There comes a time in every company’s life cycle when it is important to protect the reputation that took long years to build. No matter which industry you are operating in, there is always a risk involved in running your company. From public liability to personal injury and legal cases, there are several things that can damage your reputation beyond repair. It is important that you focus on the below areas, so you can protect your assets and carry on growing your business. Below you will find some tips on how to address the risks.
Health and Safety
It is important that you regularly review the health and safety regulations of the industry and the local government. You have to be familiar with the compulsory training you have to provide to your employees to stay safe and keep the public safe, too. You will, however, need to go beyond this. Instead of just ticking the boxes, think progressively and address the risks before they would arise. For example, enrolling some of your employees in an advanced training will benefit the entire organization.
Another risk area you have to focus on is employee relations. If you don’t have a dedicated human resources department, you will need external help to design the policies and the training programs. Prevent conflict at the workplace, and if they arise, make sure that your managers take responsibility and address them as soon as possible. Much of employee relations is dependent on the internal communication of the company, and you will need to learn to listen to your workers’ views and work together.
You might have already heard about famous compensation claims against companies related to discrimination. As an employer, it is your responsibility to treat everyone fairly and have clear policies and procedures in place. If you have every event and situation covered, you are less likely to get accused of discrimination. However, you will also have to train your staff on equality and diversity, and create an inclusive corporate culture that is based on knowledge sharing and accepting each other’s views.
Apart from health and safety and discrimination policies, you will also have to focus on the industry-specific regulations. These can involve anything from preventing pollution, reducing your carbon footprint, publishing your annual reports, and providing updated training courses to your staff. If you employ a person who is not qualified to do the job and you are not aware of this, your company’s reputation will still suffer and you will be held responsible.
Every company should have a risk management procedure in place. You will need to make sure that you are able to identify, address, and manage risks in your company, If you are running a consultancy firm, and you store customer data on your computers, you don’t want the information to be accessed by unauthorized personnel or outsiders. You will also have to address health risks at the workplace, reduce the hazards, and make continuous improvements. If you are found to have failed at managing your risks, you might face a legal challenge such as PG&E Lawsuits and your reputation will suffer.
It is crucial that you familiarize yourself with the competition law in your state or industry, so you cannot be accused of breaking them. When you are looking to expand your company and engage in merger and acquisition deals, you will need to check whether or not there are any ethical issues surrounding the transaction. It is always better to check before you act, or you will end up losing a part of your investment and have to pay a heavy fine.
When you work with a digital marketing agency or an offline advertiser, you need to ensure that they are familiar with the law and all your marketing messages are backed up by facts and figures. Large cosmetic brands have recently been fined by making claims that were not supported by statistical data, and you simply cannot ignore this issue if you would like to keep your business growing and attracting customers.
There are many risks associated with running a company. If you are not vigilant, you might find that there will be a price to pay for your ignorance. If you need legal advice or guidance, do not hesitate to get in touch with experts and your trade organization, so you can get first hand information and support to keep your business safe.