Commercial Risk Profile

Expanding your business can be a complex undertaking. It involves a myriad of fresh needs. You need to increase the business finances and its infrastructure to fit your employees and products. Actually, every aspect of business expansion has an investment aspect to it. However, like any other investment, business expansion also poses risks and can be disastrous to your business. So, do you have a risk mitigation strategy in your business growth plan? Some business people who make the mistake of not factoring in the possibility of downsides in their plan are caught unawarewhen challenges strike.
Undertaking a responsible business expansion means having a plan that protects your business from the risks of the unknown. You should therefore factor all the risk possibilities in your plan. Here, we will discuss a number of points on risk mitigation during business growth.

1. Check your business insurance coverage regularly.

As a prudent business person, you should meet with your insurance broker todiscuss insurance coverages. As the business expands, you become more exposed to risks, and it is therefore important to ensure your insurance cover corresponds to your business status.

2. Maintain your former clientele.

As you focus on business expansion, remember that it is imperative to maintain your former customers. Neglecting your previous customers will serve your business growth a dent.

3. Hiring employees

As you grow your business, it is important to take caution in hiring employees. Some businesses hire too many workers at the beginning of business expansion. This could pose a risk if the business faces hurdles in the near future and the employees’ contracts bind you to huge wages. You should consider hiring employees temporarily, and only extend their contracts if rate business growth deems it necessary.

4. Trustworthy banker

Find a smart banker who is ready to genuinely help you financially in your growth plans. Find a banker who is ready to be with you for a long-term.
Immediate needs that come from business growth can adversely affect your business if not properly handled. Factoring these points into your growth plan will give you a head start.

Motivating Employees

Introduction

A workplace with empowered employees is often successful. When employees are empowered, they become highly motivated and usually perform their work at a higher level compared to employees who sense hopelessness and feel stuck. Establishing an empowered workplace necessitates putting forth a constant attempt of giving importance to employees and making them feel as though they are essential to the company’s success. There are various ways to keep employees motivated throughout the year.

A. Recognize the value of each employee.

A company that places high regards to its employees is fully aware that the most effective approach to value workers is through a combination of intangible and tangible recognition and rewards. Valuing employees is about balancing family and work. The company must acknowledge and respect the priorities that employees have outside of their work. Providing flexibility is a way for businesses to demonstrate that they value the commitment and time of their employees. Workplace flexibility encompasses giving telecommuting options, job sharing, flexible scheduling, and generous leave policies. Another way to demonstrate value among employees is by making sure that the complete well-being and health of every employee are given importance. This can be accomplished by providing medical insurance and other health benefits.

B. Share the company’s leadership vision.

Vision offers guidance to companies by expressing what it desires to achieve. Vision is not just a picture of the days ahead. It has a fascinating element to it that functions to motivate, inspire, and engage employees. Through shared leadership vision, people are encouraged to work and to strive for its achievement.

C. Share the company’s goals and direction.

Sharing goals and direction is highly essential to every organization. When necessary, workers must be involved in planning and setting goals. Employees are gems. They provide additional knowledge, value, insights, ideas, and experience. With the support and contributions of employees, the organization creates progress on measurable and observable goals. Moreover, companies ensure that all employees have the same goal of achieving positive results.

D. Provide Information for decision-making.

The company must make sure that all employees are involved during the decision-making process. This will not only give a sense of importance and value to the employees, but will also help generate more positive ideas and concepts.

E. Delegate authority.

Delegating authority to employees will not only make the loads lighter on the part of the management. This will also make the employees feel more in charge and responsible. In return, the employees gain new skills and knowledge.

F. Provide frequent feedback.

More than just rewards and recognition, employees seek feedback about their job performance or a compliment on the outcome of their work output. Companies that provide training to their managers and supervisors on how to offer constant feedback to workers are likely to have fewer complaints and better relationships in the workplace.

G. Help employees feel rewarded and recognized.

Employee recognition is the ultimate motivational strategy. Motivated employees are engaged in what they do, and they find their work responsibilities satisfying and fulfilling. Recognizing employees’ efforts is intangible while giving rewards to employees are benefits that are considered tangible. Recognition includes promotions or assigning an employee to spearhead a committee.

How to Hire Great Interns to Support Your Summer Workload

How to Hire Great Interns to Support Your Summer Workload

For a business owner, hiring an intern over the summer to help with their business is a win-win transaction for both parties. The business owner gets a young, eager individual trying to get their feet wet in the corporate world (for little to no pay), while the intern will get either college credit or pay for their work, in addition to the invaluable experience. But how can a business owner know which interns will be a great help to the company?

Since most interns are college students and have limited experience in their respective business fields, the work shouldn’t be overbearing. Fortunately, most companies use interns for somewhat menial tasks that help the company but carry a minimal risk of error, which could hurt the company greatly. If you do plan on using the interns for the more “important work”, it would be a good idea to have them shadow a full-time employee who does the same work that you plan on having the intern do. The employee can serve as a “mentor” to the intern as well, showing them the ropes and whatnot. This reduces the risk of any potential mistake by the intern.

Another alternative is to offer college credit instead of money, or find a mix therein. If you plan on offering less money but adding college credit as a replacement, make sure that it is advertised well. Also, don’t decrease the amount of money too much, as you will likely scare off potential interns that could have been a great asset to your company. Make sure that you are in good contact with the local universities so that you can advertise well and maximize the amount of potential interns.

Overall, you will be hard-pressed to find an intern who wouldn’t help your company. Most interns are eager, ambitious, and take all advice and instructions seriously. Follow these tips, and you’ll find the right intern or interns to help your company thrive!