ever more digital age, the issue of cybercrime is becoming an increasingly common concern.
Small businesses, which hold customer data, are an easy target for criminals, who can easily exploit their vulnerabilities. The consequences of such attacks can irreparably damage a company’s reputation and result in a complete breakdown in customer trust, ultimately dooming the business to fail.
The cost of crime has to be paid for somehow, and, often that means passing on costs to the consumer, which for some businesses, renders them no longer able to compete with competitors by keeping prices in line with customer expectations.
The Defence
It’s easy to assume that you’re doing all you can to protect your business against crime, but when did you last carry out a crime risk assessment? Taking the time to think like a criminal and actively look for weaknesses within your company can prove to be massively beneficial. Whether it’s in your current security systems, online presence or premises, there are sure to be changes that can be made to better guard against crime.
Prevention is always better than cure, and prioritising security early on can allow you to prepare and budget for criminal eventualities rather than having to respond to them when a crime has occurred.
Securing your premises at all times is essential; installing quality locks, security lighting, CCTV and a monitored alarm are useful preventative measures. In the virtual world, you’ll need to apply a similar approach, with a robust system in place to protect data and prevent cyberattacks.
Inside your premises, look for blind spots that can be exploited by criminals and redesign your floorspace accordingly; mirrors and CCTV are useful ways to always ‘keep an eye’ on what’s going on in your business at all times.
Staff training is essential, so ensure every member of the team makes security a high priority and is familiar with using the systems you’ve installed.
Controlling access to your business is a good way to safeguard against opportunistic crime and can help you to minimise security risks too.
Don’t forget to engage with your local community, police force and fellow business owners and do your part in promoting a culture of vigilance.
The Conclusion
The sad truth is that there are plenty of criminals that will target your business given the chance, but, by taking a few simple steps and planning for the worst you can minimise the effects of crime and ensure that you’re able to bounce back if your business should fall victim.