Beyond the Window Panes: Internal Threats to Our Business We Need To Be Aware Of

Many businesses predominantly look outwards, and whether we are trying to attract more customers or boost our marketing prowess, we overlook specific components that are closer to home. When we are forever looking outwards, we may be turning a blind eye to the common threats from within. Threats to a business do not just consist of egregious acts, but they can be subtle affairs. Let's show you some of the common internal threats to a business, but also what you can do about them.

Poor Planning 

You might not consider this to be a threat per se, but if the bottom line predominantly drives us, we may be a threat to the business without even realizing it. As companies start to think more about how they can quickly develop products and services, the overwhelming desire to cut corners rights high. Poor planning then means that you start to think about ways to actively inroad the process. There is a big difference between running an efficient process and running a cheap one. When we start to think of ways to cut corners, it's easier when we don't understand the concepts. One good case in point is the notion of technical debt. This is where a piece of software is created to drive a process but is done cheaply, and therefore is not as effective as it could be if it was done with the full investment in the first place. Measuring technical debt is something that we should always consider and realize that we are putting our business in danger if we ever try to cut corners.

Fraud 

As companies get bigger in stature, the likelihood of fraud increases. Fraud is something that is incredibly hurtful to a business, especially on a personal level. This abuse of trust can result in managers feeling that they have to tighten the reins in and not trust others again. But the reality is that fraudulent individuals were already made that way. When addressing the concept of fraud, it's about making sure that the individual is punished effectively according to best HR practices. But it's also about how the other employees learn from the punishment. When you punish an individual accordingly, this should send a stark message to anybody else that has even considered the idea of committing fraud. Because fraud comes in many different forms, from asset misappropriation to health insurance fraud and intellectual property theft, it's vital to ensure the organization learns from its mistakes.

Employee Sickness 

Sickness is one of the biggest risks to businesses. Because employee sickness incurs a vast cost every year, companies need to provide comprehensive health coverage while promoting health and wellness. The COVID-19 pandemic has forced everybody to work from home. As companies shut down their office spaces, this is a solution that may reap dividends in the years to come. With employees working from home, there comes a more outstanding work-life balance, reducing stress and increasing happiness. Employee sickness is not considered a good thing, but it is undoubtedly a threat.