How To Manage risk In Your Business
Businesses are constantly confronted with the possibility of loss or failure
. A business can never be certain that its products will sell. There are many risks that confront a business entity. Business risks can only be handled through prevention and control.
Below are some tips that sure work to prevent risk in your business:
First, screen and train your employees. The best way to prevent human risk of employee carelessness and incompetence is through employee screening and training. Many businesses have human resource development departments to screen, test, and train new employees to minimize the risk caused by improperly trained personnel. Printing businesses that are offering bookmark printing, flyer printing, and poster printing in particular need to have skilled artists to accurately print bookmarks, flyers, posters and other marketing materials. Graphic designers need to be well screened and make sure that they really can produce outstanding designs that customers will love.
When employees begin a new job, some form of orientation, training, and instruction is normally provided. Depending on the marketing job, the training may be as brief as a few minutes of verbal instruction; or as extensive as months or years of intensive academic work.
Effective orientation and training programs are essential in minimizing business risks. Properly trained personnel are better able to meet customer needs and wants, and to prevent the risk of lost sales through human error.
Second, provide safe conditions and safety instruction. Based on the number of workers who sustain job-related injuries and illness, safety and health information is sorely lacking in many training programs. The financial impact of workplace accidents is staggering. Common accidents that go with marketing jobs include falls that occur while moving merchandise or injuries due to improper lifting techniques. Printing presses wherein employees are handling machines for printing newsletters,
bookmarks, flyers and other print materials usually have high accidents rate compared to other offices.
To prevent such risks, businesses can design store-rooms and selling areas for efficient foot traffic and merchandise storage. They can also provide safety instruction on proper ways to lift and store merchandise.
Third, prevent external theft. One of the largest and most costly forms of human risk is external theft resulting from shoplifting and robberies. Shoplifters conceal merchandise in purses, shopping bags, clothing, or through other means.
Businesses can help to deter shoplifting by educating employees about shoplifting prevention guidelines, planning effective store layouts with adequate lighting and orderly displays and using personnel and such security devices as two-way mirrors, closed circuit television, and wall and ceiling mirrors.
Fourth, control employee theft. Another major problem for businesses is employee theft. Employee theft is the stealing of merchandise, funds, or other company property without purchasing it. Most employee theft occurs at the point-of-sale (POS) terminal, or cash register. To protect themselves from employee theft, businesses have installed closed-circuit television systems and point-of-sale terminals that generate computerized reports.
POS computerized reports monitor void transfers, cash discrepancies, sales reports, refunds by employees, employees discounts, and cash register transactions. By carefully analyzing these data, businesses improve the chances of apprehending dishonest employees.
Other prevention techniques include knowing all company policies and strictly adhering to them, internally talking about controls that prevent theft at business meetings, setting internal business standards of honest and dishonest behavior, and promoting open discussions dealing with employee honesty.
Knowing these tips on how to prevent, control and manage risks in your business, you can now expect a smoother flow of your business.
by: Robert Johnston
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