Risk is just a part of business. For small businesses, risk can be greater than larger corporations with more resources to back them up. So, how can you reduce your business risk in 2019 to ensure you have a smooth and prosperous year? While risk may be a fact of doing business, there are steps you can take to ensure risk is minimal and your company can thrive. Here are five tips to get you started.
The first step to mitigating risk in your business is to partner with a good insurance provider. Risk is simply going to be a part of business, but you can protect yourself, your company and your employees with the right insurance coverage.
Of course, there are the basics that are required for any business owner. You need to have workers’ comp, for instance, as well as a variety of liability coverages. But also talk with your insurance provider to see if there are other ways to protect your complete business package.
You should also be able to cover your risk in a legal sense. Creating strong contracts under the advice of a lawyer will help you maintain good working relationships with anyone who does business with you.
Contracts will manage expectations, and they protect you in the case where someone may be in breach of the agreement. It’s a good idea to have a lawyer review any contracts before you sign them to see where the risk lies.
A standard operating procedure and good recordkeeping will also provide you with some security and mitigate risk for your business. Documenting everything will help even when there aren’t inherent problems in the system.
Systemizing any processes that are repeatable will go a long way to helping your company succeed.
That said, it’s also important for you to maintain some flexibility in what you do. If you’re not willing to adapt when situations call for it, you may find yourself in dire straits.
Be willing to look at creative options when you need them. For instance, if you’re having financing problems, don’t assume you can pull it out on your own. Be comfortable looking for outside help to reduce your risk.
You can also mitigate risk and focus on the things you do best by outsourcing processes. The most common is HR or staffing providers. Working with an agency either on-site or through their services will allow you to spend more time on revenue-generating projects rather than hiring and onboarding.
There are a variety of ways a workforce management solution can help you with your business. They can bring in top talent and even manage their orientation.
About Anserteam Workforce Solutions
The ANSER to your North American workforce management needs starts with A-Team solutions. Anserteam is the alliance of North American staffing and employment resources. Since 2004, Anserteam has grown to service over 1,500 locations across the United States and Canada. Are you a best-in-class staffing firm looking to increase your client base and secure a greater market share? Find out how to become part of Anserteam.