Business security has of recent become a top priority in the business world because of its upsetting impact on the business sector. Business security has become important because of the following reasons;
- Increased global terrorist attacks on business premises
- Risk exposures resulting from advancement in Information technology
- Challenges caused by increased volume of knowledge and data
- The risk exposures resulting from sharing of information
- Business collapses as a result of sabotage
- Increased industrial espionage
- Business closures resulting from fire outbreaks
The issues to consider in business security include the following;
Business security should be part and parcel of strategic planning as it affects the survival of the business. It creates both opportunities and challenges which are necessary for the business to achieve its objectives. In the process of business risk management the organization has to exploit the business opportunities resulting from the business risk exposures.
Business security cannot be reduced to zero.
It is also important to note that you can only minimize the exposure to business security and you cannot reduce it to zero. At zero risk level if at all you can achieve it, there is there no incentive to invest into the business.
Quality of staff
Business is also affected by the mindset management and staff have towards business challenges with business security being one of them. The positive mindset enables positive approach in overcoming business security exposures.
IT based management information
With IT one is able to process large volumes of data at a high speed leading to availability of update information for decision making. Unfortunate IT acts like robots as they process information using programs designed by people. IT will not discover deliberate errors or accidental errors in designing the programs. IT could cause serious risk exposures if not properly handled. If you put trash in your management information system, you end up with trash.
Going concern issues
People venture into business to make money through selling of goods and services to the customers. The price at which you sell your goods and services and the availability of the market are key in dealing with going concern issues of your business. It is extremely difficult to fix prices and determine demand in the competitive world. You will be forced to close shop if these two are not properly handled. You have to stand out on the market on both price and demand.
John Muhaise Bikalemesa
Director: Big Drum Advisory Services Limited