There’s no way around it — owning and operating a business comes with risk. On the one hand, operating under excessive levels of risk will likely impair the value of a business, consume much of its working ...
... owners is already clear: You’ve got to be constantly on guard against the many risks to your company’s financial solvency. One way that banks are advised to guard against catastrophic failure is to regularly ...
Hundreds of years ago, prosperous towns managed the various risks of foreign invaders, thieves and wild animals by fortifying their entire communities with walls and towers. Today’s business owners can ...
... the loss of pure know-how that will occur when you step down. One way to tackle this risk is to implement a knowledge management strategy. Two types of knowledge Knowledge management is a formal process ...
Concentration risks are a threat to your supply chain. These occur when a company relies on a customer or supplier for 10% or more of its revenue or materials, or on several customers or suppliers located ...
... some owners to rethink this strategy. A strong training program can not only help you attract and retain quality talent, but can also help you reduce operational risk. Renewed emphasis Today’s companies ...
... consider to help ensure that your business will remain a valuable asset for you and your family. Here are a few examples: Form separate entities to conduct riskier business activities. Provided the ...
... broadly to include not only intentional acts, but also reckless disregard of obvious or known risks that taxes won’t be paid. The courts have described various scenarios that reflect a reckless disregard, ...
... much value as possible from the sales that result. This approach has its risks but, under the right circumstances, it can pay off. What is value? Before embarking on a value-based sales initiative, ...
... process a little easier: 1. Be detail-oriented when filling out the paperwork. Insurers usually ask an applicant to complete a questionnaire to help them understand the risks facing the company in question. ...
... on social media. Whether it’s worth paying one of these individuals to promote your products or services, however, isn’t always an easy “yes.” So, this marketing strategy has its risks. And yet, if it ...
... Looking at the long term Although so-called “turnaround acquisitions” can yield substantial long-term rewards, acquiring a troubled target can also pose greater risks than buying a financially sound ...
... company’s track record with creditors. This includes business credit reports and your company’s credit score. Consider the three C’s Lenders want to minimize risk. So, while you’re role-playing as ...
... business is taking the proper steps to protect itself. It can also give you a competitive edge by demonstrating to customers and prospects that you take data privacy seriously. More tech, more risk Many, ...
... it a beneficial risk-management tool. Purpose of coverage Specifically, stop-loss insurance protects the business against the risk that health care plan claims greatly exceed the amount budgeted to ...
... the rules and legal risks. Naturally, the very first rule of competitive intelligence is to avoid inadvertently breaking the law or otherwise exposing yourself or your company to a legal challenge. The ...
... could very well see diminished profit margins and an escalated risk of being surpassed by competitors. Here are some foundational ways to strengthen customer service during these difficult and uncertain ...
... and new risk factors. You’ll also want to keep the plan clear in the minds of your employees. Be sure that everyone — including new hires — knows exactly what to do by spelling out the communication ...
... accounting-driven, historically minded budgeting techniques. To increase the likelihood of success, you need to actively anticipate “variances.” These are major risks that could leave your business vulnerable ...
... Intended effects Naturally, gamification has its risks. You don’t want to “force fun” or frustrate employees with unreasonably difficult games. Doing so could lower morale, waste time and money, and ...