Tips For Avoiding Unnecessary Risks in your Business

To successfully grow a business, there is a delicate balance that must be found between risk and security. Every business owner will say business risks must be avoided where possible. Nowadays, there are financial risks, physical risks and digital risks. Some do argue that without a little risk a business cannot grow, so of course we have to separate the risks worth taking and those we definitely want to avoid.

risks in your business
Here are a few tips for avoiding unnecessary risks in your business.

Conduct proper Cash-Flow Management

The basic yet mandatory step of proper cash-flow management is crucial for businesses of all sizes. It can be easy to slip up in areas of business that add up to make a great difference between cash flow and business success in the long run. Scott Lovingood, CEO of The Wealth Squad Inc., a small-business consultancy, recommends, “Calculate every month how much money you have on hand and how long it will last if your income dries up. Also evaluate monthly your total accounts payable and the number of days accounts are outstanding because a slowdown in accounts payable will lead to cash-flow crunches.”

Integrate Enterprise Risk Management

Enterprise risk management (ERM) is the process of planning and controlling business activity as a way of reducing risk regarding capital and earnings. Many companies thrive off using this type of AI software, as it can be used to weigh up and avoid potential problems by leveraging data. Holistic risk management supported by ERM is vital for the performance of all financial institutions, for example, because they function by balancing making profits and managing risk. ERM extends beyond accidental losses, to support for operational risks as well. The Risk Management Association defines operational risk as “the risk of loss resulting from inadequate or failed internal processes, people, and systems, or from external events.” These risks are addressed within ERM but there is also operational risk management (ORM), a specific subset of ERM. ORM can reduce the likelihood of lost opportunities and surprises and gain the real-time picture of emerging and current risks. ORM and ERM can be used together to delve further into data or separately to target specific risk points, all depending on a company’s needs.

Take Care of your People

Hiring and training new employees is a significant investment. There is a big difference between the resources that go into hiring and training 5 new employees that leave within 2 years and hiring and training 2 employees that become vital members of the company. This may not seem like a typical ‘risk’ often discussed openly, but it significantly affects every business. Lovingood says, “You’ve got to have key-person insurance on anyone who’s mission-critical to your business. If you already have key-person insurance, review your policy quarterly because it may be outdated if your business has grown dramatically.” Staff should receive ongoing training and support to be sure they are being efficient as possible and also happy at your company.

Cyber Risk

The threat from cyber attacks has become a priority for numerous risk managers. In our data-centric world, the threat continues to grow and expand into different forms. A cyber attack could result in significant reputational damage and threat of action from regulators who focus on ensuring all companies are up to date on cyber resiliency.

Although some risks are worth taking, the skill of a good business owner or manager is using the information they have at their fingertips to be sure they can be confident they are making the best choices to avoid possible problems or losses.

Image courtesy of rawpixel @Unsplash

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Movavi Slideshow Maker Review

As you may be aware there are many different ways to compile photos and images into slideshows – but not all of them are equal. In particular the software that you choose to use will determine exactly what types of audiovisual elements you’re able to include in your slideshow.

slideshow maker

When it comes to slideshow software, Movavi Slideshow Maker is very different from what you might expect. Not only are its features extensive, but it has two distinct methods of creating slideshows.

Easy vs. Full-Feature

Immediately after Movavi Slideshow Maker is launched you will be prompted to choose whether to create a slideshow using the ‘Easy mode’ or the ‘Full feature mode’. The difference between the two is that the ‘Easy mode’ is a simple 3-step wizard, whereas the ‘Full feature mode’ uses a timeline-based editor.

The ‘Easy mode’ is more limited in terms of features, but will still let you add photos, music, and animated transitions to create a slideshow. On the other hand the ‘Full feature mode’ of Movavi Slideshow Maker will give you full access to all of its features, and let you customize your slideshow as and how you see fit.

Comprehensive Features

Aside from compiling photos into images, you can add video clips to your slideshows as well in the ‘Full feature mode’. In fact in this mode Movavi Slideshow Maker will let you edit and improve the media that you use in your slideshow, to improve its quality or alter it according to your needs.

Insofar as audiovisual elements are concerned, Movavi Slideshow Maker will let you add audio tracks containing background music or voiceovers, insert animated transitions, include text elements, and apply various filters and effects. Together these elements will help you to make slideshows that look unique and stand out.

There are lots of other small but notable features in Movavi Slideshow Maker as well, such as its ability to match the slide duration to the tempo of your background music, record additional video or audio via a microphone or webcam, and so on. Simply put you’ll find that you can do far more than you’d expect with its features.

At the end of the day if you want a way to quickly and easily create slideshows, Movavi Slideshow Maker with its ‘Easy mode’ should give you everything that you need. On the other hand if you want to be engineer a slideshow that is completely unique and has its own distinct look then the ‘Full feature mode’ will be more your cup of tea. In either case it should be clear that why it is such a unique and specialized slideshow software – one that you stand to benefit from if you opt to try it out.

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Superb Solutions – Finding the Ideal Office Location

office location

Image: http://foundersguide.com/wp-content/uploads/2016/02/scouting.jpg

Finding the perfect office location to start your business is a critical element in the success of your company. You do not want to be in a place that is too far away, but you cannot afford the high prices of traditional office spaces in the heart of the business district. What is a business owner to do?

Investigate virtual office solutions via the Servcorp website, which highlights virtual office solutions that can assist you in upgrading your location to one that will work for you. Beautiful views, excellent communication services, safety, and financial savings are the goals when choosing an office location, and the virtual aspect meets them all.

Keep reading, and you will be informed of the top four reasons why finding the ideal office location is such a vital part of making your business succeed.

Great Place

With a virtual office, you can have any area you want. Most individuals choose to be in the city in which they live so they can run to the office, get some work done, and feel productive. With an excellent location comes spectacular views of the city horizon, the ocean or lakes, or the beautiful mountains. This keeps you as the owner and operator much less stressed, and it allows your clients to be much more relaxed than if you were meeting in a small, stuffy, windowless office in a non-frequented area of the city.

Inexpensive

One of the most important reasons to find the ideal office location is to save money. You want to find a place that allows you to put your profits back into the business to expand rather than to pay for monthly office rent.

With virtual office solutions, you do not have to purchase new office equipment such as printers, faxes, or copy machines. You do not have to furnish the office with desks, tables and chairs, waiting areas for clients, or any supplies the office may need. This all adds up and can save you thousands of dollars in the end.

Safe

Another reason you need to investigate a virtual office over a traditional office space is due to safety. With a conventional office, you may only have enough money to find a location that is outside the business district, which may be in an area that clients do not want to frequent.

By setting up shop in an out-of-the-way location, you are setting yourself up for failure, as the client will choose a different company, which is located in a safer and closer area to them. When you are in a high rise with luxurious office furniture, a superb view, and many people in one area, you are more at ease, and a relaxed client is one who is more likely to purchase what you are pitching!

Excellent Telecommunications

The last outstanding reason to find the ideal office location is for the communications portion of the site. With a virtual office, you will have tailored telecommunication services to use. You will have the fastest speeds as well as the most reliable networks. Your phones are a local number that is answered by a dedicated receptionist who will take messages and greet clients as they walk into your location.

You won’t have to worry about setting up a time for installing the internet service as this is all done for you once you sign the contract with Servcorp. You will also have a dedicated IT support team to assist you and answer any questions you may have with your company.

Why the Perfect Office Location Can Make or break your business

As in real estate, everything boils down to location, location, location! As a business owner, the spot that you choose for your small or medium-sized business can either succeed or cause it to fail. Make sure you find the ideal location by setting your sights on a virtual office.

With executive suites from Servcorp, you are not only getting a superb view of the city, but you are also in a safe location in the business district as well as an area that has reliable and consistent telecommunication services, both internet and telephone. Lastly, a virtual office is much less expensive than a traditional office. All of these positives point you to check into virtual offices to have the most successful business you can.

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Effective Procedures to Avoid Wrongful Termination Suits

Disclaimer: This article should not be treated as legal advice. It’s recommended that readers still consult legal counsel and contact a lawyer should they have any concerns regarding wrongful termination.

Working for a livelihood is an integral part of our personal life, and as professionals we strive to maintain a good relationship with our employers and employees. Unfortunately, there really is the possibility of encountering unfavorable circumstances on both sides of the fence and, if unmitigated, could lead to poor performance and even termination.

In certain situations, a former employee can feel that a recent termination has been wrongful, and may even decide to take legal action. In this situation, called a wrongful termination suit, your company’s lawyers may have to decide whether to pursue the case or to try and negotiate a settlement, among other options.


Avoid Confusing Expectations

When it comes to things like work, it’s important to be clear with what we want to happen in the company as this sets the direction for everyone to take. The same could be said when it comes to our employees. If you want to avoid wrongful termination suits, then it’s important that we define work expectations clearly and carefully to our employees.

  • It’s important to have a system that can identify the objectives of the company especially to the kind of performance we want our employees to have. It may help if we advise the employee on whether or not they’re meeting the standards we expect of them. Part of this can be good training and motivation as well.
  • Likewise, when it comes to having to terminate an employee, it might be essential to document the processes involved. This can especially be important if the employee in question is being terminated as a result of disciplinary measures.
  • Keeping records can go a long way when it comes to avoiding any form of litigation, and it serves as proof that there are procedures being followed.

Avoid Thoughtless Termination

In the same token, it’s not advisable to simply “just” terminate employees. If we do want to avoid wrongful termination suits, then we must make sure there are appropriate protocols in place when it comes to terms of termination, and we should make sure these are properly explained to our employees.

  •  For instance, it may be important to remember that being terminated is a form of rejection, and not everyone takes this the same way. It may be important to us to help place the termination in a position that allows it to help the employee understand that while they may be leaving your company, they may be happier with a company that would better suit them.
  • This method may not work all the time, but a bit of positive interaction, empathy, and compassion may go a long way. In fact, it can help if you offer some form of severance or some form of help for a short while. Of course, if you do provide this option, ask a lawyer familiar with these matters if it’s advisable to have them sign a release or waiver in order to collect this.

Avoid Ignoring Liability Insurance

Liability insurance can be quite the expensive option, especially in a climate like today when even the smallest things can cost a lot. However, the cost of liability insurance can be small compared to the stress and financial burdens a lawsuit can bring. This is important to consider as defending a termination can be quite expensive for the employer.

  • In this situation, sometimes it may be better to settle instead of going to court, and a lot of cost benefit analysis and review can come to this. You may ask your lawyer if liability insurance is a good option for you.
  • Try to ask for the right to select your lawyer and try to make sure the insurance company gets your consent first before actually agreeing to a form of settlement. Another helpful tip to be reviewed with a lawyer is to see if it’s more useful to have the coverage as “per claim” instead of “per claimant.”


Avoid Forgetting the Law, Training

Sometimes we tend to forget that one of the best ways to avoid wrongful termination lawsuits is to make sure we don’t break the law. After all, it’s not exactly fun to be accused of wrongful termination if you know you followed all the rules.

  • In fact, it might be helpful to have an employee handbook with all the guidelines employees need to follow. Guidelines and policies that are easy to understand can go a long way when it comes to your defense. Employees should be given a handbook right after they start, and you may be recommended to have them sign a document that indicates they have received and accepted the manual in question. Try to work with someone knowledgeable in human resources and/or employment law as well.
  • Also, try to make sure that your employees have some way of communicating their concerns with you or their direct supervisor. Remember, as managers or employers, we have the responsibility of making sure we open up lines of efficient and effective communication. Protocol on communicating concerns is an integral part of employee training, and understanding these responsibilities and rights may help employees be happier.

Conclusion

As professionals, we all strive for a good working environment in order for us to do our job to our full capacity. Sometimes, we have to accept that there will be situations where we won’t match with the companies we choose. There will also be situations where we, as employers, won’t be good matches with our employees.

What we can avoid, however, are situations where we have to let go of an employee without appropriate protocol in check. Through the help of good company practices and advice from legal and other work professionals, we might actually be able to avoid wrongful termination suits.

Cecille Cunningham

Cecille Cunningham loves writing for the common reader, especially on helping them make sense of various topics on the law. She currently writes for multiple law firms. In her spare time she cooks for his family and friends

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Hiring a Skilled Company to Design Your Website

Do you have a small business that you want to take to the next level? If this is the case, you will need to have an outstanding website that will allow the general public to find out about what your business does. Designing a website can be a very complicated process. It requires knowledge of coding that many people do not have. It would be wise to hire a professional web designer if you do not have the coding skills needed in order to create a great website. However, you need to be very careful who you hire for this task. Not all of the web designers out there have the same level of talent. Here are a few of the things you will need to take into consideration before you make a decision about which web designer you will hire.

web designer
1. How many years has the company been designing websites?

You will need to investigate exactly how much experience the web designer has. It is very important that you do not entrust the designing of your website to a company that just started doing this type of work recently. Your company’s website is much too important to have an inexperienced company overseeing its design. You can find out more about an experienced web design company with a great reputation if you visit www.bluehatmarketing.com.

2. How much does the web design company charge for their services?

The cost of hiring some of the best web companies might be out of your price range. This is why it is very important for you to speak to many web design companies and get quotes from all of them. This will allow you to compare the prices they will charge you if you decide to hire them. The prices they charge will vary greatly. Never assume that they will all charge basically the same thing.

web design

3. Take a look at many of the other sites that the company has designed over the years.

You need to see exactly what the web design company is capable of. The only way that you can truly do this is to look at other sites that the company was involved with designing. Play around with these sites and test out their functionality. How easily do the videos play? Do the sites transition smoothly from one page to the next? Would you like to have a site for your company that looks similar to the ones you are seeing?

4. How long will the job take?

You should then see which web design company will be able to finish the job the fastest. Some web designers are much faster than others.

Photo by Christopher Gower and Igor Miske on Unsplash

 

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