How To Take Risks In Business

StrategyDriven Managing Your Business ArticleThere are many skills required of a person when they run a business. They need to be able to cope with lots of different situations and turn them around into successes for the business if possible. They also need to be able to manage people, deal with finances, organize marketing, and much more. Something that you might not have thought about before, but that is certainly an important trait when it comes to business, is risk-taking. There needs to be an element of risk-taking in any business if it is going to grow and thrive successfully. If you’re concerned that you aren’t taking enough risks (or perhaps even taking too many), read on to discover just how to do it right.

Search For Solutions

Risks in business should always be calculated ones. This means that you have looked at the situation you might be heading for and determined what the negative outcomes might be. Although you might not like to think in these terms, it is crucial – pretending that things won’t go wrong is a sure way to have problems because if something untoward does happen, you won’t know how to deal with it.

That’s the key; you need to know the potential negative outcomes because you need to know how to combat them if they do arise. Search for solutions for each issue that you might come across, and if they do occur you can deal with them. If they don’t, then you have nothing to worry about.

Think Long-Term

Having an idea that is a possible risk is one thing, but being able to continue once that idea has been implemented, whether the results are good or bad, is another. You need to not only think of the idea and weigh up the risks, but you need to think of the long-term for your business as well. Ask yourself what will happen if the risk you are taking does pay off, and what will happen if it doesn’t. This is important because you don’t want to take the first step and then not know where to go after that. A long-term plan is much easier to deal with broken down into smaller parts – it is also less risky.

Be Adaptable

Even if you do have a plan in place, you need to be able to adapt (and adapt the plan) if anything changes. Trying to continue with your original idea when you really should go in another direction won’t help you and won’t help the business. This is no longer a calculated risk but is instead a stubborn refusal to see that change needs to happen. This will hurt the business, and those being asked to carry out the tasks on your behalf could become extremely stressed by the situation, knowing it the wrong thing to do but unsure how to deal with it. A stressed employee might need time off; they might even need help from the Law Office of Scott D. DeSalvo.

Test First

You might be tempted to launch your new idea straight away because you’re so excited about it and you’re sure that it will do well. However, this is not a calculated risk – this is just a risk, and that’s not a good thing. Wait until you have all the facts and details you need to be able to launch successfully; launching a product and not having the right marketing in place, or not being sure how good that product, service, or idea really is, can be damaging to your business.

Getting Started with Small Business Protection

Safety is paramount to the success of your business, which is why larger companies dedicate entire departments to protective measures. Small business owners don’t always have that luxury, leaving them to handle unique risks without a massive amount of protective resources. That creates a real challenge, one that can often lead to digital, physical, and even legal issues most are unprepared to handle.

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So, what can you do? Before leaving your failsafes and security protocols to the wind, check out these tips to help make protection a top priority at your small business. From simple office rules to management tools, here’s the ultimate safety strategy.

Get Rid of Personal Devices

Step one to your plan of action should be eliminating personal or bring-your-own devices in the workplace. This reduces the risk of weak links in your security plan, helping to keep the lid tight on your operations.

While this isn’t always possible, there are workarounds to achieve the same result. Instead of removing these devices from your place of business, adopt a universal security package for your employees. The usefulness of managing and auditing your entire IT infrastructure’s user access rights with a tool like SolarWinds can’t be understated.

Malware Matters

As tight as security may be on your employee end, the world of the web is a malicious place. Malware protection is a vital safeguard for your business, manning the front lines while data enters and leaves your servers. It’s still important to train employees on security and safety measures, but this set-it-and-forget-it protection is something you can’t do without.

Unique Passwords

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While this 90’s rhetoric shouldn’t need restated in 2018, the number of hacks from even seemingly airtight corporations in the past few years suggests that it hasn’t set in just yet. With a single data breach costing upwards of $1 million on average, this is one area of security you literally can’t afford to overlook.

Ensuring every member of your staff uses a strong password is crucial these days. Have them keep the word used unique, add numbers, and make sure they utilize symbols if possible for the best results. Also, it helps to have your employees change their password every six months to a year.

Physical Security

It isn’t something most business owners want to think about, but individuals within your operation can be just as dangerous as those on the outside. While it is important to trust your employees, it never hurts to utilize cameras and locks when possible. Plus, these tools are an excellent means of theft prevention.

Backup Your Data

From contracts to daily sales, today’s businesses record almost everything online. Technical malfunctions happen at the most inconvenient times, which is why backing up your data is essential. Instead of opting for pricey equipment, consider cloud storage as a frugal yet secure alternative. There are numerous cloud storage services available that can help you create “hard” copies of important information.

Insurance

Even if you’re in the earliest stages of operation, business insurance can save you an enormous headache. Depending on what your business entails, you may need varying types of insurance. Public liability, home business, and indemnity are a few popular examples. Regardless of which kind your business needs, protecting yourself in the event of a worst-case scenario is vital.
Other small business insurance needs include:

  • General liability
  • Professional liability
  • Errors and omissions
  • Owners policy
  • Workers compensation
  • Property
  • Home-based
  • Product liability
  • Vehicle
  • And business interruption

Physical Protection

No, not bodyguards. Physical protection and security come in a wide variety of forms. Each of which is equally as important as the digital ones you’ve set in place. A simple example would be ensuring that your brand is unique to avoid any litigation or legal ramifications.

Another example would be the use of physical documents for contracts and agreements. Aside from creating a professional look, it further protects agreements made between you, your employees, and your clients with a hard copy. Adding arbitration clauses to those contracts is another physical security measure that can prevent legal ramifications down the road.

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Finally, physical protection for a small business can be as simple as creating a safe work environment. Working to prevent accidents and encouraging non-discrimination as well as non-harassment policies might not be the first thing on your mind when the word protection comes to mind, but they are just as important as cyber security measures.

Protecting Your Business

Security isn’t something to take lightly in any business venture, but you don’t have to shell out your earnings on an entire department just to make sure your organization is protected. By following the tips and advice above, you can keep every aspect of your small business from digital to physical secure while keeping things affordable.

Protecting Your Most Valuable Assets

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As a property owner, you would like to be able to predict every scenario that could happen to your home, business, vehicles, and other assets. However, accidents and disasters happen when you least expect them. You have to be prepared at all times to respond to the worst.

Along with repairing and maintaining your home, car, and other property, you also may want to cover them with policies that will pay out if or when an accident or disaster occurs. By investing in home, business, and auto insurance palm coast fl, property owners like you can always be protected against devastating financial losses.

Getting a Free Quote

Before you invest in a new policy for any asset, you want to know how much it will cost you. You do not want to spend a lot of money each term on premiums that are outside of your budget. You would ideally like the premiums to be realistic for what you can afford and what you know you can budget for ahead of time.

When visiting an insurance broker’s website, you should be able to ask for and receive a free quote for any kind of insurance policy the company sells. The premium quote will be based on different factors like your age, state of residence, gender, and driving history. It will also take into account whether or not you are a first-time insurance buyer or someone who has had insurance in the past.

Once you get a free quote for the policy, you can decide if you want to buy the policy or continue shopping around for better rates. Note that the rates presented on the broker’s website are likely designed to be for the least expensive policy. You may find the bargain you want or need to continue your search.

Insuring your car and other property is important as the owner. You want to know you will recoup your losses after a disaster or accident. You do not have to guess what your premiums might be before you purchase the insurance. You can get a free quote and more information by using insurance brokers’ websites today.

3 Things All Business Owners Need to Know About Risk-Taking


 
As pivotal as it is to be systematic and strategic with everything that you do in business, you also have to be open to a spot of risk-taking from time to time. To ready yourself for when that time comes for you, you need to know a few very important things.

Here’s are three things that you, as a business owner, need to know about the taking of risks:

1. It’s okay to predict disaster as it’s only natural

A business owner you might be, but you’re still a human being. As a human, you are naturally and inherently biased towards the predicting of disaster. For this reason, every time you seek to take a risk, there will probably be a voice in your head telling you not to take it because everything is bound to go wrong.

First of all, you have to accept that this is your inherent bias and that you’re always going to be fearful — it’s okay to be like this, it’s just who you are. Second of all, you have to do all you can not to let your fears guide you or push you towards making decisions. Of course, if the bad does, quite clearly, outweigh the good in regards to the risks you seek to take (after you’ve taken some time to look at them subjectively), then, yes, steer clear of them. Never, however, let your natural desire to predict everything going wrong guide your risk-taking actions.

2. When it comes to taking a risk, align yourself alongside experts

There’s nothing wrong with asking for help at any point in your career, as two or more heads are always better than one. This sentiment rings especially loud and true when it comes to risk-taking, though.

Simply, whenever you enter into a field you’re not wholly sure about, before you take any kind of risk within it, you should seek to align yourself with an industry expert. By doing so, you will be able to tap into their expert knowledge and use it provide you with a better understanding of where, when, what, and how to take your risk. An example of this is you getting in touch with a high leverage broker before you seek to invest in the foreign exchange (Forex) market — by doing so, you’d learn about what it takes to trade in high volumes as well as how to perform investment risk calculations.

3. The ability to take a risk will help you to stand out

As not a lot of people in business are willing to take a risk, by doing so yourself, you will make yourself stand out. For better or worse, your ability to put caution to the wind will act as a differentiator between you and your competitors. For customers that like that kind of thing, that’ll put you at the forefront of their mind. Subsequently, this will bye you a one-way ticket to the front of your market.

If you feel like your business is stuck in a bit of a rut, why not try something new? More to the point, why not take a bit of a risk?

How Disaster Recovery Can Benefit Your Business


 
If you are a business, having a good disaster recovery solution in place is absolutely vital, especially given the technological world that we now live in and the advancements that have been made in the past decade. If you have not yet invested in disaster recovery for your business, then this is the article for you as we will be taking you through exactly what this is and also how it can benefit your business. Carry on reading if you want to know a little bit more about this.

What Is Disaster Recovery?

Disaster recovery is a solution that has now become a necessity for businesses as it will protect data and business information systems from any kind of possible disaster. This can be anything including human errors, natural events, hacking and even theft. As you can see, it is extremely important for businesses to have this in place in our new, modern world as these are all potential ways that you could lose a lot of sensitive and important information.

The Benefits of Disaster Recovery for Your Business

Now that you know exactly what disaster recovery is, it is time to delve into the amazing benefits that it will bring to your company.

1. Restore Time Reductions and Lower RTO & RPO

What business love about having a disaster recovery system in place is that you have the warranty of restore systems, services and applications in far shorter times and you can also enjoy a far lower RTO and RPO. Reducing your restore times drastically is pretty much impossible without using disaster recovery services and so this is a massive benefit of having this in place.

2. Limit Revenue Reduction Costs

When you reduce the restore times of business information systems you will be able to limit your losses of revenue. What’s more, you will also be able to limit losses for other costs that have been caused by downtime and management or technical assistance expenditure.

3. Safeguard Business Operations

Every business will have critical processes in place that always need to be active as they are vital to the smooth running of the business. One of the amazing benefits of using a disaster recovery solution is that these processes will be preserved and any interruptions will be kept to a minimum, so you can get your business operations back up and running in no time.

4. Protect Your Company Reputation

As we previously mentioned, when critical processes to your business are not active, this can cause your business to not run as smoothly as you would like. If this happens, this will normally result in lots of very unhappy customers! So, if you want to protect your company’s reputation and make sure that your customers are happy with the service that you are providing, you will need to make sure that you have effective disaster recovery in place.

5. Have a Plan for Unexpected Situations

No business expects to have a situation arise where they need disaster recovery, but this is exactly the point! Every business should have the peace of mind that there is a process in place should they face an unexpected situation. A disaster recovery programme will ensure that your business has a detailed plan in place to intervene in the case of an emergency. This usually involved a short restoration which is controlled in all its stages.

6. Customise Your Own Disaster Recovery

Finally, one of the best benefits of having disaster recovery solutions in place is that you can customise it so that it fits your business perfectly and works exactly how you want it to. You will be able to customise and monitor your own disaster recovery solution and this allows you to pick the replication frequency and establish what the best recovery times are for your business. Furthermore, having this personalisation also means that you can constantly control your disaster recovery site.

As you can see, there are a range of fantastic benefits that come along with having a disaster recovery solution in place. Not only that, nowadays with the latest advancements in technology it is vital for most businesses to have this in place.