If you talk to any big business owner, or their management team, they’ll tell you that managing mitigating and reducing risk is one of their top priorities. What they understand is that any investment they make to help reduce risk in their business is well worth it. They’ve assessed and calculated the risks and challenges their business faces, and have taken steps to eliminate them – or reduce them as much as possible.
When you think of professionals who business owners consider a trusted financial advisor, accountants would be among the first to spring to mind. And yet, in a 2018 survey of MYOB clients, only 6% thought of their accountant as a trusted financial advisor. That’s in stark contrast to the 72% of accountants who viewed themselves as trusted financial advisors.
It’s no secret that small businesses have it tough relative to their larger counterparts. It’s equally undoubted that a lack of resources, financially or otherwise, affects anything from credit ratings and capital raising through to people-power and technological capability. Due to the limited resources, small businesses are typically more exposed to external risks beyond their control, whether that’s an economic slowdown, a key employee resigning or losing an important contract.
The most innovative business teams are going agile. How can your team join the movement?
Up until recently, the agile methodology was a project management tool reserved exclusively for software teams. That’s because the original Agile Manifesto was designed by techies, for techies. Now business and strategy teams are adopting agile, and it’s taking off.
Cyber attacks are a real risk for SMEs. Cybercrime caused direct financial losses to NZ businesses of over $1.5M in AprilJune 2018 according to CERT NZ(Computer Emergency Response Team New Zealand).
It’s easy to take out an insurance policy to cover business risks. But is it easy to reduce your premiums? Surprisingly, the answer is yes. Taking the simple step of online compliance training for staff can reduce your premiums and lower your business risk.
It’s a routine Friday morning in the office and it comes as a shock to see blood red text suddenly invading your computer screen. The anonymous author is demanding $300 in bitcoin to decrypt your files. It’s not the best timing but $300 seems manageable enough. You get on the phone to your IT department and the panic starts to set in when you realise that the firm’s entire operating system is infected. The systems might be down for a day or longer. It’s going to be ugly.