Enterprise Organization & Prioritize functions
What activities are critical at each phase of business growth? Perform most efficiently & cost–effectively. Clearly defined roles and responsibilities. Coordinating targeted sales and marketing thoroughly research market for your goods or services.
Identify competition and differentiate! Educate sales force.
Frequently asked questions
Learn about your customers’ business and needs . Utilize clear, catchy and “correct” info
Stress brevity Easy to remember = increased sales . Don’t oversell, especially w/written materials
Balance between thoroughness and acceptability . Objective – document all significant terms of business transaction
Clear understanding of parties’ respective obligations.
Use plain English and avoid “legalese” Identify most critical factors to solidify with customers and suppliers
Know what your contracts say . Review frequently and revise as needed . Seek professional input – don’t take chances!
Identify every asset used to support your organization. Physical assets – materials, equipment, inventory, facilities – Customer lists, market research . Intellectual property – patents, trademarks, copyrights, know how, etc. . Employees Determine optimal way to protect assets Insurance – CGL, products liability, WC, disability, EPLI, etc. Registration of ideas, designs, products, with Patent and Trademark Office . Confidentiality and Non–competes NDAs and invention disclosures with employees and third parties Contractual use restrictions
- Hire the best people you can find
- Keep employees motivated 1
- Professional challenges, new assignments
- Combination of pay/non–pay benefits . Clear job descriptions/responsibilities
- Frequent review job performance
Positive reinforcement, document problems . Implement progressive disciplinary system.
- Contractual obligations
. Clear payment date
- Down payment, discounts/penalties, wire
transfer, EDI, etc.
- Accurate and timely invoicing/bookkeeping
- “Friendly” reminder letters
- Initiate formal procedures
- Attorney letter
- Arbitration or court filing
- Identify magnitude of risk categories
- Historical claims/ new trends and
- Industry, product, or incident–based
- Quantify total costs (returns, management time,
- Dynamic model – continual assessment
- Implement risk management models
- Contractual limitations of liability
- Enterprise protection
Risk managers Succession & Exit Strategies
– Different products, services, markets
- Responsibility for various functions
- Who will best perform these responsibilities?
- Will you be able to “cash-out” of business? . How to maximize value of business to potential buyers
Current AR, minimal claims, low turnover, corporate governance, strong infrastructure
- Maximize sales and margins
- Don‘t give it back through claims & refunds.
Make prudent investments in business.
Maximize returns from tax advantaged benefit plans.
- Diversify cash assets
Hard work, continual effort, attention to detail
- Determine niche, then exploit it 1 . Be proactive; waiting until problem arises is probably too late!
- Realize your limitations Hire competent, pragmatic and responsive professional advisors