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or many of us who run
our own businesses, or
are simply working
bloody hard, it’s easy to get
caught up in the day-to-day.
From making sure you are
where you need to be and
having the right products and
tools to keeping the van on the
road and the money flowing in,
there are so many things that
you know you just need to do.
But no matter how busy it
gets, dealing with the expected
is the easy bit.
Because, in reality, it’s the
unexpected that can often – let’s
not put too fine a point
on this – totally screw up
your business.
For example, late last
year, the collapse of
major engineering
company RCR
Tomlinson left
– according to
the ABC
– hundreds of
electrical
contractors out of pocket. One
‘small electrical contractor’
alone was reportedly owed
$800,000.
Those affected didn’t see that
coming. A big contract with a
huge, established company? The
prospect it might go down the
pan wasn’t on their radar at all.
And, you’d have to have a
pretty spectacular business if an
unpaid bill of $800,000 didn’t
hit you extremely hard.
And unpaid bills are just one
example of dealing with the
unexpected.
Unfortunately, the more you
think about it, the more threats
you identify.
Take cybercrime, for example.
It is huge. The Cyber Security
Review, led by the Department
of the Prime Minister and
Cabinet, found that cybercrime
is costing the Australian
economy up to $1bn annually in
direct costs alone.
Yet, according to reports, only
13% of Australian small
F
businesses have a plan in place
to protect their money and data
from cyber intruders. This may
be because, according to
another survey, 87% of small
business owners didn’t believe
they were at risk of a data
breach.
What would you do if your
computer systems were hacked
and you lost all of your
customers’ details? Or if a cyber
criminal hacked your system,
spammed your email address
book, and your customers were
defrauded because of your lax
online security? The financial
– not to mention reputational
– impact could see you
gone. Just. Like. That.
As we’ll discover, the
threats we face from
scams – both online
and offline – are
vast. As well as
ransomware
and malware,
there are many
avenues for
people trying to steal from our
hard-earned livelihood.
For example, in 2018,
according to the ACCC, in
excess of $5.5m was lost in
Australia to ‘false billing’ – the
practice of paying a seemingly
legitimate invoice, only to
discover it was a fake – while
more than $3m was lost
to hacking.
THE DAY-TO-DAY THREATS
Of course, it doesn’t have to be a
huge incident that leads to
catastrophic losses. Smaller things
can have a major impact, too.
What would happen if your
tools went walkabout? It may be
a pain and cause a bit of a
disturbance to your day, but it
probably wouldn’t see the end of
your business.
But what would happen to
your business if you were ill
and weren’t able to work for
six months?
Key person dependency is a
huge issue for many small
businesses, and many small
businesses don’t have the right
type of insurance to help ride
out such an event.
What happens if one of your
team acts up when on a job? Or
engages inappropriately with a
customer on social media? You
and your team are the walking,
talking embodiment of your
brand. How on earth do you
cope with that, especially
when word of mouth is such
a key method of gaining
new business?
AND CLOSER TO HOME…
And there’s the threat that lurks
within. Steering your own ship
is tough and, while there are
significant benefits, it’s a
stressful way to work. You
need to ensure you’re looking
after your body – as well as
your mind.
Mental health issues affect a
significant number of people in
Australia, and knowing the
warning signs to help identify a
problem with yourself or with a
mate, and having the right
strategies to cope, is vital. It
could literally be the difference
between life and death.
But we’re not here to paint a
picture of doom and gloom, and
render you unable to get out of
bed, let alone get out to work, for
fear of what may happen.
Far from it.
As the old saying goes,
knowledge is power.
So, in this issue, we’re delving
deep into the dangers that are
present for every electrical
contractor out there, and giving
you some practical steps to
minimise the risks each and
every one of us face each and
every day.
Because, as another old
saying goes, prevention is better
than cure.
So buckle up. It’s The
Protection Issue.
AUG – SEPT 2019 GEMCELL.COM.AU
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