Running a large business is demanding, from high-level risks to managing hundreds of employees and huge finances. Labor records state that there are 21,139 large businesses in the country. And although they are in the minority, they still have their fair share of challenges and concerns. This discussion highlights some of these and how to address them to sustain a successful business.
- Cybersecurity
Research reveals that large businesses are most at risk in the face of increasing cyber-attacks. If you run such a business, it is easy to understand why this is a major concern for your establishment. Cybersecurity reports indicate that the least amount big businesses lose after falling victim to a cyber attack is $2.5 million a year. When you multiply this by the number of large companies in the United States, that is a colossal sum stolen by cyber attackers. Also, there is almost irreparable reputational damage after these attacks. Although these are major concerns, there are proven ways to avoid becoming a victim. It starts by investing in IT infrastructure to strengthen your firewalls and antivirus software. Experts also recommend training your employees on cybersecurity best practices. The more updated your company is on cybersecurity issues, the lower the chances of becoming a victim.
- Franchising
Franchising allows you to set up new locations without worrying about the capital investment needed. You get to expand your business reach while ensuring that the franchisee maintains brand consistency and quality service. However, it isn’t exactly a walk in the park because franchising can keep you awake at night. There are concerns about maintaining brand consistency across the franchise, managing relationships, and monitoring performance. Fortunately, you have a chance to go about this differently and in a better way. You can list your business on platforms like Franchise Direct and have the opportunity to interact with prospects who may be interested in entering into such arrangements with you. Having a variety of franchisee prospects can help you settle on an entity that feels most suited for the deal and is likely to comply with company standards.
- Employee retention
Have you ever considered why your large business finds it challenging to retain talented employees? Although your workers are your best assets, they constantly look for the next big thing. It could be higher pay, more favorable working conditions, or excellent poaching strategies by your biggest competitor. Indeed, there are many reasons why your big company can record high employee turnover. There is no doubt that replacing employees can be costly. When you hire talent, you are tempted to make the benefits package more attractive to retain them. A Gallup research discovered that these upward adjustments could increase to 213% of annual salaries. Even for large companies like yours, that can make a huge dent in your finances within a few years. What you can do to resolve such incredibly high costs is to find suitable alternatives to monetary benefits. That does not mean cutting back on salaries you already agreed to pay. Instead, you can focus on promoting mentorship initiatives, encouraging career growth opportunities, and offering carefully thought-through retirement plans.
