How to Reduce the Risks of Doing Business

How to Reduce the Risks of Doing Business

Regardless of the type of business you run, there are risks involved. You could be faced with anything from accidents to lawsuits to financial trouble. Keep the following in mind as you take measures to avoid risk in your business.

Don’t Go Underinsured

Life is unpredictable and preparation is vital to handling any potential disasters. The first step is buying insurance for your business. The type of insurance you purchase is dependent on your type of business, but a few places to start would be insurance against death, disaster, or any general liability. If something unexpected comes up, you can put your mind at ease knowing you’re protected.

Avoid Lawsuits

It may seem like a daunting task to avoid lawsuits. In many businesses they’re inevitable, but there are still precautions you can take. For example, you can write out your company policies, make employees aware of them, and enforce them. It’s also important to keep accurate and consistent records. These could include records of when contracts were agreed upon, when regulations were given to employees, etc. If you have accurate records, they can help you make your case during a lawsuit. Additionally, you can limit the risk of lawsuits by hiring employees certified in your field. This ensures that they are qualified and will meet the professional standards and regulations.

Save Money

While insurance can be good protection against the unpredictable, it’s still smart to be saving. If there’s an accident, insurance has you covered, but one hard truth is that sometimes businesses aren’t successful. There’s no predicting it and often there’s no stopping it. Because of this, you should try to have a nice cushion of money in case your business starts to go under.

If you have a large sum of money saved, then perhaps you could even revive your business. You could hire a business consultant or invest in new methods. Having money saved is always a smart choice and it can give you more options if things start to go south. Aside from helping if your business fails, a savings account can have many other benefits.

Preparation is the key to succeeding in your business. Plan for any outcome and then take the necessary measures to avoid risk. Buying insurance, taking steps to avoid lawsuits, and saving money are only some of the best ways you can prepare for the unexpected.

Need some extra help managing your business? Try one of our coaching programs!

What You Should Know About Instituting a Workplace Safety Initiative

What You Should Know About Instituting a Workplace Safety Initiative

In your workplace, it’s imperative that you consider the safety of yourself and your employees. Creating a workplace safety initiative is an excellent place to start. It will be a process to determine all risks and adjust to any changes, but it will ensure the well-being of everyone in the workplace.

Determine Your Risks

Before creating a workplace safety initiative, you need to know what to include by determining the risks in your workplace. First, you should have a professional assessment done of any hazards. These hazards could be related to the building itself, the environment (such as air quality), or the activities done on the job such as operating machinery. Along with a professional assessment, survey your employees on any risks they are aware of. Your employees are the ones who are in the working environment every day. They will be more in tune with the risks associated with the job. Determining risks can also be done by thoroughly investigating any accidents or injuries. It’s likely that many are preventable and keeping track of these incidents will help you know what risks to look out for.

Make Education a Priority

In order for your workplace safety initiative to be successful, it is essential that everyone is aware of the regulations made. Make sure you put your initiative in writing and have all of your employees sign once they’ve read it. Go over safety training regularly to ensure your employees are still aware of regulations. Go over the regulations with new or transferred employees. It’s also a good idea to go over the initiative if there are any changes made such as new equipment being added or new hazards being noticed.

Measuring Success

In order to maintain safety in the workplace, you will need to evaluate the success of your initiative. One measure is to see if the rate of incidents changes. The OSHA Incident Rate offers a useful metric for how often injuries occur in your workplace. This incident rate will measure your workplace against other businesses in the same field. Doing so allows you to see how your workplace compares with the national average and then you can adjust your workplace safety accordingly.

The process of creating a workplace safety initiative may be long, but it will be very inclusive of your employees. You can get their feedback and show that you value their safety. Make sure you make education and evaluation a priority as you begin the process.

Read this next: Questions You Should Ask Yourself as Workers Come Back to the Office

Areas of Your Business Overdue for Simplification

Areas of Your Business Overdue for Simplification

It might surprise you how easily different areas of your business become overly complicated. Complicated processes have a tendency to slow things down and reduce efficiency. Simplifying them can provide greater clarity and make them easier to get through. If you’re not quite sure where to start, there are some areas of your business that are likely overdue for some simplification.

Hiring

Hiring has the potential to be frustrating for prospective employees as well as employers. There’s the collection of applications, sorting through applicants, conducting effective interviews, following up, making an offer, the paperwork, and the onboarding process. It can get pretty complicated pretty quickly. Make things simpler by having a clear idea of what you’re looking for in an employee and conducting the interview in a way that allows you to quickly identify whether or not a candidate is worth your time. Also consider leveraging online programs that can streamline your paperwork and onboarding process, which can help speed things along.

Communication

Keeping customer communications clear and simple is key to keeping them happy. The more complicated and difficult to understand you make things, the more frustrated they will become and the more likely they are to go somewhere else. Simplifying customer communication means taking a look at the way you say what you say and the methods you use. If you identify deficits or overly complicated processes, address them. Don’t forget to look at how fast your response time is either. If you take too long to respond because your processes are too complicated, look for ways to simplify them. Consolidating messages makes it easier to respond quicker to customers. Make sure you put plans in place to prevent messages from being overlooked as well.

Meetings

Few people actually enjoy business meetings unless it’s because it’s a break from the day to day functions of their job. Meetings have a way of getting off track and taking longer than needed, so make sure they are done in a simple, efficient manner. Identify who actually needs to be at a meeting and don’t include anyone else. Have a clear agenda, send it to attendees ahead of the meeting, and stick to it. Keep Q&A sessions short and sweet. Before you schedule a meeting, ask yourself if a meeting is really necessary or if a simple email will do the trick. This will help you keep your business meetings simpler.

As a business owner, it can be tricky to know what aspects of your business really need to be simplified. Look at your hiring processes, how you communicate with your customers, and how your meetings go. For other ideas on aspects of your business that are overly complex, consider talking to your employees. They probably have a few ideas worth your consideration.

Need a little bit of extra help leading your business to success? Try one of our coaching programs!

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