4. Get Tailored Insurance - Deepstash
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4. Get Tailored Insurance

4. Get Tailored Insurance

 It's important to protect your business and mitigate risk by getting insurance. Using insurance can remove a great deal of stress from your shoulders.

It's a good idea to understand the different insurance packages out there and to pick the best one for you. Consider adding special coverage depending on the type of business you're in. You want to cover your employees' health and safety, and your most valuable assets.

10

30 reads

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5. Start With Your Finances 

5. Start With Your Finances 

Managing financial risks should be at the top of a new business owner's mind. You can reduce risk by setting up appropriate payment records and minimizing outstanding balances. It's also important to identify credit risks early on.

Avoid outside financing and loans...

10

24 reads

2. Learn To Weigh The Risk 

2. Learn To Weigh The Risk 

The process begins by evaluating and weighing the risk. It's important to refine your skills to pinpoint real risk so that you can manage it and save your business from any blunders.

  • Think about the consequences of the risk at hand.
  • You can divide them into ca...

11

36 reads

3. Ask Yourself The Right Questions

3. Ask Yourself The Right Questions

 I have a handful of questions I ask myself before making decisions:

  • What are the economic ramifications in terms of risk and opportunity cost of not doing something?
  • How can I mitigate both?
  • What is the worst that can happen?

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31 reads

6. Be Proactive About Preventative Measures

6. Be Proactive About Preventative Measures

 To avoid sudden blunders, it's imperative to incorporate preventative measures that will save you when the time comes. This means having the right tools and methods to handle and deal with unexpected situations calmly and effectively.

For exam...

10

29 reads

8. Plan For All Risk Scenarios

8. Plan For All Risk Scenarios

The best way to handle risk is to plan for it. It's critical to have some type of risk management plan in place. This plan should include identifying all risk scenarios,

  • how risk could potentially impact your business,
  • contingency planning and recovery
  • how to respond ...

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27 reads

7. Have A Backup Plan

7. Have A Backup Plan

 A backup plan can help you when you get into a dicey, risk-related situation. As much as we would like to think that all of our ideas are going to work out 100% of the time, they usually don't. In fact, a majority of risks usually result in no change or a slight loss.

If ...

10

24 reads

9. Understand The Odds You're Up Against

9. Understand The Odds You're Up Against

 New business owners also new to risk management should understand the importance of having a probability-based mindset. Business leaders have to make decisions on matters big and small regularly, and each decision will have its risks and rewards.

You may ...

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20 reads

1. Don't Put It Off 

1. Don't Put It Off 

Risk management is incredibly stressful, especially as a beginner. Because of this, you may have a strong urge to put off certain aspects of risk management until a later date.

  • Fight that urge and handle any risk mitigation duties as soon as possible.
  • Make th...

10

81 reads

10. Control Growth From The Beginning

10. Control Growth From The Beginning

 To control growth means controlling risks. To do this, a business owner should first define their growth objectives.

  • Prepare a growth strategy to understand the risks to your company.
  • Analyze your internal resources, the market, your competitors and distribu...

10

27 reads

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A medical student!🩺 I’d like to live as simply as possible. I love reading- regardless of what type of book it is. People are wonderful, especially those closest to me. I’m determined to do some good for others in whatever I end up doing in the future.

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How to measure psychological safety

How to measure psychological safety

One way to measure psychological safety in your organization is through employee surveys. Consider asking questions that measure employees' perceptions of psychological safety both at work and within their team.

When reviewing your results, focus your data analysis at ...

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