4 Ways You Can Manage The Risk Of A New Business

/in /by

StrategyDriven Risk Management Article |New Business|4 Ways You Can Manage The Risk Of A New BusinessAre you thinking about setting up your own business? If so, it’s important to remember that the majority of new companies fail on the market. Indeed, some reports suggest that up to 90% of new businesses are likely to fail within their first year. That’s why it’s important to make sure that you are managing the risk effectively when setting up your company. Here are some of the ways that you can do this.

Kill The Costs

First, you need to think about the issues with costs in your business model. If you want to effectively manage the risk of setting up a new company, then you need to make sure that the costs remain under the right level of control. One of the ways that you can do this is by making your business more green. A green friendly company will always be far more cost friendly overall and that’s exactly what you need. One of the best ways to do this would be to consider investing in renewable power solutions for your business.

Set Your Business Up As An LLC

During the initial set up process of your business, you should consider establishing your company as an LLC. With an LLC, you can make sure that if you ever do run into money trouble with your business, then you can keep the debt confined to your company. You won’t have to worry about it spreading over to your personal finances at all. You’ll need a legal firm to help you here, one with years of experience.

Invest In The Right Insurance

Next, you should consider the insurance options that are going to benefit your business. The right choices with insurance will guarantee that your company is not left exposed to potential storms on the horizon. There are lots of insurance plans that could be beneficial to your business model. For instance, you might want to think about investing in general liability insurance. This will protect you and your company if anyone is injured or negatively impacted by the actions of your company. Cyber-security insurance can also help you handle the costs caused due to a hack or attack on your business.

Keep It Flexible

Finally, you might want to think about taking steps to ensure that you improve flexibility levels in your business model. By improving the flexibility, you can make sure that you will be able to adapt your business for different challenges that might exist on the market. One of the ways that you can keep your business flexible would be through hiring outsourcing services or freelancers. You might also want to think about avoiding the office altogether, instead allowing your team members to work from home.

We hope this helps you understand some of the key steps that you can take when you are managing levels of risk setting up your business. By exploring the best possibilities you can ensure that it won’t be a complete disaster if your business does fail while also improving the chances of longevity.

Retail Security: Tips and Tricks for Businesses

/in /by

StrategyDriven Risk Management Article |Retail Security|Retail Security: Tips and Tricks for BusinessesIt’s a busy time of year for retailers, whether you sell your products in-store or online.

Naturally, you’re going to be experiencing a high level of demand from customers. More people will be visiting your store and website, which means your security needs to be perfect. If it isn’t, you’re playing a dangerous game, as it only takes one individual to wreak havoc on a business; whether it’s by stealing expensive goods or hacking sensitive online data.

But don’t worry, though, as this short guide is here to help all retail managers. Let’s dive into the tips and tricks.

Install High-Quality Security Cameras and Alarms

Firstly, it’s important to make sure that your retail store is covered from the outside to the inside with appropriate security measures. Of course, security cameras and alarms are the best course of action, but you should install an interactive system rather than a traditional one. What this means is that you will be able to monitor your cameras and alarms in real-time through your own devices, such as smartphones and computers. Plus, you’ll have access to professional support from your provider when anything goes wrong. To get started, visit http://www.quickresponse.net/slider-detail/asap-psap

Limit the Number of Customers Allowed in Your Store at One Time

Nowadays, people are a lot more conscious about their health, which is why mask-wearing and hand sanitizers have become incredibly common. Therefore, it’s recommended that you consider limiting the number of people allowed in your store at one time, especially if the government is advising that you do so. This way, shoppers will be able to buy your products more efficiently without being overcrowded.

Plus, fewer people in your store means managing crime is made easier.

Hire a Security Guard

A security guard is one of the best deterrents when it comes to potential criminals. When somebody walks into a retail store planning on stealing some goods, they will automatically think twice when they see that there is a security guard (or guards) on sight.

Keep Stock Rooms Locked and Secured

Although most goods get stolen out front, it’s still a good idea to keep your stock rooms locked and secured. Also, only the relevant employees should have access to them. For example, cashiers likely won’t have any good reason to go into the stock rooms, so subsequently shouldn’t have access unless their roles change.

Store Customer Details Safely Online

If you also sell products online – or collect a lot of customer contact details digitally – then you need to make sure your cybersecurity is good.

Otherwise, you’ll risk having sensitive data stolen, such as bank details, which will then damage your brand’s reputation.
To boost your cybersecurity, it’s often a good idea to outsource it to a reputable cybersecurity company. Or, you can handle everything in-house, from installing anti-virus software and backing up your important data every couple of weeks.

Conclusion

If you’re a retail business, then you should use all of the tips from above. They will help to bolster your online and in-store security, protecting you and your customers to a better standard.

Tips To Protect Your Business Reputation

/in /by

StrategyDriven Risk Management Article |Business Reputation|Tips To Protect Your Business ReputationIn the age of social media, 24-hour news and online reviews, it has never been more important to protect your business reputation. Customers and clients make decisions based on who they can trust and the perceptions they have of different brands. In this guide, we’ll explore some steps you can take to shield your reputation.

Positive reviews

Nine out of ten consumers read online reviews before purchasing products or contacting businesses. Positive reviews can persuade customers to buy from your business rather than a rival and they can also enhance your reputation. If a brand has a large number of excellent reviews, this makes them appear more dependable and trustworthy. Customer service, product quality and value for money are driving factors. If you provide high-quality products or services that offer good value for money and your customers enjoy a positive experience, they will be more likely to leave you glowing reviews. Use feedback to identify shortfalls or problems and make improvements, address concerns promptly, and go the extra mile to optimize service and support. It’s wise to invest in staff training and provide responsive support options, such as live chat.

Working with businesses you trust

Many businesses rely on other companies to provide customers with products and services. If you are doing deals with other businesses, you want to outsource business tasks, or you’re thinking of merging with a firm or agency, it’s crucial to do your research. You can use an LEI finder to gather information about a company before engaging in financial transactions and you can also read reviews and access data about the history of the firm online. It’s beneficial to learn more about businesses you want to work with as they will represent your brand in some capacity if you choose to hire an agency, do a deal or form a partnership.

Looking after your employees

Taking good care of your employees is critical for morale, but it can also help you to enhance your business reputation. If you are known for looking after your staff, this will make your brand more appealing to customers, investors or potential business clients. Try to aim for high retention rates by prioritizing health and wellbeing, offering attractive employee benefits packages, providing opportunities to develop and progress and rewarding hard work.

Sharing values

Customers today are conscious of the impact of the decisions they make. Research suggests that over 70% of consumers want to buy from brands that align with their values. If you give back to the community, or you support projects or donate to charities, this can enhance your brand image and help you connect with customers. Think carefully about what matters to you as the owner of the company and encourage clients and employees to share ideas.

It has never been more important to be proactive in protecting your business reputation. If you want to keep hold of loyal customers, attract new clients, receive positive reviews and feedback and encourage talented employees to stay with you, take these tips on board.

Tips To Improve Safety And Good Health In The Workplace

/in /by

StrategyDriven Risk Management Article |Improve Safety |Tips To Improve Safety And Good Health In The WorkplaceWhen it comes to maintaining a safe and healthy workplace, prevention is better than cure. A safe workplace contributes significantly to your business’ performance and, consequently, your reputation.

What’s more, the costs that your business will incur in case of any injury incidents resulting from inefficient measures are too much. The good news is that similar incidents can be minimized with a good plan and the damages controlled.
Follow the tips in this article to gain valuable insights on some preventive measures to implement in the workplace.

Regular Inspection

Is there any reason to check the workplace after knowing it’s safe?

The answer is yes. While one thorough examination of your business workplace will help you know of any existing and potential causes of risks, regular checks will prevent any unexpected risk surprises.

Seek professional help when conducting inspections. Some of the hazards to check for include;

Biological hazards

These are dangers caused by organisms such as bacteria and viruses.

Physical hazards

Physical dangers at the workplace vary from business to business. However, noise, weather, radiation, and electricity are the most common ones.

Ergonomic hazards

Disorganized workstations can increase the risks of accidents and poor health. For example, improperly adjusted chairs cause lousy posture.

Other workplace hazards to look out for are chemical and safety hazards.

Remember to have reports from all the inspections conducted as they will come in handy when planning for risks and during employee training.

Conduct Routine Safety Trainings All Employees

In a business setup, learning should never stop. So conduct safety training for your employees, even for what you think they know.

Avoid working with assumptions and make sure every person in your business has some safety tips at their fingertips. For example, assuming that all your employees are skilled to handle the different equipment at work is very risky.

Carry out orientations for new employees and interns even if they claim to know. You can also take advantage of this opportunity to organize internal workshops following identifying a new risk or introducing a piece of new equipment. Remind them of self-care tips and the importance of wearing protective gears made of closed cell foam.

Implement and Prioritize a Risk Management Program

Even with the best risk management skills, it is all nothing with no good plan in place for the future. Therefore, the ultimate strategy after identifying risk is to create a program that works towards its management and, eventually, its elimination.

After identifying and contextualizing risks at the workplace, the next step is to analyze and evaluate them critically. This step will help you come up with an effective strategic plan. Then, in the program, note all the measures systematically to reduce distractions and put your business in a better control position.

Conclusion

Times change, and new risks emerge. But If you are flexible and committed to a few readjustments from time to time, this will not be a problem and you will not have your staff organizing workers comp if they are injured and unable to work.  

Additionally, your customers and employees are important human resources for your business. Strive to create a work environment that prioritizes their safety and health at all times.

A Guide for Business Owners: How to Protect Your Company Fleet

/in /by

StrategyDriven Risk Management Article |Protect your company fleet|A Guide for Business Owners: How to Protect Your Company FleetIf your company operates a fleet operation, protecting your vehicles is of the utmost importance. Taking on this responsibility will help your business to remain on the road for longer, which in turn will aid you in your attempt to provide a quick, efficient, and cost-effective service to your consumers.

For advice on how to protect your company fleet, read on.

Protect against collisions

Should any of your drivers, for whatever reason, find themselves involved in a road collision, you could be liable to face a whole host of problems going forward. For one, the driver may suffer substantial injuries and, in turn, be off work for a considerable amount of time. On top of that, you will be tasked with fixing your vehicle, you will have to handle your insurance issues, and you may even be forced to repair your fleet’s reputation.

Protecting against road collisions should be one of your top priorities. To aid you in your attempt to perform this all-important task, it’s advised that you invest in a vehicle blind spot camera. With a cutting-edge tech tool such as Mobileye at your disposal, your drivers will be made more aware of their surroundings while they’re out there on the open road. Amongst a slew of other benefits, this will help them to actively avoid hazardous situations while reversing.

Fend off theft

Unfortunately, there will always be people out there lurking in the shadows, waiting patiently for the perfect moment to steal your vehicular assets. If you don’t want to be blighted by the plight of criminality in this sense, fending off theft should be one of your top priorities.

There are a number of things that you can do to protect your fleet, one of which being to invest in onsite security. With trained security professionals in place, you won’t ever have to worry about your fleet courtyard being left unattended. Even at night, there will always be someone there to keep an eye on your valuable vehicles.

A dedicated security team will not, however, be enough to provide your fleet with full-scale protection. If you’re serious about shoring up your safety measures, it’s highly recommended that you utilize alarms, CCTV, immobilizers, and tracking devices. With all of this technology at hand, not only will you have the capacity to fend off theft at the scene, but you can also help to prevent it altogether.

Train your drivers

Last but certainly not least, training your drivers is another crucial task that you are advised to perform. By taking the time to educate your road-based workforce, you will clarify your exact security specifications and expectations. Ultimately, this will help your staff members to spot and avoid potentially dangerous situations in the future.

When training your drivers, remember to remind them that they shouldn’t leave any valuables in your vehicles overnight. This will drastically reduce the likelihood of your fleet being broken into.

The time, effort, and money that you have invested into growing your fleet will all go to waste if you fail to protect your vehicles, which is why you should consider heeding the above advice.