Risk Management Solutions For Your Business

StrategyDriven Risk Management Article | Risk Management Solutions For Your BusinessIt’s highly likely that you have spent a significant amount of time setting your business up to get it to a point where it’s sustaining a positive growth rate. However, it’s also highly likely that you haven’t spent as much time sussing out the potential risks that could damage or stunt your company’s growth. The earlier you decide to instigate risk management into your business processes, the better. This will help protect what you have built this far, and hopefully prevent, control, or reduce any problems that may occur in the future.

Protect Your Work

When you are using digital devices, it’s essential to save your work on your device, at all times. But not only this, you should be storing it somewhere else too. One of the reasons being, an increasingly problematic issue that occurs for small and large businesses alike is the threat from hackers. And so, a backup solution is necessary (along with anti-virus software and IT systems) to prevent intruders and strategically prevent the stress that these issues shall cause you. Keeping your digital files on one device is extremely risky. Although not just because of hackers, other threats such as office fires that could damage your electronics, and burglars who could steal your equipment. Depending on the amount of intel you need to store and protect shall decipher what services and solutions are best for your business. You need to weigh up whether cloud services, external servers, or external hard drives are adequate enough for your business intel.

Safety Equipment

In terms of health and safety, there is some equipment that your physical business premises simply can’t legally do without. Such as fire doors and fire alarms in the event of an emergency. Alongside this, there are other precautions you can take to prevent cost inducing damage to your premises that may cause accidents. For instance, if you own or are storing large quantities of fluid on-site (oil, chemicals, fluid, etc.), you may want to install a liquid level switch to consistently and reliably monitor the fluid levels. This shall help to indicate whether there is a leak before it’s too late. Other forms of equipment are CCTV, to monitor the premises and alert you if there is a risk that could be detrimental to your business activities.

Business Insurance

Chances are you don’t have the means to purchase a new building, settle claims against your business and buy brand new equipment outright if the need arises due to a natural disaster or criminal activity. Because of this, it’s a good idea to purchase business insurance to cover you if something awful (and expensive) occurs. This is the last port of call in your risk management program so that if the other steps you’ve implemented have not protected your business as planned, there’s hope that the insurance company will cover the damage. In light of this, read through the terms and conditions of your insurance policy carefully, to check that you have adequate coverage for your business needs and the possible eventualities.

To begin managing potential risks that could occur at work, you can either walk around the premises and assess any areas that need attention. Such as faulty doors, or untidy cables that could cause a nasty fall. Otherwise, you may wish to hire a professional to check the business premises for you.

5 Things To Remember When Starting A Chemical Manufacturing Business

A chemical manufacturing company is a potentially very lucrative business idea, however, it does require a lot of initial investment. You need to cover the cost of finding a prime location, buying and setting up all of the equipment, and hiring a lot of specialist employees. You’ll have to put a lot of money into this business if you want to get it going which means the risk is very high and if you fail, you will find yourself in a very difficult financial position. That’s why you need to think carefully about it and make sure that you know exactly what is involved in setting up a successful chemical manufacturing business. If you think that it’s the right idea for you, make sure that you have considered these things.

StrategyDriven Starting Your Business Article | 5 Things To Remember When Starting A Chemical Manufacturing Business | Entrepreneurship

What Is Your Niche Going To Be?

Unless you want to spend huge amounts of money on different types of equipment, you need to pick a fairly narrow niche for your chemical manufacturing business. Starting out with one or two products is the best thing to do, otherwise, your overheads will get out of control before you even get started. The first decision that you need to make is whether you’re going to make intermediate chemicals or finished products for market. Intermediate chemicals will be sold to other businesses which will use them during the manufacturing process to make products that go straight to market. Alternatively, you could make products like cleaning chemicals, soap or toothpaste etc. for companies that will then sell them direct to retailers.

If you’re making intermediate chemicals, the manufacturing process is usually simpler and cheaper. You’ll also have more choice of customers, especially if you make a product that is used to manufacture a lot of different things. However, the profit margins on these products tend to be smaller so you’ll be selling in larger quantities but not necessarily making as much money on each unit.

Manufacturing finished products for market does tend to give you a higher profit margin, the only problem is that the overheads are also a lot higher. When you’re manufacturing more complex products, you’ll need a lot more equipment and at this point, you probably can’t afford that. It’s best to start out with intermediate chemicals and move on to more complex products once you’re well established and you have the money to cover the increased overheads.

Location In Relation To Raw Materials

Choosing the right location for your manufacturing plant is very important. You need to make sure that you have adequate space for all of the equipment that you’ll need but you also need to think about your location in relation to the raw materials that you’re going to need. If your manufacturing plant is located too far away from companies that supply the raw materials then you’re going to be spending a lot of money on shipping and that will eat into your profits. The best thing to do is to decide what you want to manufacture and work out what raw materials you will need and then find a location where they are easily accessible.

Storing Chemicals

When you’re choosing a location, you don’t just need to consider how you’re going to get your raw materials and then manufacture new products with them, you also need to think about where you’re going to store all of those chemicals. You will need to store the raw materials before manufacture and the finished product afterwards. That’s why it’s important that you find a location that has plenty of space for storage as well as manufacturing. Get in touch with a company like Tuffa Tanks that supply storage tanks for chemicals so you can get an idea of what it will cost and what kind of size you can get. This will give you an idea of the cost of storage and how much space you will need so you can make sure you choose a suitable location.

Packaging And Shipping

Storing the chemicals at your own facility is one thing, but you also need to deal with packaging and shipping the chemicals. If they are hazardous in any way, this can be quite a challenge and it might cost you quite a lot of money. Some of this cost can be factored into the price when you sell the chemicals but you don’t want to push the prices up too high and lose customers. There are certain regulations around the packaging and shipping of certain chemicals so it’s essential that you do your research beforehand and find out whether this applies to you or not. If you are found to be breaking these regulations, even without realizing, it’s likely that your business will be shut down temporarily, if not permanently, and you’ll be hit with a big fine.

StrategyDriven Risk Management Article |Ship Hazardous Materials|We Answer the Top 9 Most Commonly-Asked Questions About Hazardous Materials PackagingEnvironmental Concerns

Manufacturing chemicals can have a big impact on the environment, especially if you’re using hazardous materials, and that’s something that you need to think about when you’re setting up your business. Disposing of waste properly is so important because if you just dump it, you’ll do a lot of damage to the surrounding ecosystems. If you’re found to be disposing of waste in the wrong way, you could get yourself into a lot of legal trouble. There are proper channels for disposing of your waste in a safe manner that doesn’t damage the environment so it’s important that you follow them properly. This is usually going to cost you more than standard waste disposal for a business so make sure to factor that in as well.

Ideally, you should try to use less harmful chemicals where possible because this will improve your public image. Consumers are very concerned with environmental issues and a lot of people cite it as a major factor in their purchasing decisions. If you can find different ways to manufacture your products and reduce your impact on the environment, you’re far more likely to make sales.

If you don’t consider these things before you start your own chemical manufacturing company, you’re likely to fail before you even get off the ground.

2019 Cyber Security Statistics

Cyber security challenges are not just limited to large banks, credit bureaus, utilities, or other critical entities, they effect all businesses.

The infographic below, presented by techjury, reveals the cyber security statistics for 2019.
Cybersecurity Infographic | Tech Jury | Cyber Security Stats – Infographic
Republished with permission from techjury.

What You Should Do If an Employee Has an Accident at Work

StrategyDriven Risk Management Article|Health & Safety | What You Should Do If an Employee Has an Accident at WorkDespite all the precautions and safety measures put in place at your place of work, accidents can and do happen. The truth is; however, you can never totally minimize the risk of an accident but understanding what you can do to help your business and employee through this difficult time is a lot easier when you know what to do.

You might have had all the necessary training to prevent accidents but not how to deal with them afterward. Therefore, if you have found yourself in this situation where an employee has injured themselves, and you are unsure about what steps to take next this guide can help you to get through it.

Medical Attention

When the incident first happens, many people could find themselves going into shock, but acting quickly is vital. You will need to get a first aider to the scene to assess the situation and to see whether an ambulance will need to be called if it seems serious. The quicker you act, the quicker you can eliminate further injuries or problems for the employee.

Get a Written Statement from the Employee

After the incident has happened, and once the employee has received the necessary first aid treatment, you will need to fill out an accident and injury report to find out the facts; who was involved, where it happened and type of injury they have suffered. You will need all this and more to find out precisely what happened to ensure that it never happens again.

Try to talk to them sooner rather than later as trying to understand it early on is essential to not having any other problems further down the line, such as forgetting what happened.

Witness Statements

A good thing to follow up with is getting witness statements from other employees who might have seen what happened and could tell you how the events unfolded. You may find that if your employee is saying that it wasn’t their fault and was a result of the company’s unsafe work area, but three other members of staff are saying something different it could prove that the accident was the employees’ fault and not yours.

This could prove vitally important if it is taken to court when the employee tries to claim against you. You don’t want to find yourself in financial difficulty because someone is suing you. Remember this would affect not only your finances but also your reputation, and for your business’s future, you will want to avoid this at all costs.

Report The Accident

No matter how serious the injury your employee suffered was, it is essential that you report this accident to your insurance company which can cover you financially while you deal with being down an employee. You shouldn’t avoid filing this report as this could have repercussions on your behalf if the employee was to claim against you and it was your fault. The financial losses could be huge for you.

Assess the Levels of Safety in the Work Place

After the accident has happened and you have read the statements and deemed what exactly happened you will need to assess the levels of safety in your workplace. You might have found that despite the safety measures you put in place some time ago due to people falling back into bad habits of not being careful that the safety levels have slipped.
You will want to prevent anything else happening in the future, so it is a good idea to train up all your employees again with a refresher course and testing all your equipment to ensure that it is safe to use.

Seek Legal Help

If from the statements you take you find that it was neither yours or your employee’s fault but was a third party such as another employee or a visitor who caused them the injury, helping your employee to get legal help when dealing with a long-term injury would mean a lot to them. There are lawyers that specialize in injuries at work, and this law firm will ensure that your employee will get themselves back on their feet financially by taking away any stress that comes with it.

If they were injured by any of your equipment or a product that you have bought from elsewhere, these lawyers could also help your employee get the finances they deserve, on top of the sick pay they will be receiving from you. If this was the case, you should consider replacing the equipment and changing the products you use.

If you find out that it was your employee’s fault because they were under the influence of alcohol intoxication or drugs and they are trying to sue you, you have every right to take them to court. You will need to prove that actually, the safety measures you have in place were not at fault at all but it was the employees.

If it turns out, it was your fault, and they have filed a claim against you then you legally will have to pay them the compensation, and you look at how you can stop this from ever happening again.

Welcoming Back the Employee

The injury has probably affected the employee in more ways than you can imagine and so when they are ready to come back to work, it is important to welcome them back and ensure they are happy. Some people may find that even with a long term injury that they have to come back sooner than they wanted to for financial reasons so sit down and have a chat with them about how you can improve how they work to make it easier. If their job involves behind on their feet a lot and they have hurt their leg you could offer them a job sitting at a desk.

If this isn’t possible and they have to go back to their old job make sure they bring a doctors letter with them that proves they are fit to work; if they cause further injury and haven’t provided you with this letter, they could make a claim and you can be made responsible. Persist that they only come back to work if they have this letter.

3 Reasons to Be Careful about the Companies You Do Business With

StrategyDriven Managing Your Business Article | 3 Reasons to Be Careful about the Companies You Do Business With | Entrepreneurship | Risk ManagementIn business, there are all kinds of different things that you need to be mindful of, and cautious about. It’s certainly the case that you need to invest your money wisely, and if you’re operating in the wrong niche, that in and of itself can be lethal.

Perhaps one of the biggest pitfalls that a new entrepreneur can fall into, however, is getting in bed with the wrong business partners, or becoming a bit too embroiled in shady dealings, alongside unscrupulous companies.

Certain businesses are likely to be a boon to you, if you work with them. A company that is focused on protecting the rights of maritime workers, and that is run ethically by an upright and reputable individual, is unlikely to cause you trouble if you happen to be in partnership with them.

Other companies, on the other hand, can ruin you by association.

Here are a few reasons to be careful about the company you keep in business.

You may get exploited and dragged down directly

The first risk that you face when doing business with an unscrupulous company, is that they exploit and drag you down directly.

It’s not unheard of for devious business partners to use fairly naïve entrepreneurs as “fall guys” for schemes that are fundamentally based on misrepresentation, and exploitation of the customer. In such cases as these, you might find yourself being contractually listed as the responsible party when things go wrong.

Other forms of exploitation are even more blatant – and involve things like the direct theft of your unsecured intellectual property.

Your reputation can be permanently tarnished by working with an unscrupulous company

In business, reputation is a big deal, and if you sink yours by associating yourself with deeply disreputable companies, it’s entirely possible – if not even likely – that you will never be able to recover, professionally.

Plenty of people find their reputations completely destroyed, not necessarily because of something they did, but because they got too close to assorted sketchy companies, and were painted with the same brush when things eventually came to a head.

Avoid this situation altogether, because trying to do damage control can be a real pain.

By being inattentive, and complacent, you may end up in a position where you compromise your own moral code

This is actually the most important point in the list, although it comes last in the article.

Plenty of companies act in ways that will violate various people’s moral codes and standards. Of course, living by a moral code, and being forthright and accountable to your own values, is perhaps the most important thing in life.

Without character, you have nothing.

Just by being inattentive, and complacent, you may end up in a position where you absentmindedly or unknowingly compromise your own moral code, by your choice of collaborator.

It’s very hard to regain self-respect if you come to find that a company you are closely working with has ruined the lives of your joint customers or clients through their immoral or reckless actions.