There are always threats to businesses that owners need to be aware of, but obviously, the landscape has changed greatly due to COVID-19. The pandemic in itself remains an enormous threat to businesses and has also created a range of other potential threats, so business owners need to be aware of the key threats in 2021 and how they can be managed. When you know the threats and how to protect your business, it will hopefully help you navigate this challenging period and give you and your team confidence in the operation each day. So, what are the biggest threats facing businesses right now?
- Worsening COVID-19 Situation
Of course, it is impossible to ignore the pandemic, which has created many challenges for businesses over the last year. While the situation is improving and there are reasons to be optimistic looking ahead, the impact of the pandemic will continue to be felt, and there is also the chance for a few bumps in the road. This means that businesses need to remain vigilant, including continuing with remote work, offering a digital/contact-free experience for customers, and planning for different outcomes.
- Cybercrime
Cybercrime has been on the rise for many years but has accelerated greatly during the pandemic. Cyber attacks like Ransomware have become increasingly advanced, with even digital backups no longer being protected enough, so business owners need to make sure that they have the latest protection in place to prevent ransomware and other digital attacks from occurring in the first place. Remote browser isolation is a highly effective way to achieve this by reducing the exposed attack surface and could prevent an attack from causing significant damage.
- Cash Flow Issues
Cash flow issues are always a threat to businesses, but the pandemic has made this a much greater threat and the reason why many previously successful companies have folded over the last year. To prevent cash flow issues in 2021, a business could look to reduce their overheads, make sure that they get paid on time by customers, and have a business line of credit available. If possible, businesses should build up cash reserves to help them manage during any difficult periods.
- Employee Wellbeing
The pandemic has created many difficulties for businesses, but one area which must not be overlooked is employee wellbeing. Everyone will have suffered from the pandemic in one way or another, with people worried about their own health, the health of their loved ones, their financial situation, and job security, not to mention the mental health consequences of having to spend so much time at home and being unable to see loved ones during such a traumatic period. This could have long-term ramifications on employee wellbeing, so employers need to do all that they can to support their staff and find the best ways to improve employee wellbeing moving forward.
These are a few of the biggest threats to businesses in 2021, and being aware of them will helpfully allow you to take action to protect your company.
