If you own a maritime business, do what you can to protect it. Whether it’s monitoring your security or preparing for an emergency budget, there are many ways that you can ensure that your business continues to thrive. Here are some tips that you should consider.
Watch Company Expenses
How is your company overhead? Have you been overspending to the point where you’re in a lot of debt? Remember, an excessive amount of debt isn’t just an individual concern. It’s also something that can affect a business. For example, anyone who owes debt above $250,000 will automatically be down into bankruptcy proceedings if they’re rejected for a Division One filing.
Get Security for Vessels
According to data provided by commercial businesses interviewed for the Workforce Strategy, farm hands and management represent 49% and 18% respectively, making up the majority of Maine’s aquaculture labor. Just as these particular positions matter, so do security professionals and the people who can set up related systems. Keep all of your vessels secured with alarms, locks, cameras, as well as human guards. You should make sure that people have the exact training to respond to security problems, whether it’s theft or piracy.
Increase Online Security
Good security goes beyond the physical security needed for the vessel. Any business can be susceptible to online threats, and that includes your maritime business. Allocate a part of your budget to protect any data and related systems from such hacker attacks. Invest in the right antivirus software, encryption software, firewalls, and cyber security backups. Anybody who deals with data for your company should understand what red flags they should look for regarding phishing emails or malware.
Have an Emergency Plan
Does your maritime business have an emergency plan? If not, now’s the time to get one. An emergency can happen at any company. However, a maritime business has special issues to consider. For example, what if you have a weather-related problem that happens suddenly? Do you have an effective evaluation plan to quickly get off the ship and preserve the life of your crew? Working with maritime specialists like those at https://www.amnautical.com/
Get Insurance
Responsible owners should have adequate insurance to protect their business. You need it to protect your vessels and other related property. Insurance also protects your crew. If you continue to grow your business, you may need to update your insurance policies or switch insurers as needed.
Stay in Compliance
Staying in compliance matters for your budget and your reputation. To get a Leadership in Energy and Environmental Design (LEED) Certification, buildings must meet certain requirements, such as low-admitting adhesives, paints, and composite materials. If you fail to meet the legal requirements of your industry, city, and state, your company can face a huge amount of fines and penalties. If you’re already in debt, that can compound it even further. Too many violations in regard to compliance can result in your business shutting down. Make sure you have a person or a team who stays on top of those issues so your company can avoid any legalities.
With the right foresight, you can care for your maritime business during these trying times. There are many responsibilities to take care of when you’re dealing with sea vessels, crews, and the potential emergencies that can happen. Start protecting such a business by minding your budget so it can continue to grow.