Having excellent planning and organizational skills isn’t enough to guarantee business success today. Every company is susceptible to business risk that threatens its ability to thrive and achieve its financial goals. As businesses grow, they become more vulnerable to these potential risk factors. The same goes for a jewelry business. As the owner, you must identify and develop strategies to mitigate your business’s risks. On that note, here are some viable tips for protecting your business.
Use robust cybersecurity solutions.
Nowadays, many businesses store their customer data online. Unfortunately, this makes them increasingly vulnerable to online criminals and cyber thieves. Dealing with this security risk increases your business’s spending on cybersecurity costs, which ultimately impacts your bottom line. Many companies across various sectors endure significant losses to cybercrime. They incur expenses mainly due to operational disruption. Another significant loss comes from reputational damage.
One way to protect your business from cyber threats is to implement viable cybersecurity measures to protect sensitive organizational data from damage or theft. You might want to leverage chan image boards to gather credible intel for physical security intelligence. Specifically, a chan board or an imageboard is an online forum for posting images and engaging in critical topics of interest.
Some of the most common chan imageboards include 2chan, 4chan, and 8chan. Check online for the full list of boards. Before now, you could post a meme, prank, or image on the boards. Sadly, the various boards have become increasingly notorious for conspiracy theories, anti-immigrant screed posts, propaganda, data leaks, and illegal content. Worst of all, the boards expire after a specified period, leaving little or no trace of their activities.
Take, for example, an incident that happened on 8chan, which sparked public outcry. An 8chan user suspected to be a shooter in an incident in El Paso, Texas, posted offensive screeds on the board. Jim Watkins, 8chan’s owner, was forced to take down the site. Watkins later renamed the board to 8kun.
Thankfully, you can leverage open-source intelligence tools (OSINT) to filter and detect information that’s relevant to you. The key takeaway is that you can leverage image boards to gather security intelligence to inform cybersecurity strategies.
Purchase insurance.
The jewelry industry loses over $100 million each year to theft. With a comprehensive insurance policy, you can protect the value of your most cherished pieces. A typical insurance plan covers the cost of repair, reimbursement, or replacement of the estimated value. Additionally, insurance coverage comes with higher deductible requirements and limits that adequately protect your valuables.
Coverage plans may vary depending on the insurer and type of jewelry. The best insurance companies offer a wide variety of policies at competitive prices. Before purchasing a policy, consider the pieces in your collection. If you’re a gemologist or an avid follower of diamond trends, you may likely own some valuable pieces. We’re not talking about emerald cut, yellow gold, and white gold pieces or antique diamonds. We’re referring to halo setting standards that top the chart of popular engagement ring trends.
Speak to any customer that comes into your store for a diamond engagement ring about the importance of insuring jewelry. This is important, especially if they’re buying pieces that fall within top engagement ring trends. You don’t have to wait until the engagement season approaches to buy a comprehensive insurance policy. Remember, it’s common practice for jewelers to stock up on top trends for the upcoming holiday season.
Manage your business’s spending.
There are many costs associated with running a jewelry business. These expenses cover both capital and operating costs that your business incurs to earn revenue. Managing your business’s spending is vital for ensuring its longevity.
The goal of the cost-cutting initiative is to improve your business profitability while reducing expenses. Although the jewelry industry is profitable, it’s highly unpredictable. Incorporate cost-cutting into your business strategy to hedge against any profitability issues in the future. Avoid too much cost-cutting so you don’t incur significant losses or place your business at a competitive disadvantage.
