The Importance of Risk Assessment in Business

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StrategyDriven Risk Management Article|Risk Assessment|The Importance of Risk Assessment in BusinessRisks are part and parcel of everyday life. You might not realize you’re doing it, but you assess risks throughout your normal day. The risk of it raining and whether you need to carry an umbrella, the risk of getting caught in a traffic jam and being late for work, the risks connected with any investments you make, even the risk of being run down before you cross the street. The business world is no different.

Business risks come in many shapes and forms and can come from both internal and external sources. Externally, there are political issues, interest and exchange rates, new market competitors, and financial risks such as investments. Internal risks include workplace injuries, non-compliance, information breaches, loss of funds through theft and many other unexpected events.
To safeguard your business as much as possible, a risk management plan is vital. Many of the risks a company faces can cost your organization money or result in it closing permanently. With a risk management plan in place you’ll be better prepared for those unexpected events, and able to minimize the risk and extra costs before they happen.

What Does a Risk Management Plan Entail?

Risk management is the process of identifying risks, problems or disasters before they happen. By identifying those risks, you’re able to set up procedures and processes to either avoid the risk altogether, minimize its impact or help your business cope better. Having a risk management plan requires a realistic evaluation of the risk and a plan to deal with it.

Certain questions have to be answered as part of the risk management process. For example:

  • What can go wrong?
  • How is it going to affect your business?
  • What should you do?
  • Should something happen how is it going to be paid for?

For a risk management plan to be effective, it has to have the backing of everyone in your organization, with staff knowing what their roles and responsibilities are and who is accountable. It requires the establishment of policies and procedures with resources and tools made available for the plan. Training, testing, and monitoring of the plan is also essential.

The Benefits of an Effective Risk Management Plan

There are many benefits to having a risk management plan in place. It helps to provide a safe and secure environment not only for your employees but for you, visitors and customers too. People and assets are protected from harm. Legal liability is reduced, and the stability of your operations increases. The threat of possible litigation is reduced. Your risk management plan also helps to protect the environment. When risks are reduced, there are savings in many areas of your business such as time, income, assets, property and people.

Risk Assessment Tools and Software

Thanks to technology there are a wealth of tools and software you can use to make the process easier. There are many other benefits to using RSM or Risk Management Software. To begin with, it helps you identify, manage, and reduce various risks throughout your business. It also helps protect the welfare of employees. Before software came along a company would have to use a paper-based system for assessing risks which were very time-consuming. Using software saves time but also eliminates human error and reduces risk because it utilizes risk formulas. Many aspects of the risk assessment process are streamlined saving time and manpower when compared with more traditional risk management methods.

Risk assessment software can be used across a wide range of industries and while it is very beneficial for the vast majority, there are a few instances where it has not always proved to be quite so successful. One prime example is in the area of bail reform where risk assessment software is being used to determine the pretrial release of a prisoner. You can learn more about it here.

The benefits of using risk management software, however, far outweigh any negative aspects. By systematically identifying and addressing risks, it helps to promote a risk-aware business culture. Throughout the risk cycle, the software allows you to stay organized, input new risks and monitor them regularly. Risks can be prioritized according to an assigned risk score. Throughout each stage of the risk monitoring process, it’s much easier to assign responsibility. Risk management tools also help with risk reporting, analytics and metrics.

Tips for Buying Risk Management Tools

There is a wide range of risk management tools to choose from, but that doesn’t mean they’re all going to be right for your business. The following points should help you pick the best risk management solution for your business.

When you’re new to risk management or risk management tools, it’s vital you do your due diligence research. You should make sure to read as much as you can, especially about the different types of software, talk to your peers and anyone in your network. Before you start speaking to various vendors, it’s important you identify the areas in which you think software is going to help. Don’t just look for cool features. Instead, you need to look for software that is going to assist you in the areas you’ve identified. One last tip is to read as many risk management software reviews as you can. The vendors you speak to are likely to bombard you with technical jargon and the obvious sales pitch, but user reviews cut to the point and will give you a clear picture of the pros and cons of any software.

Risks are an integral part of the business world with organizations of all sizes having to face a myriad of them in their daily operations. Risks include natural disasters, security, compliance, governance, legal, and financial. It would be impossible to avoid all risks entirely, but effective risk assessment can help identify, measure, predict and manage them appropriately. Now you appreciate the importance of risk assessment and how a risk management plan can help your business you’ll be able to weigh up what type of solution is right for your needs.

How to Relocate Your Office

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StrategyDriven Managing Your Business Article|Relocation|How to Relocate Your OfficeMoving house is stressful enough, but if you need to relocate your office, multiply the stress levels several times as there are so many more things to think about. It’s often not possible to shut down operations for more than a couple of days, which means you’ve also got to move quickly. You’re going to be moving big and bulky office furniture, electronics and IT, paperwork and plenty of other things. It doesn’t matter how big your office is, be prepared for a lot of hard work. If you’re about to relocate your office here are some tips to help the process go smoothly.

Start Planning Early

If you haven’t already got a relocation plan in place, you need to get your skates on. Ideally, a plan has to be made well in advance of the move. Don’t be tempted to think you’ll be able to wing it as this approach is very likely to end in disaster. Divide up the tasks and make sure everyone is clear about what they have to do and when it has to be done by. Something else that needs to be planned is where everything is going to go in the new office. Also, include the cost of the move in your plan.

Have a Designated Move Manager

Everyone is going to be playing a part in the move, but it still helps if there is someone in overall charge. They’ll be able to facilitate and follow up on each step of the moving plan and ensure things are progressing as they should. There may be someone in the office with previous relocation experience, or you can get your administration assistant involved.

Find the Best Moving Company

When it comes to hiring a moving company, it’s not a case of picking a name out of a hat. You need to do some research and get quotes from at least three professional moving companies before you make a booking. There’s plenty of help online when you’re looking for recommendations. You should have considered another detail before hiring a company. It is if you are heading into a local or an Interstate Removals. Keep in mind that not every professional offers both services, so it is crucial to consider this before making a final decision. For example, visit www.movingcompanyreviews.com if you want quotes from licensed and insured movers.

Get Everyone to Pitch in and Help

You’re probably going to be hiring a moving company for the majority of the larger items, but you can get staff to help by making them responsible for their own desk space. Let them know a timeline and provide packing materials and boxes.

Other Factors to Consider

There are many other factors you need to bear in mind. For example, find out about the building rules around relocating as you may only be allowed to move during non-business hours. Update all your documents as soon as possible with your new address. Label all the moving boxes very carefully, so there’s a better chance of a seamless move. Make sure everything you’re moving is going to fit in your new office space. You might be able to save time and money if you try to move some non-essential items on your own first.

Office relocation is stressful so when it’s done and dusted, spend some time with your employees saying thank you for all their efforts.

How To Expose Your Vacation Rental to Thousands Of Online Visitors

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StrategyDriven Online Marketing and Website Development Article|Online Marketing|How To Expose Your Vacation Rental to Thousands Of Online VisitorsIf you have a holiday home or if you are looking to lease a room in your house or even lease your house then this is a must read strategy guide to help you grow your vacation rental business no matter how small or large your operation.

Vacation rentals are in their prime at this time. There are plenty of websites available on which you can list your property for free and expose your vacation rental to thousands of people seeking to rent a holiday home for their vacation.

For those that are looking to get into the vacation rental business, the first question they usually ask is “Which website should I list my property on?”. Well, the answer is, in fact, an easy one if you are willing to part with a small monthly fee every month.

List Your Vacation Renal on All the Websites That Will Allow You To

You should list your property or properties on every vacation rental website that is available. That means Airbnb, HomeAway, FlipKey, Booking.com, and so on. You can find some recommendations for vacation rental listing sites here.

Why List My Properties on All Vacation Rental Websites?

There are two key reasons why you should use every available website at your disposal to list your vacation rental.

Free to list your property

This is the most obvious point we’d like to make is that on nearly all of these websites it is free to list your property. The only time you will pay any fees to the website is if someone books your property. Read about Airbnb service fees applied here for a better understanding of what you will pay when someone does book your vacation rental.

StrategyDriven Online Marketer & Website Developer Magazine


Take advantage of all the free internet traffic your website will gain from being listed on multiple websites

People looking to rent a holiday home find these vacation rental websites on social media as well as internet searches using Yahoo, Google, and Bing. The reason people searching for holiday homes are able to find these websites online is that every vacation rental website out there has a dedicated digital marketing team and budget to bring traffic to their website.

When people find the vacation rental site they like, they will search for holiday homes in the area they plan to visit. Your property, if listed correctly, will appear in these filtered searches for the area the holidaymaker wants to visit. That is free exposure for you because it cost you nothing to list your property on the website.

Now picture this. If someone chooses HomeAway to search for a holiday home over Airbnb, it doesn’t matter. That is because you will have listed your property (for free) on both these websites. Therefore, anyone searching for a vacation rental in the area your property is listed on either the Airbnb or HomeAway website will see your property as an option to book for accommodation om both of these websites.

Think about it. All that traffic on the internet coming to your vacation rental home no matter which website people choose when searching for ‘vacation rentals’.Plus, if someone sees your property on both websites, they are more inclined to trust and book your place – especially if you have already built up an established profile with plenty of positive feedback.

For more information about positive feedback for vacation rentals, check out this HomeAway vacation rental success guide.

How Do You Manage Multiple Websites?

Obviously one of the key issues here is that you need to manage multiple listing across multiple websites. Now, this used to be a headache for people that already use the strategy mentioned here. However, now you can use vacation rental website builders to manage all these websites centrally.

You can have your own branded website with a booking system or a WordPress appointment booking plugin built in. You will have a channel manager that centralizes all the calendars by syncing your main calendar with all your vacation rental website listings on sites like HomeAway, VRBO, and Airbnb so there is no risk of double bookings. Plus, you will have a central website where all your photos and listings can be stored.

Check out the Lodgify vacation rental resources page where there is a wealth of information covering how to market your website, how to optimize your website for local SEO as well as actionable SEO tips, how to increase your bookings via Airbnb, optimizing your HomeAway website listings, and how to write your own business plan.

One of the best articles here we recommend if you do decide to take our advice given in this article is to read the article titled: “Increase Direct Bookings and Save Time with Vacation Rental Software” on the Lodgify resources page. The software is actually provided by Lodgify, which is the website that provides all the resources you need to take your vacation rental business to the next level.

Effective Strategies For Business Growth

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StrategyDriven Strategic Planning Article|Business Growth|Effective Strategies For Business Growth As a business owner, you will always want to be making strides forward to help your company to grow and reach the next level. Knowing how to go about doing this can be challenging once you have found some initial success and it is here where businesses often plateau and find themselves treading water. It is crucial at this time to use positive momentum to keep pushing forward as this can have a significant impact on the success of the company. There are many effective strategies for growing a business in any industry so consider any of the following when you are ready to take the next step.

Increase Marketing Efforts

Marketing is vital to success and the more that you do, the more likely you are to boost sales. Increasing your marketing efforts can raise brand awareness, increase visibility online and drive more traffic to your company website. For the best results, it is worth using the services of a reliable internet marketing agency who will be able to provide services such as:

  • SEO
  • PPC
  • Content marketing
  • Social media marketing
  • Email marketing

In addition to internet marketing, think about how more traditional forms could also be used to boost brand awareness. Many businesses also find it helpful to get involved with the local community by attending events, hosting their events, sponsorship, etc.

Market Research

Times change quickly in business which means that market research can quickly become outdated. Carrying out new market research will help a company to discover crucial new information about their target customer and the competition which could help them to identify gaps in the market and other ways to succeed.

It is crucial that you aim to keep a keen eye on the competition to determine their strengths and weaknesses and how you can use this information to your advantage.

Add To Your Range

Leading on from this, adding to your product/service range can be an effective strategy for attracting new customers and retaining loyal, existing ones. Consider any gaps in the market and problems that your target customer faces and find a way to solve these issues. This can breathe new life into the business and help you to target an entirely new group.

Form A Strategic Alliance

Similarly, teaming with a complementary company will help you to tap into an entirely new market. A strategic alliance works when two complementary companies who are not competitors strike up a professional relationship where one supports the other. This is often through recommending the brand to its customer base with potential discounts/deals for referrals.

The key to success with a strategic alliance is finding a suitable company as, in addition to not being a competitor, it must also be a brand that shares similar values to your own.

Invest In New Technology & Software

Technology is evolving at such a continuous, rapid rate that it often means that what you are currently using is out of date. Updating to new tech can be costly, but it could have a significant impact on your company by streamlining the operation, automating specific tasks, reducing errors and improving the quality of the end product or service.

Professional Development

No company can succeed without a talented, passionate and motivated workforce powering the operation. Therefore, investing in your workforce with professional development is a terrific way to grow your company from within. Employees will want to find ways to progress and to offer these opportunities internally can boost morale and promote employee loyalty. Listen to the wishes of your staff and consider training, seminars, and courses that will improve their abilities and enable them to excel in their role.

Global Expansion

One of the biggest and most exciting methods for growing a business is international expansion. This can be a complicated and expensive process but the potential for profits are gigantic, and it can be incredibly rewarding and glamorous to open up offices in a different country.

One of the major logistical issues with this approach is staffing, and you are likely to want a few team members to relocate overseas. Implementation in global mobility is a difficult process, but some businesses can handle this aspect for you. This way, you can focus on other areas; you can find more information here.

Improve Your Customer Service

One of the most overlooked (and under-invested) areas of business, yet one of the most important for success, is customer service. People like to use companies that they respect and trust, and it can be much easier to retain loyal, existing customers than to find brand new ones. Improving your customer service will help to keep customers, strengthen your brand reputation and you should also benefit from word-of-mouth marketing which remains incredibly effective.

Improving your customer service will involve going the extra mile for customers, solving issues quickly and letting customers know that they are valued. You can also encourage loyalty through the use of loyalty programs which will show that you care about your customer and appreciate their business.

Streamline The Operation

It can feel risky to make changes to how you operate when you are running a profitable business, but it is also one of the most effective methods to grow a business. Carefully assess every single process and work with relevant department heads to determine if it is necessary and if there is a way that could be improved – even a small change could have a significant impact on the efficiency of the operation.

This will often involve finding ways to reduce costs as this enables you to maximize profit. There are many ways to reduce business costs to consider, including switching to alternative energy, going paperless, renegotiating rates with vendors and encouraging remote working.

If you are ready and committed to taking the next step with your business, then consider any or all of the above. It is essential always to be moving forward in the business world as otherwise you will fall behind to the competition and struggle to succeed. Growth can be challenging, but it is also an exciting process which could help you to maximize profit and dominate the industry.

Tips for finding the perfect hire?

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StrategyDriven Talent Management Article | Anthony Fletcher | Tips for finding the perfect hire?

Finding someone perfect is one of the most difficult things one has today. Not only in terms of business but also generally in life. Whether it is your friends, your life partners or anyone, this is a pretty tough decision to make as it involves judging someone. It surely is hard but if done right it is not impossible and can be very easy.

To hire the perfect individual, you must look for their qualities and traits that can be of your benefit. Judging a fish for the ability to climb a tree is not the way to go. What you really have to do is focus on what they are applying for. For instance, if you are hiring a person looking to be a sales manager, focus on their communication skills and their thinking skills. What you do not have to focus on is how well the person knows the bookish definition. Those are important to some extent but are not the entire criteria. Same goes for innovations and technology. You need to find someone who is creative and thinks outside the box. Remember that there are millions of people who read the same books to become something, only those are truly successful who implement their knowledge in unique ways. What you have to look for is the quality of work in a person.

The perfect hire would be someone who clicks with you. Someone who picks up the pace as fast as you can. If someone is too slow then you will have an extra burden on your shoulder where you will have to spoon feed that person through everything. A hire is someone who should do the opposite of that. It is someone who is there to clean up the mess with you and be someone who makes your force strong. For that, you need to find a good match for your team. A person who is too fast and too initiative can also cause problems. This is because such people do not have the flexibility to mold and that is something very important when working with a team. Therefore, team management and team spirit is something which each perfect hire must have.

A person who is not willing to take risks is not ready for a job. This does not mean that you need to look for reckless behavior, this means that a perfect hire should have a very strong personality. If there is something that they are sure of would work in the benefit of the company and would cause no harm to it, they should take that chance instead of waiting for someone higher in the hierarchy to do it. This happens when your potential employee is sharp enough to do so. This brings us to another important quality which is being street smart. A perfect hire should be good with statistics, he should also be well educated with all concepts clear but what he absolutely needs to have is the ability to use all that in the best way. Knowing everything is easy but acting on it is not. Thus, you must look for these things in a hire.

A good screening system is what saves you from a lot of trouble. If this is not good then you can lose all the good potential hires and end up with the ones who aren’t suitable for that position. This is why you must make sure that everyone who is involved in the procedure of screening the best candidates has a clear idea as to what you are looking for so that they keep an eye out for the best of the lot. All of this sounds pretty corporate but this is because we are using corporate terms for all this. Every decision in life is made like that if we think about it. We narrow down the decision and then choose what is best. Due to this reason, it is very important to check for everything like this in the business world. The potential candidates should be the ones who truly deserve and those who actually fit and those who are willing to work as the company works.

Commitment is also a very important thing you should look for. If the hire lacks commitment that means that they will give you a tough time ahead. They will slack at work and will also not take their work seriously. Look for commitment and the rest will fall in place as well.

About the Author

StrategyDriven Expert Contributor | Anthony FletcherAnthony Fletcher, Sr is a former athlete and current business expert. He is the owner and president of My Future Consulting, Inc and Integrity Sports Agency and has over two decades of experience in executive management, innovative solutions, staff building, and recruitment. His consulting firm, founded on the philosophy that people are the most important part of a company, has revolutionized the future of staffing.