Committing to quality risk management for your business means that you will be prepared for the unexpected events that can happen. Hoping for the best and planning for the worst is the vision when setting up a business and reviewing on a regular basis the potential risk.
How we can help you with your business:
Buy-sell agreements.
When there is more than one owner of a business, a buy-sell agreement can be set up in the event that one partner dies the estate transfers to the other owner.
Key person risks.
We can help you put together a risk management plan which will identify the key person risks within your business. The impact & costs associated with an important employee or owner becoming sick, disabled or dying can be catastrophic. Ensuring that you communicate the plan with all your employees. Other risks to businesses to consider are, property losses, business interruption losses, liability losses and injury to employees.
Fixed cost management.
All businesses whether small or large have a cost associated with running the operation. A well researched and developed plan can ensure to keep business owners on track with these costs.
Business protection.
Keeping business and personal assets separate is imperative when starting a business. Identifying potential risks to the business and how to respond to them, reviewing the risks on a regular basis as risks can change and attending to the risks that are most likely and most expensive first.
Insurance ownership.
Insurance is vital part of risk management, it should not be forgotten or minimized.
Debt management.
Financial transactions create risks for companies. A financial plan should be set up and followed to ensure that debts are paid down and that cash flow during quiet times is foreseen. If the business sells its products on credit, ensure that strategies to mitigate risks are in place to minimize the businesses exposure. If the business is dependent on borrowed funds / increases in interest or reduction in income from interest, consult your lender for assistance in managing interest rate exposure.
These are just a few areas to consider when looking at business and cash flow and managing the debts, we can help talk through them all with you.
Find out if your business is set up to plan for the worst, call us today!