Personal Finance Management: What It Means Before And After You Retire

StrategyDriven Practices for Professionals Article |Personal Finance|Personal Finance Management: What It Means Before And After You RetireManaging personal finances is one of the critical tasks that every adult must consider. Without effective management of what you have, or what you might have, you’ll always be struggling to make the ends meet.

However, it is noteworthy that personal finance management is not the same for everyone. Particularly, when it comes to managing finances in the present, for the future.

So, how to do it the right way?

When You’re Working…

When you’re young and employed, you can take up much more than you think. To put this into perspective, in younger years you have surplus energy and time to put into strengthening your personal finances. Take a look at some of the tips below to learn how.

Invest and Save for post-retirement

Though it seems difficult, saving for retirement can help you live the life for when you’re not earning. Before you invest in any Risk Management & Insurance, however, you need to know a few things. For instance, you need to assess how much you can spend on these financial investments. In addition to this, you must also try to figure out the returns you can expect when your investments mature.

Create and Scale your Income Sources

Having a primary income source is what you need to stay sustainable. However, if you wish to save and invest for retirement, you need to grow your income. Notably, looking for a secondary income source such as rental income from real estate investments can be a good option. Likewise, you can also invest in mutual funds and reap profits. All of this secondary, or passive income, will help you support better during unlikely times.

When You’re Retired…

When you’re employed it is way easier to earn and invest, as already mentioned. However, when you’re retired, you do not have the same income sources as before. After all, that is what retirement means.

So, how do you manage your personal finances when you’re retired?

Prepare your Retirement Budget

The very first thing that you must do as soon as you retire is assessing your savings and retirement plan’s value. You need to create a budget for your day to day expenses based on the money that you have. If possible you can also think of creating a secondary income source after you retire. For example, you can start offering consultancy services. Or you can scale your rental income during your retirement years. Notably, you should create sources demanding minimal investments.

Optimize your Expenses Efficiently

This might seem a bit obvious, but believe us when we tell you that most people fail to do the same. In most cases, the retirement funds, also known as Provident Funds, are disbursed in one payment. And people usually don’t know what to do with all that money. Perhaps, they end up exhausting their funds before they know. A rather easy way to escape this tragedy is to break your expenses for day to day errands and chores. And the remaining amount can then be used for reinvestments. Thus, creating you a secondary income source too.

The Bottom Line…

Managing personal finances is all about preparing for the future that you don’t know in the present. And only with the right knowledge and skills is it possible to live out a life that you dream of, both pre- and post-retirement.

Why Employee Training is Key to Keeping Your Business Secure

StrategyDriven Managing Your People Article | Why Employee Training is Key to Keeping Your Business SecureEmployee training should be central to all operations. Not only does it ensure that people are working to their full capacity and that protocols are followed, but it’s important for safety. And we’re not simply talking about the safety of the employees, but of the business as well. This is why businesses that don’t make this part a priority end up opening themselves up to so many risks. Let’s take a look at why employee training is key to keeping your business secure.

Poorly Trained Employees Make Mistakes

One of the biggest risks of having people who are not properly trained on your floor is that they’re more likely to make mistakes. This could be anything from mishandling a client’s information, or divulging important information to the wrong person. This is especially the case when it comes to IT. All it takes is for one mistake for your whole system to be compromised. The worst part is that most attacks are engineered to target employees and not the network itself.

This is why you will need to consider hiring some outside help to beef up your cybersecurity, update your team, and help you form your employees better. Managed IT services like Data Cube Systems can help you implement security measures. They also have a consulting team that can help you and your employees be more careful when exchanging information.

Poorly Trained Employees Put Themselves and Other Employees at Risk

If your goal is to limit the number of injuries on the floor, one of the best things you can do is invest heavily into training. If your employees have to handle dangerous machinery, you must make sure that they’re properly hired and trained by someone with enough expertise in your company.

Another issue with poorly trained employees is that they can end up injuring others or increasing the risk of accidents occurring. Some may not be aware of safety measures when moving around the shop floor. They might not know of the risks associated with working with certain chemical agents. This is why you need to not only train them, but make sure their formation is always up to date.

Employees Who Are Improperly Trained Could Lead to Violations

Proper training is also very important if you’re in a heavily regulated sector. We can think of sectors such as construction, but also others like the food business. Every year, thousands of restaurants get slapped with health violations, and in many cases, this is because of something an employee did. So, instead of taking unnecessary risks, make sure that you constantly update your employees on current and new regulations. Make sure that managers constantly monitor and remind employees. Also, make sure that they have an easy to access database that they can use if they forget something.

These are just some examples of how having improperly trained employees can be a liability for your business. So, make sure that you make training a focal point in your organization from now on and focus on both your managers and employees.

A Guide for Protecting Your Business Data

StrategyDriven Risk Management Article | A Guide for Protecting Your Business DataThere are many threats to your business data on a daily basis. Taking the right steps to protect your business data in the best possible way will help your business to remain secure, and your operations fully protected.

Here is a guide on all you can do to make sure that your business data is protected.

Back Up Your Data on a Daily Basis

A huge threat to your data can be data loss, and it is very easily done. Even if you are completely careful with your business data and avoid human error, there are many reasons you could end up losing data if it is not backed up, such as computer viruses, system problems or even power failures.

Backing up your data at least once a day — ideally storing data offsite — will help your data to remain protected.

Implement Virus and Malware Protection Methods

Viruses, malware and other cyber crime will always be a threat to business data, and all you can do is put up the maximum defense measures to keep your data protected. This means installing the right anti-virus software and firewall protection.

When it comes to cyber crime, it is also about staying aware of any new or evolving threats. Training an internal team on how to recognize threats can help to increase your protection (such as how to identify a potentially threatening email or suspicious activity).

Be Secure When Sharing Data

Data sharing is when data can easily become compromised. If data is being shared in unsecure ways, this can risk data hacking or even lost data through human error.

A great method for ensuring safe data sharing — if your team needs to work together with data securely — is by implementing a data sharing solution you can trust, like the platform from This means data can be regulated and shared through a secure software channel so that your team can comfortably manage data efficiently.

Make Updates a Regular Item on the Agenda

The technology you use in business and where you store your data will be able to work most efficiently when regularly updated. Outdated programs and systems will easily become more vulnerable.

For ease, you should try to install automatic updates so that updates can always be made when they need to be. If manual updates are preferable, be sure to create a schedule and reminders so that it is not neglected.

Dispose of Any Business Data Securely

Not all data needs to be kept, and there may come a time when you need to dispose of old business data. Even if the data is no longer relevant, it still leaves your business vulnerable if the data gets in the wrong hands.

If you have hard drives or data files to dispose of, be sure to use professional services to completely overwrite and remove any information, or understand how to successfully remove the data yourself, as most of the time simply deleting a file does not mean it cannot be recovered by an outside party if they gain access to a device.

Always take the right steps to fully protect your business data.

How To Efficiently Protect Employees In A Warehouse

StrategyDriven Risk Management Article | How To Efficiently Protect Employees In A WarehouseWarehouses are characterized by much work that includes packaging, sorting, branding, and even storage. The workers who undertake these duties also interact with machinery pieces, other workers making any accidents inevitable.

Thus, safety and security remain a priority for warehouse managers, and thinking of security equipment supplier to cover the employees as they work comprehensively shares the same status.

Here are some of the ways to efficiently protect employees in a warehouse.

Get Rid of Any Possible Safety Risks

The pathways, i.e., floors should be free from any slip or trip risks. There should be a regular and thorough check-up by the staff on any split liquids, accumulated debris, and pits. These possible safety risks can not only harm the employees but also damage the machinery as well.

Always Use Safety Equipment

It is always crucial to use safety equipment like hydraulic lifts or forklifts to carry heavy luggage. This can help prevent any back problems in case the employees lifted the heavy baggage.

Classify and Seal the Risky Areas

Another method of keeping the warehouse safe and being economical at the same time is the use of signs and stickers. Risky zones, hazardous equipment, and some racks can all be marked clearly to prevent dangerous injuries. The emergency exits and safe routes also need to be labelled as well.

Equipping the Employees with Proper Training

Educating the employees on the safety measures and standards is one of the best ways of protecting them. This way, they know the consequences of hazardous working areas and can take the initiative of protecting themselves as they work. Educating them on the safety standards also aids them in following some simple but vital work protocols that can keep them safe as they dispense their duties.

Using the Right Costumes

Wearing the proper clothing is a vital initiative in keeping safe as the employees work. Wearing fitting clothes to prevent them from being caught by machines, helmets, eye-protecting shades, and reflectors are some of the right attires to keep employees safe at work.

Regular Communication

Alerting the workers of any potential safety measures reduces the dangers posed during work significantly. Promoting awareness of passing machines, forklifts, and possible risks is a great way of maintaining safety as the warehouse employees work.

Proper Ventilation

Poor ventilation leads to the accumulation of certain dangerous fumes in the warehouse that may threaten employees’ safety. Proper ventilation spells freshness, and installing exhaust fans may also help improve employees’ comfort as they work.

Vehicle Safety Measures

Operating the forklifts, lift trucks, and other vehicles in the warehouse require coordination to prevent accidents. This can be achieved by good training of the employees, keeping certain speed limits, and sensitizing certain blind spots. The managers also need to be thorough and non-accommodative of any reckless driving in the warehouse.

Proper Lighting

Proper lighting ensures good visibility for the employees to move around comfortably in the warehouse. It means that the routes are clearly visible, and they can easily spot any risk or threat from far before any collusion.

The managers can also set up mirrors along the corners or bends so that the reversing drivers can see clearly as they move. The pathways will also be clearer with proper lighting to avoid any collisions.

Fire Safety Measures

Most of the warehouse materials are flammable, and with the spacing, things can get smoky and charred in a matter of minutes. To avoid this, the warehouse managers can be conducting fire drills once annually. This is to check that the fire exit routes work and the staff is also acquainted with the escape routes in case of any fire incidents.

The fire alarms/alerts also need to be installed and checked to ensure that they are working properly. The managers can again develop a fire emergency plan that can be implemented quickly in case of any fire outbreaks in the warehouse.

In conclusion, those highly flammable chemicals can also be stored well and in places where they can’t start/ catch fire easily.

The Importance of Business Insurance and the Types of Business Insurance that Every Business Needs

Running a business and being your own boss is a dream that most people nurture. After all, is there is anything better than being answerable to no one, and working at your own pace? Owning a business provides you with full control of various aspects of your life. You get to decide when to work, whom to work with and how to work. You do not have to be answerable to anyone, and that is perhaps the best thing ever. However, as appealing as the idea of running your own business sounds, it also comes with a number of challenges. Being an entrepreneur is not a cakewalk.

You have a world of responsibilities to shoulder and take care of the smallest details. One slight error of judgement or carelessness on your part can lay waste to the little empire you built for yourself and leave you with nothing. You not only have to take care of your employees but also feel responsible if anything happens to even one of them. Plus, there are several other aspects to factor in too, while running your business. From accounts to shipping, shouldering the weight of a business is not an easy task. That is why, if you have ever nurtured the dream of becoming an entrepreneur, you need to be careful about and consider several things.

Having said that, in this article, we shall shed light upon one of the most important aspects of running a business. We shall talk at length about the necessity of business insurance and the types of business insurance plans you need to know. Most entrepreneurs pay very little attention to this crucial part of their business. They fail to comprehend the complete scope of business insurance policies and the role they have to play in securing their business, and thus, end up leaving a lot of money on the table. That said, let us now proceed to the main part of this discussion and help ourselves become better and responsible entrepreneurs.


Why Does Your Business Need Insurance?

There are a number of insurance policies that people come across in their lifetime. From home insurance and car insurance to life and health insurance, the types of insurance policies are very many. We do not waste a single minute before purchasing the right life insurance plan or car insurance for that matter. We want to protect our loved ones long after we are gone, and also protect the car that we have invested in. Then why would you think that your business is any different?

You have spent a lot of time, invested yourself emotionally and financially and put in a ginormous amount of effort in building your business. Therefore, leaving it at the risk of various potential threats is inane. This is where business insurance policies step into the picture. Let us now look at a few other reasons why you must purchase business insurance without fail.

You Could Be Sued

The law across most of the countries makes it mandatory to purchase business insurance policies. Therefore, if you do not invest in the same, you could be sued. Plus, in an event where a lawsuit has been filed against you, or there is an instance of a liability claim, without the right business insurance policy at your disposal, your business could shut down. It only takes one employee or an unhappy client to sue you. And even if you happen to win the suit, the cost of legal defense could leave you in tatters and cause your business to fold.

Business Insurance Keeps Your Business Afloat

The second and perhaps the most important reason to purchase business insurance is that the right policies keep your business afloat. No one can predict natural disasters. In the event of an earthquake or a fire, your business might suffer irreparable losses and damages. The right business insurance policy, about which we shall discuss in the next section, shall help you pull through the tough times and make the difficult phase relatively easier. Without any business insurance policy, your business might never be able to recover and fall flat on its face.


Business Insurance Protects Your Employees

Your employees are an irreplaceable resource. You might have cutting-edge technology at your disposal and AI that makes your job easy and hassle-free. But you cannot manage without human labor. You need your employees to run these machines and technological innovations that you are ever so thankful for. Without your employees, your business shall have a cataclysmic downfall. Therefore, it is extremely important that you have business insurance that protects the interest of your employees as well. From workers’ compensation to disability coverage, your business insurance shall help your employees make a living despite the odds and stay safe at all times.

The Policies Cover Acts of God

One final reason why it is imperative for businesses to purchase business insurance is that these policies cover Acts of God. Acts of God are events that are not human-made disasters. Therefore, if your business experiences losses due to earthquakes, floods or tornado, the right policies shall cover these damages. There are two types of insurance policies that protect your business against such losses- all-risk insurance and peril-specific insurance. Without these insurance policies, you might end up losing everything, and it might then be extremely challenging for you to rebuild your business.

Types of Business Insurance You Must Know of

Now that we have discussed at length all the reasons you need to invest in business insurance, it is now time to look at the policies that you absolutely need to have. As we already discussed at the beginning, running a business might seem appealing, but it has several inherent risks. As an entrepreneur, you will not always have the best time in your business. There will be highs, lows and potential threats that you need to navigate. However, if you invest in the right business insurance policies, you might have to suffer less when disaster strikes. Therefore, without any further ado, let make our way to the next section of the article and enlighten ourselves.

Professional Liability Insurance

The first type of business insurance that you need to learn about is the Professional Liability Insurance. This policy is also known as the Errors and Omissions Insurance and for good enough reasons. This insurance policy covers your business against professional negligence due to errors on your part or failure to deliver on time. The best thing about this policy is that businesses can customize the policy based on what rubrics they function on.

Property Insurance

Just as employees are one of the most vital resources of a business, equipment, workspace, and other properties are equally important. Can you imagine your business to function without the right computers or the right tools? Plus, some of these pieces of equipment like desktops, electrical parts, crucial tools like permanent lifting magnets (the best of which you shall find at come at exorbitant rates. You cannot always manage to buy them all over again once they are damaged or lost due to a calamity like a flood or fire.

This is where your business needs Property Insurance. This insurance covers pieces of equipment like the ones we discussed a while ago, signage, inventory and furniture sets in the event of a fire, torrential rains or even theft. However, there is an aspect that you need to be careful about while purchasing this insurance. A standard version of this insurance might not cover earthquakes and floods. You have to talk to your insurance agent to clarify this part and figure out what extra policy you need for such instances.

Workers’ Compensation Insurance

One of the most important insurance policies that we need to talk about is the Workers’ Compensation Insurance. You must not wait for your business to expand and hire more employees in order to get this policy. Once you have hired your first employee, you need to purchase this policy.

The Workers’ Compensation Insurance covers the instances where a worker is injured or passes away as a result of his responsibilities in your business. In such a situation, the policy shall cover the workers’ medical treatment, and provide the families with death benefits as well. Your workers are an integral part of your business. You cannot do without them. Therefore, it is mandatory that you purchase the Workers’ Compensation Insurance as soon as you hire your first worker.


Product Liability Insurance

If your business is associated with manufacturing and selling products, it is imperative that you invest in Product Liability Insurance. It goes without saying that every business takes the necessary precautions to make their products as safe as possible. However, human beings make mistakes and sometimes the mistakes could lead to lawsuits being filed too.

The Product Liability Insurance comes handy at this juncture. This insurance policy helps you fight the battle easily in case you have a lawsuit filed against you due to a product failing to perform as was expected.

Vehicle Insurance

Another insurance that you need to buy to secure your business is Vehicle Insurance. This type of insurance comes handy, especially if your business uses vehicles for shipping and transportation. You need to insure your company vehicles fully. They cost a fortune, and you might not be able to invest in them again once they run into some kind of an accident.

If your business uses its own vehicle, your personal insurance will cover these situations of accidents. However, if you lease out vehicles, you will need to get a policy that shall insure you against third-party injuries.

Business Interruption Insurance

The final type of business insurance that we shall discuss in this article is the Business Interruption Insurance. In the event of any disaster or natural calamity, you might be forced to fold your business for a while. And this shall obviously cause you to lose a significant amount of money. This is where Business Interruption Insurance comes handy.

This insurance policy shall cover your expenses and prevent your business from running into a major financial debacle. Until you are ready to open your office again, this insurance policy shall cover you and protect you from further legal and financial complications.

Summing Up

There are a number of other business insurance policies that you might want to invest in if you have a business to run. However, the ones that we have mentioned in this article are the most important, and you must purchase them without fail.

However, if you are interested in finding out more about these policies, dig around some more and enlighten yourself. Your business is like your child, and therefore, you must do everything in your capacity to protect it.