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 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.