A desire for growth is embedded in the DNA of every business. However, growth also implies physical expansion with larger warehouses or company sites, more offices, more devices, and an increase in company personnel.
Today, businesses – whether small, medium, or large corporate enterprises – are increasingly using technology and automation as strategic tools for their growth, regardless of their industry or sector. Digitalization has empowered better-connected supply chains, new marketing strategies, and an entirely new marketplace for selling wares and services.
Digitalization also facilitates payments, aids in the development of improved products, and helps to provide a generally better customer experience. Data-driven analysis of what customers prefer contributes to increasing a business’s potential for growth. In the aftermath of the pandemic, remote work and hybrid workplaces have also become much more common.
New dynamic, digitally-based business models, where technological advancements are practically a daily occurrence, also present an entirely new set of security challenges. Data storage, automated workflow and procedures, and physical security based on technology must be secured 24/7.
Access control and physical security of brick-and-mortar companies have also improved the protection of offices, stores, warehouses, and manufacturing entities. With so much dependency on digital assets, security strategies become vital to the success of a business as well as its growth.
The dependency on secure connectivity between devices, servers, the cloud, endpoints, and more, presents continuous security challenges. When the World Economic Forum presented its 2021 Global Risks report, it cited potential cybersecurity failures among its top five risks to economic stability and sustainability; cybersecurity is now a must for companies that strive for sustainable business growth – and no longer a mere option.
What Is Sustainable Growth?
Sustainable growth is often referred to as what any company can realistically hope to achieve without developing problems or overextending itself, above all financially. A business evaluation will refer to a company’s SGR – or sustainable growth rate – which specifically refers to a growth rate that a company can achieve and maintain without needing an increase in its financial leverage or issuing new equity.
Logically, any enterprise will channel energies into processes and activities that fuel company growth, from attracting new customers to improving product and service quality. Hence, security must be in place to protect every step involved in a business’s organization.
Why Is Sustainable Business Growth Important?
The growth of a business is a desirable goal, but it brings with it a set of security challenges and risks to address. An increase in personnel alone will bring increased security needs, as well as larger physical sites. Additionally, an increased need for access control will present, to guarantee authorized employees and visitors while preventing access being granted to undesirable visitors.
Sustainability is a concept to be viewed as a long-term goal or strategy, and is crucial for several reasons. Exaggerated growth can cause companies to reach their saturation point in terms of sales. At this point, the company will need to develop a new offering of products and services. If growth is rapid, it risks becoming unsustainable with profits decreasing and creating a need for new financing to keep up. If a company grows slowly or just barely, it may enter stagnancy, just managing to cover expenses without making any profits.
Cybercrime Is Booming
As networks develop, increase in complexity, and cover increasingly large areas, security risks are increasing as well, and just as rapidly. Phishing, ransomware, DDoS attacks, and social engineering are a daily occurrence. Cybersecurity attacks not only slow business processes but can bring a business to a screeching halt. This type of event can create financial loss, customer confidence loss, and damage to your brand and company reputation.
For a business to grow, it must integrate technological advancements, and this means cybersecurity strategies will have a critical role in ensuring necessary functions and structures such as networks, servers, and applications need proactive protection. The days when companies responded after an attack are finished. Waiting for an attack to take place is like playing Russian roulette with your business.
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How Can Business Security Aid in Achieving Sustainable Growth?
Business security strategies contribute to company growth in a variety of ways. Let’s take a closer look:
Foster customer trust
If security breaches occur, whether physical or digital, customers will probably be wary about entrusting a company with financial or personal data. Conversely, when consumers feel protected, they’ll reward a company with good, old fashioned customer loyalty, which is priceless. If you provide a safe environment, customers will also feel more motivated to visit your physical place of business.
Protect intellectual property
If your security strategies are topnotch, you can protect your company secrets and intellectual properties from the competition maintaining an edge.
Protect Inventory and Assets
With enhanced security, there is less of a chance of vandalism, damage, or theft. Inventory or equipment does not disappear or malfunction and require urgent replacement, meaning fewer expenses, which can directly result in greater cash flow and increased profits.
Lower insurance costs
When a company invests in security strategies, insurance providers may reward them with lower premiums as risks decrease.
Boost profits
Good company security can motivate employees to be more productive. Monitoring of presence, absence, hours logged, and work accomplished can provide the necessary structure for increasing employee productivity.
Mitigating Security Risks
Lots of businesses underestimate the importance of security for creating a growth environment. However, keeping assets (both physical and digital), data, customers, and employee information safe is essential to business growth. When your business suffers an intrusion, digital or physical, reparations cost money. If these incidents occur often, they can place a business’s survival at risk. Thus, implementing attack surface management is crucial to proactively identify and mitigate potential vulnerabilities, ensuring a strong defense against security threats.
Security experts are called upon to devise strategies that will strengthen a company’s security landscape. This involves creating tools, using technologies, and preparing processes that meet a business’s risks. To do this, a company’s current security posture must be evaluated with recommendations for improvements.
Physical Security to Aid Company Growth
Property and equipment can and does get stolen or damaged, and ensuring the security of your physical business location and assets is vital.
To protect your physical location, keep inventory up to date, together with equipment and vehicle lists. Secure all company documents, especially those that, if stolen, can damage your business. Ask for assistance from a security expert or team in identifying and evaluating company vulnerabilities. Plan for proactive responses to security alerts.
Physical assets including computers or mobile devices can be protected with a safe room, while heavy equipment and vehicles can have GPS trackers installed. Devices may not seem costly enough to warrant being placed in a safe, but if they permit login onto company platforms and secure data, they become virtually priceless. Install smart locks that can be managed remotely, as well as a technological access control system, so you know who is on company premises. A fob door system, badges, or biometrics all add an extra layer of protection, too.
CCTV in HD, with rapid internet transmission speeds in real-time, facilitate immediate intervention when necessary; meanwhile, security cameras fitted with Artificial Intelligence (AI) can detect hidden objects and anomalous behavior. Alarm systems that send immediate alerts to law enforcement and first responders informing them of breaches are also powerful security solutions to consider.
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Cybersecurity for Company Growth
With a continuous need for enhanced connectivity for optimal business processes, it’s no longer necessary for criminals to violate your brick-and-mortar location to make a play for what’s valuable – they can easily attack or steal from your company using cybercrime. Customer data including financial information, intellectual property, and sensitive data in general attract today’s thieves, so it’s imperative to cover all bases.
A business’s future and projected growth will depend on its management’s ability to protect company assets, employees, customers, and brands from individuals intent on stealing or vandalizing your system.
Implementing cybersecurity protections can safeguard your business from data breaches and other kinds of crime. It becomes imperative that businesses:
- Maintain an inventory of all devices authorized for company transactions
- Use ethernet connections if possible as Wi-Fi is vulnerable to hacking
- Avoid BYOD by creating a policy that discourages it
- Disable the beacon signal on your router so that it is no longer visible outside of your offices
- Discontinue using CDs, USB sticks, or flash drives as they can easily be stolen or lost
- Train employees in security best practices
- Create a strong firewall to block cyber criminals
- Use private networks
- Use encryption for the transfer of data and communications
- Explore the various VPN uses to understand how they can further safeguard your online activities and enhance privacy.
Embracing Security Advancements for Long-Term Growth
Great company security, both physical and technological, will directly influence company growth. Not addressing the vulnerabilities and potential threats to your business, including physical locations, assets, and sensitive data, can have devastating consequences for your company. Breaches and incidents can ruin a brand’s reputation and undermine business operations.
Yet, security considerations cannot absorb exaggerated amounts of time, company resources, or energy to be efficacious. When security requires too much of everything, it will distract from, if not impede, company growth. In a worst-case scenario, where security is inadequate and inefficient, not only will you sabotage sustainable growth, but poor security can be a death knell for your business.
While you take care of security, be sure to continue taking care of your business.
Growth Hackers is an award-winning digital marketing and growth hacking agency helping businesses from all over the world grow. There is no fluff with Growth Hackers. We help entrepreneurs and business owners invest in security strategies to achieve scalable business growth, increase their productivity, generate qualified leads, optimize their conversion rate, gather and analyze data analytics, acquire and retain users and increase sales. We go further than brand awareness and exposure. We make sure that the strategies we implement move the needle so your business grow, strive and succeed. If you too want your business to reach new heights, contact Growth Hackers today so we can discuss about your brand and create a custom growth plan for you. You’re just one click away to skyrocket your business.
