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Issue #2 - April 22 2013


I hope that your week is starting off well!

In today's essay guest expert contributor Brian Lanari explains Enterprise Risk Management and why you need it to avoid certain risks in your business.

Also in today's issue...

Don't let OSHA catch you with your pants down. Find out more in today's Check it Out!

And our Quick Tip today has a suggestion for increasing the exposure of your business now that the days of the yellow pages are major-league numbered.

We hope you enjoy this issue of


"The first step in the risk management process is to acknowledge the
reality of risk. Denial is a common tactic that substitutes
deliberate ignorance for thoughtful planning."
~ Charles Tremper

Enterprise Risk Management (ERM)
What Is It And How Does It Affect My Business?

By Brian Lanari

Q. What is Enterprise Risk Management?

A business risk involves the probability of a loss intrinsic in a company's operations and environment.

Enterprise risk management includes methods and procedures that companies use to manage and seize opportunities related to the achievement of their goals.

Q. What are some of the common risks that businesses face?

  • Higher worker's compensation insurance premiums due to employee injuries and/or illnesses
  • Lower productivity and lost business income due to the absence of injured and/or ill employees
  • Not having enough cash flow to weather emergencies or last minute must haves
  • High interest rates on loans
  • The potential for catastrophic loss when depending too heavily on one single large account (client)

Q. What is involved with managing these risks?

Employee risk management involves indoctrinating and training employees in workplace safety. This can include:

  • Regularly scheduled mandatory training to prevent accidents and illnesses
  • Maintaining a system for clear communication regarding hazards
  • Teaching equipment safety and requiring regular and proper equipment maintenance

There are also compliance issues; some states have thousands.

Financial risk management involves being completely aware of, and nurturing, your company's financial condition. This can include:

  • Identifying the daily financial transactions your business already makes and maximize what's working
  • Having several smaller accounts in addition to any large accounts you might have - large accounts are great but having several smaller accounts in addition to those larger accounts can help your company more easily weather economic downturns
  • Keeping loans to a minimum - most interest rates are astronomical and can seriously cripple a business

Q. How often should you review your risk management strategies and how does this help your bottom line?

Continually! Regular reviews of the strategies you follow will allow you to make adjustments before a problem can seriously impact your business and bottom line.

Pay attention to your workers and their environment and keep in mind that employees who feel cared for will be safer and more productive. Workplace safety equals lower costs.

Reducing employee risks can have the following effects on your bottom line:

  • Lower worker's compensation insurance premiums
  • Less time lost due to ill and/or injured employees - productivity increases your income
  • A larger pool of potential employees to choose from - employees want to work at companies that have high safety reputations and this will give you the chance to hire the "cream of the crop"

Reducing financial risks can have the following effects on your bottom line:

  • The ability to hire more employees in order to have more projects going at once increases your income
  • A much stronger ability to weather the ups and downs of the economy
  • Once again, a larger pool of potential employees to choose from - not only do employees want to work at safe companies, they also want to work at companies that aren't going to go out of business and leave them without a job - again giving you the opportunity to hire the "cream of the crop"

Bottom line: Mitigating the risks outlined above clearly equals strengthening your bottom line. Assess which procedures are working and which aren't; repeat those that are working and dump those that are not.

About the Author: Brian Lanari has more than 25 years of experience in risk management. He specializes in HR benefits, PPACA (Obamacare) compliance, etc. He has had thousands of clients and employees through the years. By managing risks, his goal is to ensure the longevity of his clients and help maximize their profits. Please feel free to visit Brian at his LinkedIn profile:

Check It Out!

Speaking of Risk Management I read a quick blurb online that said that OSHA surprise visits are becoming increasingly more common!

Don't let OSHA catch you out-of-compliance. Get your safety plan and products in place before they gift you with a surprise visit!

For over 60 years, Seton has been the leading manufacturer and distributor of safety identification products for the workplace.

Their line of custom products is designed to provide safe, secure, and practical solutions for your contracting business.

Click here to check out their pocket-size employee guides!

Too perfect! :)

Quick Tip

Do you know the best way to get your name out there and customers ringing your phone off the hook and your books full of projects?

The days of the yellow pages are numbered. If you think about it, how often do YOU refer to the yellow pages when you need something?

Are you going to let your competitors steal the few-and-far-between projects that are available? Well... they've figured it out and they're actually thriving - even in this economy.

When you get there and you're just below the middle of the page you'll see a letter from Judd Burdon, owner of a small asphalt business. I was surprised to read his letter, it's been updated and wow(!) check out the new customer he just got - the United States Army!

Look Who's Talking!

I love the idea of being able to take your own paper form and turn it into an app – eliminates the learning curve because you are working with something familiar.

I had at least one gal on FB who thought it was really cool as well as I shared that article on my business FB page.

~ Nancy Smyth, President Sunburst Software Solutions, Inc.

(Send me your comments and maybe you'll see your name and company name above!) :)


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