As an investor, the role to ensure your enterprise succeeds is monumental. Well, while the structures for operations might have defined every aspect of the business, you remain the salesperson, developer, and the main representative. Yes, all of these at the same time.
In a competitive business environment such as Hong Kong, the threats that face businesses are many and complex. You have to protect the business from copyright related, legal, and other types of dangers that lay ahead. This brings us to the big question; what are the best business protection strategies Hong Kong?
Read and get conversant with all business laws
As they say, knowledge is power. There is nothing as important as getting armed with all the information on business laws. This means you will always operate on the right side of the law to avoid unnecessary penalties or even closure. If you get into conflict with the law, the implications can be so immense and lead to unintended expenses on expensive legal battles.
In Hong Kong, you need to be conversant with the following business-related laws.
- Company Ordinance: This is the most important piece of legislation that defines most aspects of company formation and operation in Hong Kong. It delineates how the registration should be conducted and other pertinent issues touching on auditing, mergers, and dissolution.
- Financial laws: These are laws that govern the finances, auditing, and taxes in Hong Kong. The Hong Kong administration is very emphatic on these laws because it is a business-driven economy.
- Intellectual property laws: If you are in the tech niche or other areas involved in crafting new products and services, the intellectual property laws will ensure your inventions are not stolen and used by opponents.
Note that you should also be on the lookout for regular changes in the business-related policies. It is advisable to have a company protection expert who is knowledgeable on the business law so that every change is effected promptly and appropriately.
Include the right insurance cover in business protection strategies Hong Kong
When you enter into a business, the risks that come with daily operations are very many. You need to look ahead and take the right cover. Business experts argue that people should look at the entire business production chain to ensure that operations will not grind to a halt in the case of a loss.
For example, if you are importing products to sell in Hong Kong, do not wait until a disaster hits to start thinking about insurance. It will be a huge shock that the business might take years to recover.
The main insurance cover you should go for include workman’s compensation for your staff working in the production units. You should also provide medical cover to employees to avoid incurring unnecessary costs when they fall ill. Your machines, products on transit, contracts and all valuables in the business should also be appropriately insured.
Use the latest cybersecurity methods to protect business files
There is no doubt about the risk of getting hit by cybercriminals. In an advanced marketplace such as Hong Kong where the bulk of business transactions happen online, the risk of getting hit by cyber criminals is even higher. Recently, a wave of attacks from the latest virus, Ransomware hit Europe and parts of Asia.
The malware gains access to company files, encrypts them, and demands a ransom to restore them. So complicated is the threat that cyber experts started warning that if Ransomware has not hit you, better start preparing. This is only one cyber-attack risk. There are numerous others out there that wait to gain entry, steal files, damage your system, deny access, and even sell content on the black market.
The best online business protection strategies Hong Kong include the following;
- Always maintain and regularly update the business files backup.
- Work with the latest versions of operating systems.
- Avoid accessing and downloading apps that put the business at risk
- Install a security protection department
- Regularly train your staff on cybersecurity