Times are uncertain, so how can you tell if you are insured against loss? The basic key measures include safety of employees, retention of staff, financial security, operational procedures, securing supply lines and ensuring a pipeline of new business. So
By Amanda Gome and Colin Benjamin
Times are uncertain, so how can you tell if you are insured against loss? The basic key measures include safety of employees, retention of staff, financial security, operational procedures, securing supply lines and ensuring a pipeline of new business. So how are you travelling?
Take our skills check. Score your results and see if your capabilities add up. Answer the 10 questions (where a ranking of three means you strongly agree) and see how you rate.
1. We have looked at alternative insurance suppliers this year to lower our costs.
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2. We have completed a risk analysis this financial year.
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3. We have an induction safety plan for new staff.
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4. We have a first aid kit, designated safety officer and have practiced safe exit and entry procedures.
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5. We have alternative suppliers if our main suppliers let us down.
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6. We have established lines of credit with bank managers or investors.
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7. I have organised income protection and health insurance for my staff and promote good health at my company.
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8. I have outsourced distribution and other functions as part of my risk management strategy.
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9. We have sales staff in the marketplace making sure a pipeline of new business is always being developed.
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10. I have developed a plan to protect my business if my marriage collapses and my spouse chases half my business (it happens a lot!).
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Below 15: Phew. You need a new, best friend – an insolvency practitioner. That way if you get into trouble you can work your problems out instead of being hit with an aggressive undertaker.
16-25: OK. You have not changed anything since the boom days when you could muddle on through. Add “risk management officer” to a job description or appoint someone!
25-30: Sail on, friend. You have a bright future.
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