The Bulldogs (3-0) have become a flag fancy on the back of impressive wins over Brisbane, GWS and Adelaide to start the season.
In contrast, Essendon (0-3) are now favourites to collect the wooden spoon after losing to Hawthorn, Port Adelaide and North Melbourne, extending the club's losing streak to 16 games.
On paper, the Bulldogs should thrash Essendon at Marvel Stadium on Sunday.
But Beveridge knows all too well the trappings of complacency and is wary of what the widespread praise directed at the Bulldogs could result in.
He also knows Essendon are likely to come out firing given the criticism directed at the club.
"We're being spruiked a little bit at the moment just purely because of our ladder position. There's a vulnerability in that," Beveridge said on Thursday.
"If we go into Sunday quite content with who we are ... we're going to be vulnerable, it's just human nature.
"When you're down at the lower end of the ladder (like Essendon) and things aren't going so well, in a sense it can be all bets are off.
"It can be really dangerous if you haven't got your wits about you."
Bombers coach Brad Scott is putting on a brave face despite the club's on-field woes and calls for him to be moved on.
Beveridge feels the ridicule directed at struggling clubs is excessive.
"I always think it goes too far, but that's the acceptance we have to have as senior coaches. That's the environment we lead and manage in," Beveridge said.
"And the important thing for all of us in these positions is we don't let it unsettle us.
"I've talked historically about staying in the tent and just taking care of things you can influence and control."
The Bulldogs will be without midfielder Tom Liberatore (hamstring) for the next two to four weeks, and they opted against picking Adam Treloar despite the midfielder's hot 33-disposal VFL display.
Creative forward Cody Weightman could return to VFL duties in about a month as he works his way to full fitness following a lengthy knee injury.
"He's still building, but he's getting through a lot more training. Very encouraging," Beveridge said.
Essendon will be without forward Nate Caddy due to concussion, but have named Nik Cox as part of their extended squad for what would be his first AFL game since missing all of last season with concussion.
