Category: General

There are a range of risks that all businesses face, whether they are large and established companies or much smaller startups. Some businesses face risks that are quite small and minor and will be quite simple to deal with. However, some businesses face much more dangerous risks that can be costly to them and others if there are problems. Business risk management is something that all business owners need to be aware of. So much money is invested into companies in order to mitigate and reduce risks.

As things are, risk management for business owners and employees can work well for all, especially when both parties collaborate and work together to eliminate risks as much as possible.

As a business owner, especially as one who has an online-based business, there are certain steps that you can take to reduce the risks to your business. Here are some of the things that you can do to reduce the risks.

Get insurance

One of the best things that you can to reduce your business risk is by getting insurance for your business. The biggest risk that it eliminates is getting sued and losing your business due to losing lots of money because of something that happens. And with the ranges of business insurance that are available, there really is something for everyone with insurance packages to suit exactly what needs you have to cover.

Insurance can also help to protect physical premises such as a store, an office, or a warehouse if you have one, if there is anything like storm damage, flooding, or other disaster. It can give you real peace of mind and can be a protection for your customers too.

Get help from a customs broker

If you have an online business that involves shipping products to other countries, then there are a number of risks that can come from that. All countries and customs have different rules in place, and if you get it wrong, not only can it mean unhappy customers not receiving their orders but it can also lead to fines and problems for the business.

By using a customs broker, they can work with you to get the necessary licenses in place and make sure that you are adhering to the rules of the country that you are trying to ship into. You might not be aware of things like duty taxes for shipping somewhere else either, which is what they could help you with.

Diversify what you do

You might be aware of the phrase that you shouldn’t put all of your eggs in one basket. When it comes to your business, this is something that is definitely true. No matter what products or services you offer as part of your business, by doing more and making sure that you have a larger range, it can help to reduce risks for your business. It helps your customers to have more choices and it can help with various streams of income at the same time too, not to mention it can give you an edge over your competitors. If you only offer one thing, then it is time to do more.

Know the law

When it comes to your business, ignorance isn’t an excuse. As has been mentioned briefly above, there can be certain laws and regulations around customs that you may not know about, which is why getting help is important. But no matter where you do business, you need to know exactly what the laws are. In fact, even in a country like the US, the laws can vary from state to state, so you need to be aware of what is relevant to you and what isn’t.

By knowing the law and the right legislation for the business that you are in, you are helping to reduce your risk in the business in a massive way.

Protect your data

Cyberattacks are something that can pose a big threat to business, and sadly, are on the rise due to the number of businesses that are based online. These kinds of attacks don’t just impact your business from a financial point of view, but also from a reputation point of view. That is why taking steps to protect the data that your business has can help to save you a lot of money in the long run. With different software and technology, as well as outsourcing to IT companies to help, there is a lot you can do to protect your data.

Training employees is something else that can make a real difference to protecting data, so they know exactly what can or can’t be done with data.

Taking steps to reduce the risks for your business needs to be a top priority for your business. You won’t want to go out of business just because you weren’t taking any steps to protect the business and reduce the possible risks and threats.

If they are hitting your targets, and deadlines are constantly being met well ahead of time, then productivity will be less of an issue for you. On the other hand, if the work you give out isn’t being completed on time, then you need to take the necessary steps to manage your employees.

You can maximise productivity in the following ways.

#1: Find ways to monitor your employees

While your employees might resent you keeping an eye on what they are up to, know that it is a necessity if they aren’t completing work on time. As the boss, you could walk around the workplace regularly, but you can save yourself a lot of time by watching your employees on cameras that you have set up to monitor them instead.

You are more likely to discover the behaviours that are responsible for deadlines being missed this way, as your employees might forget that they are being watched. Not only can cameras be set up around your workplace, but if you have drivers missing delivery targets, you can use a fleet dash cam to track them while they’re on the roads.

And there are other things you can do. You might employ somebody to supervise your employees, for example, as they will be able to monitor your employees on your behalf. You can also use employee monitoring software on your computers to check what they are busying themselves with online.

By tracking your employees in such ways, you can get to the root of why their productivity might be slow. It could be because they are taking more breaks than they should or behaving in any other way that you wouldn’t deem appropriate. Or it could be because they are struggling with their workloads. Whatever the case, when you pick up on any problems, you will be able to deal with them accordingly.

#2: Be a better boss

In some cases, your employees might be to blame for low productivity. On the other hand, the finger of blame might point at you. We aren’t suggesting you’re the boss from hell, but your employees might disagree with us. So, think about your actions. Do you give your employees more work than they can deal with?

Do you ignore their pleas for help? Do you give them fewer break times than they need? Do you constantly micromanage them? Any one of these actions could limit your employees’ productivity, not only because you are in danger of exhausting them, but because you are lowering their morale as well.

So, be a better boss if you’re guilty of giving your employees a hard time. By giving your employees a workload they can reasonably deal with, and by giving them more time in the day to refresh themselves, tiredness shouldn’t become an issue.

When your employees come to you for help, listen to them, as you might pick up on why they aren’t productive. And trust your employees to get work done instead of micromanaging them, as not only will they have more time to work without being disrupted, but they will be happier in their work too.

Thanks for reading!

Featured Image by David Mark from Pixabay

E-commerce is growing exponentially with each passing day. In fact, it’s predicted that the sector will now generate almost $300 billion in revenue annually. If you’re considering launching an e-commerce startup, you’ll no doubt want to get in on the action as soon as possible. However, setting up your own company can be challenging and challenging. You must create a business plan and find investors if you need more money of your own.
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Security is inseparable from any kind of sensible interaction in cyberspace. Our every move is a possible hacking opportunity for someone – something which could potentially lead to financial, commercial or personal ruin if not handled properly. Not just our actions but our passive online presence such as a dormant and forgotten social media account can constitute a ruinous security breach.

Although antivirus software and virtual private networks (VPNs) are now in common use, many people who are otherwise conversant with cyber-technology are still alarmingly unaware of the security risks they face.

Here are some myths you need to stop believing if you want to be safe from online fraud or security breaches. The only way that we are going to be able to reduce the levels of data breaches and money and data stolen is if we get very real with ourselves about the risks that we face and the security steps we need to take.

“I have no data anyone would want to steal”

If you use the Internet, there is someone out there who could use and/or sell your data. If you’ve ever purchased anything on Amazon, your credit card details could have been stolen by covert key-logging software that records everything you type on your keyboard. This can also record all passwords you type in, giving access to all secured accounts you use.

Banking and financial transactions are obviously the biggest concern, but even more mundane information has monetary value on the Dark Web. Access to a Twitter account can be sold for between 10c and $3, while your Gmail account details can fetch between 70c and $1.20.

If you run a business, theft of information about your customers or employees can lead to expensive lawsuits, regardless of its direct financial value.

This is why you need to take the correct steps to secure your business. Not only does this mean the data you hold yourself, but you also need to choose third-party relationships with an extreme amount of care.

Whether you hire an accountancy firm to take care of your books or you use a UX research platform for insights into your customers, you need to ensure that you select a company that is reputable and has a clear security policy in place.

“If someone hacks my data, I’ll know about it and prevent any damage”

Locking the stable door after the security horse has bolted is the resort of the ignorant and naive. 68 per cent of identity theft victims don’t know how their data was stolen in the first place, while 92 per cent don’t know who were the thieves or hackers who stole it.

If you don’t have adequate security, someone you’ve never heard of could be taking out loans and obtaining credit cards in your name while you’re still blissfully unaware there is a problem.

Cyber-criminals have perfected ways of silently accessing your computer and stealing your most valuable details without leaving any visible evidence of their activity.

If you do a bit of research online, you will see that a lot of the big businesses that have already been hit by data breaches did not know about it for a considerable amount of time, which makes the damage get worse and worse!

“I’ve nothing to fear if I only visit reputable websites”

While you’re generally safer clicking on well-established sites of legitimate companies, this may develop into a false sense of security.

If your computer has been infected with some kind of data-stealing software such as a key-logger, your most sensitive information such as credit card details may be being stolen as you’re typing them, regardless of how good the site’s own security is.

“My computer already has its own protection”

Operating systems such as Microsoft have built-in security that gives some protection against hacking and viruses, but this is only a minimum to prevent serious damage at the hands of hackers and criminals.
In fact, it has long been a rumour that you do not need any security products if you use Apple devices, as they are already secure. Yes, their security is superior, but this does not mean that you should leave your systems exposed.

Anyone serious about online security needs to look at commercially available anti-virus software, along with VPNs that will protect and encrypt their online communication with other devices.

However, adequate security is not prohibitively expensive either, and potential buyers should beware of security packages sold with far-fetched claims at extravagant prices.

“I only need to secure my financial data and passwords”

If you think you’re safe once you’ve secured your credit card and bank account numbers, PINs, etc., then the criminals are a long way ahead of you. The more of their lives people choose to post online, the more opportunities they offer thieves and other unscrupulous people to rob, defraud or blackmail them.

Social media sites like Facebook are a goldmine for criminals when those who use them are careless about what information they publicly reveal. Think of the pleasant surprise a burglar gets as he reads a social media user’s announcement that she and her family are taking a two-week break, leaving an empty house with its contents there for the taking. If you must share potentially damaging information on social media, at least make sure it’s only available to a selected group of trusted friends.

Many people have moved into the information age without thinking of the potentially damaging compromise of privacy that comes with it. Once upon a time, many thought it was a good idea to remove their names from the telephone directory, believing that enabling a stranger to ring their number posed the risk of an unacceptable breach of privacy.

Nowadays, these same people are happy to post personal details online several times a day. There is no going back to the pre-Internet age, but people should at least be conscious of the devastating damage they can cause by not taking security precautions.

As an employee, the idea of going self-employed can seem like the dream. But it can also be a little scary. Where would you start? How do you get set up? How can you even earn some money? Right now, there may be so many questions that are going round in your mind – and that’s natural. You can often be so confused that you put off the idea of starting a business altogether as it just seems like too much to take on.

But if it’s something that you really want to do, and you’d love the freedom of being your own boss and controlling your own income, then it’s time to let that fear go and feel confident instead. So to help you get started, let’s take a look at some of the income options you have to at least tick that issue off of your list.

1. Selling Your Services

First of all, you’ve got the option of providing a service. When you’re someone that’s really skilled and experienced in a set area of work, you could look to continue on doing this – but freelance or for yourself, instead for your employer. Examples include writing, accounting, or designing.

You would then charge a set fee for your services, or offer packages, that allow you to generate income on an hourly or by project basis. Just make sure that this won’t be against your contract when you leave your company.

2. Selling A Product

Then, on the flip side, you could sell a product. Here, you would come up with a company that’s in a set niche, like a bake shop or a clothing retailer. You could then make your own product or buy wholesale goods from a manufacturer, to sell. Then, rather than charging for your service, you would then sell products as fixed unit costs.

3. Consulting

Similarly to the idea of providing a service, is consulting. But, when you become a consulting, you’re not really changing a set service – such as writing or design.

Instead, you’re providing advice in the area that you’re an expert in. Maybe you’re great at growing companies and want to be a business consultant? Or maybe you’re a qualified nutritionist and can consult patients on their diets? Here, your price could be hourly, or a fixed fee.

4. Investing

And lastly, you may also want to think about investing, and how you can generate income via the money you already have. Now, before you do start trading, it will be handy to do some research.

So look online and start learning about CFDs, stocks, and anything else that may interest you. While this could become your full-time gig, it could also be something that you do to supplement your income.

So, what will it be? Do you think you want to take on any one of these income options, or are you excited to get started with all four? Anything is possible if you’re willing to work for it.