What Oil Prices Have to Do With Your Business Security Plan
Whether you see OPEC as a bully-gang, or as exercising necessary influence on world oil prices, one thing’s for sure – you’ve surely been affected both as a consumer and as a business owner.
On the one hand, lower prices at the pump and for transportation costs means less money spent on other consumer necessities, which can put our Canadian economy into a growth situation. On the other hand, however, lower oil prices mean a more competitive market – internationally, not just in Alberta – and it becomes incredibly important to protect your business assets. One means of protection is a commercial security solution tailored to your business needs, assets, and premises. Let Select Security explain further.
With an estimated 31,800 jobs at stake, the Alberta economy is set to take a hit in terms of workers employed. However, economists tell us that the lower pricing will foster a competitive consumer market and overall (this is key) it won’t be as detrimental for our economy as it first appears. What does that mean exactly? And how does it relate to security measures for your business?
Example: As a business owner, let’s say you sell produce. Like, fruits and vegetables.*
Because of lower pricing on produce in general due to tanking oil prices, you now have three competitors where you previously had 1 – that’s an economic condition called a ‘Competitive Market’. The demands of a competitive market mean that businesses must protect their assets by ensuring that they have the highest possible net profit.
Net profit can mean a lot of different things – in produce it can mean buying seasonally or ensuring that food is refrigerated properly to avoid spoilage. These are factors that are sometimes outside the control of the business owner. It can also mean protection against theft and damage, something which falls somewhat into the category of what you as the owner can influence. One of the easiest things a business owner can do is ensure continued net profitability is to buy a commercial security and/or surveillance system.
Yes, we know, the outlay. Not outlandish in its cost to have a professional installer audit, map, install and prep your system, but not cheap either.
But what we also know is that a fixed asset like security systems have direct and indirect aspects to their net profitability that can be measured against their upfront cost to you. Without going into too much detail, directly, a security system protects your plant (place of business), human resources, material assets, data, and insurance claims. Indirectly, a purchase such as a security system may lower your insurance premiums, make your entire commercial block safer, give you additional expenses to write off at tax time, and help stimulate the economy through your purchase.
So while viewpoints are mixed in terms of the world economy, take some time this month to review the security measures that you have in place at your commercial premises – are they up to date? Do they meet the challenges of today’s economy and all the facets we’ve talked about here today?
We’re happy to provide more information on the array of topics we touched on in this article – shoot us a question in the comments, stop in to our Edmonton office, or contact us.
*If you actually sell fruits and vegetables and read our blog, let us know if we’ve gotten something mixed up.