Barely a week goes by without another major, global brand being hauled onto the front page of the paper and ripped apart for various misdemeanours. From losing customer data to treating employees terribly, brands suffer huge setbacks; sometimes ones that prove fatal to their success. Luckily for those of you who run start-ups or SMEs, these businesses are making mistakes on a huge scale, and showing you how not to do business. You can use their mistakes to ensure that your company runs like clockwork – and you’ve got extra incentive to do so, and to avoid the awful consequences that come with doing the wrong thing.
Forgetting to protect customer data
Hackers are getting more and more sophisticated in their attacks against businesses, so you need to up your game when it comes to protecting your data. Having your business hacked can cause you tremendous issues: from the financial ramifications to customers losing trust in you. There are a number of preventative measures you can take to stop getting hacked: ensure your employees are trained on how to spot suspicious attachments; have strong, reliable anti-virus protection; back your data up regularly and to different platforms. One of the worst things about large companies getting hacked was how slow some were to respond. You need to be ready: think about using companies like https://www.securedatarecovery.com/ to ensure that you can recover your data, even after a large-scale hack.
Forcing employees into the wrong working structure
The relationship between employer and employees is changing quite dramatically at the moment. Young people, especially millennials, don’t want to be chained to their desks from nine ‘til five. By forcing employees into a particular working structure, it could cause you to lose more productivity than what you gain. It can also turn employees against you, and you might struggle to attract the best talent. Global companies with a great brand like Netflix, have seen this opportunity: they know that people work best at different times, and flexible working is proven to increase both productivity and retention. You can learn from these companies, and create a working environment that works for you all. This guide from Acas, will help when it comes to recruiting employees fairly and without any discrimination.
Working with a corrupt supply chain
Just because you’re not overseeing what goes on in your suppliers’ or partners’ factories or work spaces, doesn’t mean you can pretend it doesn’t exist. Large companies have been strung up for using suppliers with corrupt ethics and dodgy dealings. As you’re likely to use far fewer suppliers, you’ll be able to keep a closer eye on this than large corporations can. Take time to vet your suppliers during the procurement process. Be sceptical of any “too good to be true” deals. Ask why prices are so cheap or turnaround so fast. Overall, don’t take things at face value. Look at how where your suppliers get their materials from. At the end of the day, you’re responsible for anything your company uses, so make sure you where every little piece comes from.