Tag: risk management

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Insurance policies just don’t provide the cover they used to

1024px-Liverpool_Riots_2011_damaged_carIn this economy even the short-term insurance policies that you thought covered your assets adequately may not be doing so at all.

The problem is that it’s become harder for insurance companies to get new business in this economy and with each fighting more fiercely for market share, more pressure has been put on their revenues. On the claims aside, insurers have adjusted for the cost increases of labour and materials and are now hitting you hard when it comes to claims. Continue reading “Insurance policies just don’t provide the cover they used to”

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Are you this negligent about safety in your small business?

Duct-tape Moving Van

A staffer at a high-profile women’s magazine posted a tweet saying that they had replaced the safety information sign in their office with something “much more important”.

I wondered what this “something much more important” could be and opened the photo attached to the tweet. A photo showed two women hanging up a mirror on a pillar in their office where the safety information sign had been located. Continue reading “Are you this negligent about safety in your small business?”

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10 reasons why you must not start a new product, service or business (unless you know how to deal with each)

Risky Business (soundtrack)

It might seem ridiculous to put you off taking your idea and turning it into a product or service and starting a new business.

But I’ve seen too many would-be entrepreneurs’ dreams lying shattered because they didn’t plan beforehand, acquire the necessary know-how, skills and experience before they took the leap.

New product development and starting a business is risky. Unless you personally manage the risk every step of the way, you could lose a lot more than your shirt.

No incubator or six-week seed workshop will remove that risk nor will it give you the know-how to start and run a money-making business. You only develop know-how by doing.

Here are 10 reasons why you shouldn’t start a new product, service or business (unless you have a solid plan to rectify these weaknesses): Continue reading “10 reasons why you must not start a new product, service or business (unless you know how to deal with each)”

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What you should know about owning a start-up – 8 must-have qualities for entrepreneurs

Test your concept on real customers first.
Test your concept on real customers first.

I wouldn’t want to put you off about owning a start-up but there’s some things you ought to know before you decide to go it on your own.

And that the one major thing you’ll have to realise and accept: when you start something, you are totally on your own. You will need to do everything in the beginning. Nothing will happen without you making it happen. Continue reading “What you should know about owning a start-up – 8 must-have qualities for entrepreneurs”