Every business owner in the UK should put measures in place to safeguard their business. No business is immune from problems and hiccups. It’s just a fact of life. However, risks and issues can be minimised with some forethought and diligence and a willingness to focus on the things that could go wrong, as well as what you want to go right. After all, business is essentially about both risk and reward. We all want the rewards that come with running a successful enterprise, but those rewards can be undermined by problems if there is no attention focused on safeguarding your business.
Let’s take a look at some smart and effective ways you can help safeguard your business and keep it on a path to increased profitability.
Putting Effort Into Risk Management Measures Is Essential
While putting focus on potential risks and possible problems your business could face may sound a little negative on the surface, it’s actually a proactive and positive practice. You see, the more you can avoid potential problems and pitfalls, the more successful your business is likely to be.
For example, there will be far fewer instances of downtime in your operation and far less chance of the business losing money because of some major issue occurring that you didn’t see coming. Risk management also reduces the risk of anyone in the workplace getting injured due to an accident of some kind.
Enterprise risk management, or ERM software, makes the risk management process a lot easier. Software helps you monitor your business and will even alert you to a potential problem area before it results in a major issue.
Consider Hiring A Risk Management Professional
Another very positive and proactive step medium to large-sized businesses can take is to hire a risk manager on a full time basis. This way, the task of everything related to risk management can be placed on their shoulders and your risk manager will be free to focus on their sole task, rather than having an employee or manager multi-tasking.
With the assistance of the dedicated ERM software, your risk manager will be able to spot areas of the business that need addressing or tightening up so they don’t cause an issue. Prevention is always better (and often cheaper) than coming up with a solution for a problem that’s already occurred. Having a risk manager on the payroll can potentially save your business way more money than what it costs to hire them.
Seek Regular Feedback From Your Team
Your team, your managers and employees, are an invaluable source of feedback. Each member of staff works in a variety of areas and locations throughout the business, so seeking feedback from employees is essential to ensure the smooth operation of your business continues unabated.
You could hold regular team meetings to discuss any concerns, or you could encourage employees to approach the risk manager whenever they spot a problem or weakness in any area of the business.
It’s also just as important for the risk manager or the boss to emphasise to team members things like safety protocols, the correct operation of equipment, machinery, vehicles and so on.
Everyone has a role to play in ensuring a safe and profitable workplace and it’s the responsibility of everyone who works there and not just up to one or two individuals.
Always Ensure Your Business Is Compliant With The Law
All businesses in the UK will be governed by various rules and regulations to keep them compliant with the law. These rules can differ depending on the industry, but overall, they exist to keep the workplace safe for everyone concerned, to guarantee business owners are operating in an ethical manner and also to protect businesses.
You, your risk manager and your members of staff all need to be aware of what the current rules and regulations are so everyone can do their part to remain compliant.
What happens if your business is not compliant?
There could be a workplace accident resulting in an injury, your business could face one or more fines for non-compliance or, you even risk having your business shut down by the authorities.
The fewer problems and hurdles you face, the easier it is for your business to keep moving forward and growing.
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