Protecting your company through the purchase of various forms of insurance is a risk-management necessity. But just because you must buy coverage doesn’t mean you can’t manage the cost of doing so. Obviously, ...
... innovation in your customer service department: 1. Welcome failure. Providing world-class customer service involves risk, and inevitably you’ll sometimes fail. For example, many businesses have jumped ...
... 2. All-risk policies. All disasters are covered unless specifically excluded. Many all-risk policies exclude damage from earthquakes and floods, but such coverage can generally be added for an additional ...
... issue: integration. Every provider may not mesh with your company’s culture. A bad fit may lead to communication breakdowns and other problems. Also, in rare cases, you may risk negative publicity from ...
... benefit from mortgage interest and depreciation deductions at tax time. Naturally, there are risks to ownership. For one, you won’t be able to easily pick up and move on. And if you’re structured as ...
... to address whether you yourself are either at risk for the affliction or already suffering from it. Doing so can be uncomfortable, but it’s critical. Here are some advisable actions: Form a succession ...
... to articulate specifically how the new location will help your business move toward its long-term goals. Expanding simply because the time seems right isn’t a compelling enough reason to take on the risk. ...
What could stop your company from operating for a day, a month or a year? A flood or fire? Perhaps a key supplier shuts down temporarily or permanently. Or maybe a hacker or technical problem crashes your ...
Adequate insurance coverage is, in many cases, a legal requirement for a business. Even if it’s not for your company, proper coverage remains a riskmanagement imperative. But that doesn’t mean you have ...
... set of rules, practices and processes by which a company is directed and controlled. Strengthening it can help ensure productivity, reduce legal risks and, when the time comes, ease ownership transitions. ...
... and analysis Riskmanagement IT strategy Succession planning Profit analysis and improvement Budget preparation and monitoring Cash management Liaison with bankers, attorneys, vendors, insurance ...
... and prioritize a list of the important issues you want to address. But include only the top two or three on the final agenda. Otherwise, you risk rushing through some items without adequate time for discussion ...
... expected net cash flows to its current market value, using the company’s cost of capital or a rate commensurate with the asset’s risk. In general, assets that generate an NPV greater than zero are worth ...
Nearly every business owner wants to grow his or her company. But with growth comes risk, and that can keep you from taking the steps necessary to move forward. Yet if you don’t think big and come up with ...
Your company probably offers its employees a retirement plan. If so, can you identify all of your plan fiduciaries? From a riskmanagement perspective, it’s critical for business owners to know who has ...
Business owners get to make executive decisions. It’s one of the perks of the job. But acting unilaterally when buying business software can be a risky move. Because new technology affects the entire team, ...
... perceptiveness, their ability to think strategically, their communication and project management abilities, and their energy and commitment to client service. Risk-Focused Audit Approach We apply a ...