Business Risk Management
As a small Miltonvale
business owner, you have many things to worry about. You must build and support your clients, train your team and manage the money. There are many threats to your bottom line, but some of these can be managed and covered under a
business insurance policy. Let’s look at some of the top threats to your small business.
Miltonvale Business Risk and Threats
Cash Flow - Managing your cash flow is very important to any small business. Knowing where your money is going each month will enable to you make good business decisions. Keep your eye on the cash flow, and keep it positive by spending less.
Lack of Insurance - Most small Miltonvale businesses don’t fully understand the importance of a well-designed business insurance program. Your insurance should include Cyber Liability, Employment Liability, Management Liability, as well as other commercial insurance. Make sure you use an independent agent to help you design a business insurance program that meets your needs.
Lack of Trained Employees - There is a huge benefit to all businesses if your employees know how to do their jobs efficiently and safely. Train each employee on their job functions and include safety as part of every duty.
The loss of a Client - 80%of your business may come from 20% of your customers. Find ways to reach out to your customers at least once a month. Send your top customers handwritten notes. Invite them to seminars that educate them on all aspects of business management.
