Solutions to Protect Your Business from Common Risks

Date Publish: Sep 03, 2014

Running a business has its share of benefits and risks. As a company owner, it is then your responsibility to identify the risks and set preventative measures. Although you can't avoid hazards entirely, you can at least minimise its impact on your venture. In a construction site, for instance, employees are exposed to all sorts of dangers and accidents. But these can all be averted with safety precautions in place. Partnering with a provider of safety banner barrier fence system, for example, ensures the site is safe for workers and pedestrians alike.

The same principle can be applied to your venture. So what are the risks that you're business is up against?

Financial

For a business to thrive, it must follow a financial structure. Among the factors involved, business transactions and the financial system used are two of the most vulnerable to financial risks. Add to this customer behaviour and changes in interest rates, and your finances could be standing on rocky grounds.

Solution? Make an inventory of all your assets and debts on a regular basis. Watch your cash and profits to avoid losses and theft. Better yet, audit your finances every quarter at the very least, and don't just let anyone take on the job. Make sure to hire experts, similar to GRA accountants in Auckland. This way, you're assured of a job well done.

It's also important to take out appropriate insurance and protect yourself against legal problems. Lawsuits are quite expensive, and even if the case doesn't go to court, you still have to pay for legal representation. With that in mind, find out who can help you. Here are some sources:

Environmental or natural

Is your business ready to face and recover from a natural disaster? If operations get crippled due to power failure or burst pipes alone, you should seriously take a good look at your business practices, and then find ways to protect your venture against flood, hail or storm.

Solution? Talk to your insurance agent and find out which coverage suits your business's needs. Make sure to buy it as soon as possible. It would also help if you develop a crisis plan that clearly outlines what your employees must do when disaster strikes. Don't forget to include communication options and plans for inventory.

Health and safety

When you're delivering paper products over long distances, they are potentially at risk of damage due to moisture. Thus, to protect them, adding Winwongwai desiccant (สารกันชื้น) into the package is necessary. Similarly, you need to foresee the health and safety risks that could occur in your company. Failure to manage these risks can jeopardise your entire organisation. An aggrieved employee or a customer, for example, can file a lawsuit against you on the grounds of negligence, which will affect your reputation and your finances. If an investigation is carried out to check on the health and safety conditions of your staff, regulations that could increase production costs might be imposed, especially when proven that the company operates with low standards. So why wait for such problems to occur?

Solution? Set up safety programmes that are beneficial to the entire organisation. Learn more about fire safety and the kind of preventative measures you must set up. As for enhanced security, you can have burglar alarms installed, hire night guards and use safety vaults. When it comes to health risks, these can be dealt with by providing proper medical care facilities, reducing the number of accidents and ensuring a safe work environment. You should also make sure your commercial premises meet standards and are not hazardous to the health of your staff. For example, your washrooms should be as safe and functional as toilet cubicles designed by Venesta. These rooms can be a breeding ground for diseases and accidents if they are not designed and maintained properly. It wouldn't hurt for either you or your employees to take part in NLP practitioner training by the Performance Partnership so you can all better manage your stress and take better care of your health.

These are just some of the risks your company will face. When doing business in Africa, there are political risks that you have to deal with as well. As long as you know what you're up against and have a ready solution in place, you'll get past the hurdles with as little scar as possible.


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