Protecting Your Small Business

Accepting credit and debit cards is a no-brainer for many small businesses. However, if you fail to safeguard the consumer information received with these transactions, you may end up facing major fines and losses.

Thankfully it won’t cost a small business owner much to protect their mobile phones and the ones employees are using.

There are no hard-and-fast rules when it comes to employees’ Facebook, Twitter, or Google+ use, but experts say small businesses would be remiss if they didn’t tell employees up front what their policies are on the use of such platforms, and what the ramifications may be if employees use their social networks to complain about their company, boss, or - worse - divulge insider company information. In fact, social expectations could even be integrated into employee training on issues such as sexual harassment.

In the age of Twitter, Facebook, Yelp and a ton of other user-generated Web sites, now more than ever small businesses have to protect their online reputation.

One of the major challenges of company-consumer relations is dealing with tough feedback. And with so many brands becoming increasingly engaged on social media channels, the chances of discovering nothing  but positive comments about your business are slim.

In the age of iPhones, tablets and ever-present technology, overtime is becoming harder to regulate. However, workers who are putting in extra time are increasingly taking their employers to court seeking payment for their longer hours and more demanding jobs.

Delinquent customers may not seem like a big deal, but the impact can be crippling to a small business both from an operations perspective and from the ability for the business to get credit.

Have you ever heard of the concept of one negative word nullifying several positive ones? Nothing is truer when it comes to the reputation of your small business. Just one irate or dissatisfied customer can completely upset the applecart.

While it’s impossible to predict when a worst-nightmare-come-true incident may happen, there are some warning signs to be aware of and ways small business owners can mitigate the risk.

As a business owner, how do you strike the right balance of expression and protection for your workers and your company?

It’s not an easy thing to consider, and for many small business owners, little thought is given to what will happen to the business in the event of their death. Without planning and forethought, the business could end up in probate, potentially creating irreparable damage.

You are never too young or too old to create a succession plan for the business you have worked so hard to cultivate. Oftentimes business owners either have a plan that is too outdated to use, or haven’t even sat down to create a model of what their business will look like once they hand over the reins.

Finding the right candidates and learning about what makes them tick without violating their privacy can be a great balancing act, especially for small business owners with limited time and resources. Throw social media in to the mix, and you can expose your business to potential risk -- and even lawsuits.

When you begin working toward turning your million-dollar business idea into a reality, how can you ensure people you hire and/or consult with along the way don’t take your plan and run with it? Make sure they sign a non-disclosure agreement (NDA), also known as a confidentiality agreement, say legal experts.

The following six steps all characterize small business owners who saw revenue increases in 2011 over the prior two years – in other words those who successfully weathered the recent economic storm, according to The Guardian Life Small Business Research Institute.

Just because your business is small, doesn’t mean the data you hold is any less valuable to hackers. Here’s what experts say you should be doing now to protect your business from potential data breaches.

No matter how long-winded or confusing a contract may be, reading the fine print is crucial for protecting your business. As one entrepreneur is learning the hard way, once you are operating as a business owner, you lose consumer protection rights.   

Liability insurance protects your business from potential lawsuits. Insurance policies vary widely, covering different types of risk at varying cost to the business. Before you start shopping for policies, here is a guide on what you need to know about liability insurance:

No matter what size your business is, you need to be ready to handle and crisis should one arise  

Here is some advice from members of the Young Entrepreneur Council on what costs entrepreneurs often forget to budget for.