Sleep better with Risk Management--not Risk Elimination

For even the moderately paranoid, there are no end to the stories of business risk that keep you up at night.

If you're a freight broker, the stories of large judgments and settlements in so-called "Negligent Hiring" lawsuits have probably been most prominent. But risk abounds in all kinds of areas.

Wrongful termination of employees. Discrimination in hiring/firing. Sexual harassment. Then you have the risk of missed or late pick-ups of freight; theft by fraud and otherwise; damage to your customer's shipments; or property damage caused by trucks you've arranged.

Then you have the issues of personal injury to visitors at your facilities. Or stockholder/partnership disputes. And what happens to your business if a technology SNAFU wipes out your data. On top of all that, successfully complying with various local, state, and federal taxing units is never guaranteed.

Then you have the biggest risk of all, what if you can't find paying customers to keep buying from you?

Risk is at the foundation of every business, but you can't let risk stop you. Apple took a huge risk with the iPhone and its descendants--what if those products didn't meet with customer approval, and there was no guarantee they would.

While risk can never be eliminated, and can barely be managed, there are ways to minimize it and prepare for worst case scenarios.

It's probably not going to make sleeping through the night easier, but a good risk awareness program will make your company a safer place in all kinds of ways.

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