Get a read on risk.

This is the fourth instalment of five blog posts that summarize the 25 quick tips from my eBook, “Insurance Premiums Are Killing My Business."  This risk management ebook is a great start for small to medium-sized business owners that are curious about starting the risk management planning process. 

The tips below have been written with small to medium-sized businesses in mind, although the same principles should be employed by very large businesses.

16. Implement and follow formal written policies

Policies and procedures are a very effective way to defend against claims and lawsuits. Policies must be strictly followed to be effective. 

This is the first instalment of four blog posts that summarize the 25 quick tips from my eBook, “Insurance Premiums Are Killing My Business." The risk management ebook is a great start for any small to medium-sized business owners that are curious about starting the risk management planning process.

The tips below have been written with small to medium-sized businesses in mind, although the same principles should be employed by very large businesses.

Supply chain management is largely about interconnectedness.

When planning for and managing the sourcing, procurement, conversion and logistics related to your product offering, companies need to create the right relationships with the right companies. This will help to optimize the movement and storage of materials and inventory while at the same time preparing for disruptions.

Striking the right balance is not easy.

Kevin Bacon had his stolen in New York, British Major General Gerry Berragan had his pick-pocketed on a train in China, President Obama may still have his hacked, and at any point in time thousands of smartphone owners could be running information-leaking viruses without knowing it.

Aon recently released a report that outlined the top three risks identified by the retail industry. The report found that these top three risks were also in the list of top ten risks that the retail industry was the least prepared to face.

These risks are of concern to the retail industry because of three characteristics; their complexity, their difficulty to control, and their enterprise-wise effect and scope.

What Are the Top Three Risks in Retail?