Risk Mitigation

Tips, advice and solutions for business owners wanting to grow or improve their business

Business Risk during the Festive Season

Business Risk during the Festive Season
As we take the run into Christmas, most business are focused on getting things finished so they can wind down for a bit of R ’n‘ R over the Christmas & New Year period. Naturally, those in Retail are still geared up until after the post Christmas sales and Hospitality, will run hard until the holidays finish, but….there is another group who are gearing up for a busy holiday season.
 
This group, would officially be on the “naughty list”, as this group have only one objective - to rob you.
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( Posted in: Risk Mitigation )

Removing phone barriers for greater Business Success

Removing phone barriers for greater Business Success
In business, the humble phone is such an important tool - yet many business owners will not dial a prospect or debtor. The reasons for this span from; a simple lack of purpose, through to a real phobia or fear, however the outcome is the same - the call is not made - and this is what costs business.
 
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( Posted in: Business Management )

I want to run my own business, so now what?

I want to run my own business, so now what?
I want to run my own business, now what?
 
I've heard this line on many occasions over the years. Bright eyed and highly energised potential business owners with a concept for a business that they want to run. Of course, as every experienced business owner will tell you, it's actually not that simple to run a business - successfully and profitable.
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( Posted in: Business Management )

The Wallet Size Multi-Tool for Business

The Wallet Size Multi-Tool for Business

If you admire gadgets or clever design, then you will most likely have one of those nifty little tools’ which have dozens of attachments enabling you to; cut, bend, clamp, squash, saw or sew. They come in a range of colours and sizes, from pink micro versions to hang off your keys to the bulkier silver numbers designed for a holster on your belt….but….have you ever considered the value of the super thin plastic version?

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( Posted in: Banking )

Business Data - ďis it a valuable asset or an expensive handicap?"

Business Data - ďis it a valuable asset or an expensive handicap?"
It's well recognised in many corporate environments that data quality is a large and expensive issue. 
 
For banks & insurance companies with risk data, retailers with stock, marketers with poor lists, and countless others who rely on accurate financial info - poor data quality is an issue as it breeds inefficiency, increases expense and robs capital. 
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( Posted in: Risk Mitigation )

Business security - thieves wonít be taking a holiday

Business security - thieves wonít be taking a holiday

With just on a week to Christmas, businesses are generally finalising last minute sales, delivering product orders, sorting through end of month accounts, preparing for New Year sales, confirming the staff leave roster, and even.... finalising the details for a staff Christmas break-up!

What's normally left off the pre-Christmas “to do list" is security - physical and virtual.

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( Posted in: Risk Mitigation )

What information should I use to run my business?

What information should I use to run my business?

It’s that moment where you are sitting amongst a pile of information – numbers, graphs, returns, production numbers, stock levels, customer surveys…….all with seemingly important information……but what does it all mean......what information should I use to run my business?

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( Posted in: Business Management )

What if I didnít read the business contract?

What if I didnít read the business contract?

Have you ever heard, “…what if I didn’t read the business contract before I signed it?” Unfortunately I have, with my default response being, “the devil is always in the detail”. So if you have not read your document, then the chances are that the “detail devil” will cause you trouble.

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( Posted in: Risk Mitigation )

Clear Business Process + Strong Execution = Great Savings

Clear Business Process + Strong Execution = Great Savings

Regardless of whether you are selling burgers to a young family with three tired kids or producing “O” rings for the space program – there is always a cost when your process fails – it’s just the magnitude that varies.

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( Posted in: Business Performance )

Business - when Good Times go BAD

Business - when Good Times go BAD

How much risk are you carrying in your business - do you know......and what are you doing about it?

Someone once explained Operational Risk to me as the classic, 'good times gone bad' situation, where one or more of the things that have made the business successful, suddenly go wrong - and often....very wrong!

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( Posted in: Risk Mitigation )

10 Banking Essentials

10 Banking Essentials

You would not skydive without a parachute, so don't do business without these.

From a banking perspective, every business should have these 10 items in their kit bag to either save, make or protect money - whilst maximizing their banking relationship.

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( Posted in: Banking )

12 Costly Risks for Business

12 Costly Risks for Business

The majority of risks in business can be predicted and quantified as part of an assessment of the business and how/where it operates. For most businesses however, stopping to undertake this type of assessment is rare - let alone implementing mitigation plans. 

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( Posted in: Risk Mitigation )

10 Mistakes to avoid when Selling your Business

10 Mistakes to avoid when Selling your Business

Some would say that the hard work has been done, but you can't take your eye off the game at this crucial time - as it could blow up in your face and cost you a lot.

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( Posted in: Sale/Succession )

Fail to have a Business Plan is Planning to Fail in Business

Fail to have a Business Plan is Planning to Fail in Business

"Fail to plan is planning to fail" - Winston Churchill.

Even though this well used line receives universal acceptance in conversation....... few businesses "walk the talk".

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( Posted in: Business Management )

Sure Fire Business Killers

Sure Fire Business Killers

Operating a business has its challenges due to the many and varied issues drawing on the owners time – people, product, sales, collections, just to name a few. Thus it’s no wonder that many business owners operate “in” rather than “on” their business – which has its dangers.

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( Posted in: Business Management )

My Business is Up for Sale!

My Business is Up for Sale!

The sale of a business is typically an emotive situation for the business owner…… and in the majority of cases, something that they are very unfamiliar with. So if you are thinking of selling your business, then consider the following 6 ingredients for a good business sale experience.

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( Posted in: Sale/Succession )

Business Finance - On the Hook!

Business Finance - On the Hook!

For those who have borrowed money, you would be aware that financiers are always looking for a primary exit (repayment) source – normally via the repayment from business operations AS WELL AS a secondary exit just in case everything turns sour. 

Most people get the simple fact that if they default on the loan, the financier will look to seize the security to get their money back, but…. there is a lot more to learn about this.

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( Posted in: Banking )

The Financial Shopping List for Business

The Financial Shopping List for Business

With countless finance products in the market - which one should I take? This is an FAQ from most businesses at some point, so this simple shopping list should take some pain out of the process.

To start, it's not so much a case of which product you should take, it's more a question of which one do you need and realistically, what is available.

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( Posted in: Banking )

But I didnít see it coming!

But I didnít see it coming!

All too often this is the catch cry after a major incident.....a show stopping incident.....a business crippling incident…

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( Posted in: Risk Mitigation )

The Business Debt Trap

The Business Debt Trap

Debt comes in two forms - Good and Bad. Successful businesses understand the difference and actively manage their position.

Over the years I have seen many businesses struggle (and some crumble) under the burden of debt - with the debt load literally hanging over the business like a tree branch waiting to fall in a strong wind. Using a simple test before taking on debt will assist you in avoiding this risk.

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( Posted in: Banking )

5 Avoidable Banking Mistakes for Business

5 Avoidable Banking Mistakes for Business

As with most things in life - learn the lessons of those who have gone before you.

Over my years working with businesses and lending money, I have seen a number of simple mistakes that have cost people a lot of money. To save you the cost of these, I have jotted down 5 of the most common mistakes that I have seen, along with simple yet effective suggestions to avoid them.

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( Posted in: Banking )