Tag: risk

  • Strengthen Your Supply Chain with Constant Risk Awareness

    Strengthen Your Supply Chain with Constant Risk Awareness

    When the COVID-19 crisis exploded in March, among the many concerns was the state of the nation’s supply chains. Business owners are no strangers to such worry. It’s long been known that, if too much of a company’s supply chain is concentrated (that is, dependent) on one thing, that business is in danger. The pandemic…

  • Bridging the Gap Between Budgeting and Risk Management

    Bridging the Gap Between Budgeting and Risk Management

    At many companies, a wide gap exists between the budgeting process and risk management. Failing to consider major threats could leave you vulnerable to high-impact hits to your budget if one or more of these dangers materialize. Here are some common types of risks to research, assess, and incorporate into adjustments to next year’s budget.…

  • Deciding Whether a Merger or Acquisition Is the Right Move

    Deciding Whether a Merger or Acquisition Is the Right Move

    Merging with, or acquiring, another company is one of the best ways to grow rapidly. You might be able to significantly boost revenue, literally overnight, by acquiring another business. In contrast, achieving a comparable rate of growth organically — by increasing sales of existing products and services or adding new product and service lines —…

  • Refine Your Strategic Plan with SWOT

    Refine Your Strategic Plan with SWOT

    With the year underway, your business probably has a strategic plan in place for the months ahead. Or maybe you’ve created a general outline but haven’t quite put the finishing touches on it yet. In either case, there’s a time-tested approach to refining your strategic plan that you should consider: a SWOT analysis. Let’s take…

  • Reduce Insurance Costs by Encouraging Employee Wellness

    Reduce Insurance Costs by Encouraging Employee Wellness

    Protecting your company through the purchase of various forms of insurance is a risk-management necessity. But just because you must buy coverage doesn’t mean you can’t manage the cost of doing so. Obviously, the safer your workplace, the less likely you’ll incur costly claims and high workers’ compensation premiums. There are, however, bigger-picture issues that…

  • Does Your Supply Chain Have a Weak Link?

    Does Your Supply Chain Have a Weak Link?

    In an increasingly global economy, keeping a close eye on your supply chain is imperative. Even if your company operates only locally or nationally, your suppliers could be affected by wider economic conditions and developments. So, make sure you’re regularly assessing where weak links in your supply chain may lie. Three common risks Every business…

  • Business Interruption Insurance Can Help Some Companies

    Business Interruption Insurance Can Help Some Companies

    Natural disasters and other calamities can affect any company at any time. Depending on the type of business and its financial stability, a few weeks or months of lost income can leave it struggling to turn a profit indefinitely — or force ownership to sell or close. One way to guard against this predicament is…

  • Not necessarily a luxury: Outsourcing

    Not necessarily a luxury: Outsourcing

    For many years, owners of small and midsize businesses looked at outsourcing much like some homeowners viewed hiring a cleaning person. That is, they saw it as a luxury. But no more — in today’s increasingly specialized economy, outsourcing has become a common way to cut costs and obtain expert assistance. Why would you? Outsourcing…