Top 5 Strategic Rules for Corporate Asset Protection Planning
Corporate asset protection planning is a critically necessary business strategy.
Your business assets are important, so protecting them should be one of the first things you do as a business owner or manager. Business assets have inherent value and often become targets for criminals, hackers, and potential plaintiffs.
To avoid your company getting targeted and exploited, you must have a robust asset protection plan in place. That may sound convoluted and involved, but it doesn’t have to be. Having a clear and concise plan that is quick to implement is the best solution for most businesses.
Below are the top five strategic rules for corporate asset protection planning that offer real value to your most valuable business assets:
1. Recognize The Threats
Business threats come in many forms, but that doesn’t mean you need to worry about how to mitigate them. There are more than enough ways to protect your business and its assets – you simply need to learn to recognize the risks.
Implement employee security training programs to teach your team how to identify and avoid potential security pitfalls. Fundamental asset protection begins with implanting tried-and-true strategies.
2.Comprehensive Business Insurance
Asset protection strategies are all about protecting assets; it’s in the wording. That doesn’t mean that you can forgo business insurance. Think of asset protection as a supplement to your comprehensive insurance plan.
Protect your assets just as fiercely as you protect your employees – before it is too late. That’s one of the most important takeaways from this article – don’t wait until it’s too late. Act now and secure the future of your business by embracing comprehensive plans for insurance and asset protection.
3. Don’t Make Assumptions
Corporate threats come in many forms these days, and your business would be remiss to assume that accountability and responsibility for corporate security lies with anyone other than your owners or management team.
Many businesses make bold assumptions when it comes to security, like shifting the blame onto outsourced companies. While it is wise to outsource asset protection methods, the onus is on your company to implement the best ones for your business’s requirements.
4. Protect Against Corporate Spies
In most competitive industries, corporate spying is a very real threat. Having the correct security systems in place is paramount to prevent confidential information from getting into the wrong hands.
Access control is the number one way to prevent data leaks, both physically and digitally. Video monitoring remains at the top of the list for businesses looking to keep unauthorized people off the premises.
Have a clear line of communication with your employees, customers, and service providers regarding your security and asset protection policies. Have weekly or monthly meetings with your in-house IT and security teams and ensure you stay updated on your security system’s capabilities and weaknesses.
The idea is always to eliminate the weaknesses, but that isn’t always possible while sticking to a budget. Security lapses can be devastating for any business, especially if you’re working hard to establish your brand as trustworthy. Keeping a clear channel of communication open with key stakeholders and personnel will go a long way.
Asset protection planning doesn’t have to keep you up at night.
Keep things simple, but effective – that is the number one strategy to implement. How you act today can easily change your business’s future.