How can we Minimize Business Costs and Risks ?

Discussion in 'Articles & Tutorials' started by businessampm.com, Mar 21, 2014.

  1. businessampm.com

    businessampm.com
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    Reducing cost is the main challenges in our own business. Lots of ways we can reduce our business cost. I mention some point...

    1.Establish a workplace-safety training program for employees

    2.Place injured employees who qualify on a modified work plan

    3.Conduct background checks on new employees

    4.Enforce a drug-free workplace

    5.Hire an outsourcing partner to handle workers compensation issues
     
  2. RichardDave

    RichardDave
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    I completely agree with you, this is a great piece of information. Also I would like to add that you should keep everything insured in case of any natural disaster.
    Thanks for sharing it, have a good day! :)
     
  3. angelOnEarth

    angelOnEarth
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    Yes, outsourcing can really minimize business costs. Outsourcing actually gives small businesses a chance to be able to hire someone exceptional but affordable. Most companies can't compete with giants like Google and Facebook on attracting kick ass candidates, that's why hiring someone offshore will give you the possibility of having a great employee. But of course, you'd have to do it the right way (this includes knowing the dos and don'ts of hiring someone offshore).
    There are a lot of benefits outsourcing can give us, we just have to open ourselves up to it. I think this article will make you understand more about these outsourcing advantages: http://www.staff.com/blog/is-your-company-crazy-not-to-offer-remote-work/
    I just thought I'd share it.
     
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  4. abhi_garg

    abhi_garg
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    These all are great Tips for Business ! I Think everyone must read these tips for their Business benefit.
     
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  5. MikePeterson

    MikePeterson
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    Following will help you to minimize business risks & costs.
    • Minimize expense
    • Be cash-conscious
    • Reduce payroll costs by outsourcing activities
    • Create separate entities
    • If your business changes, your insurance should, too
    • Start Marketing Your Business Online
    • Insure against your specific risks
    • Give yourself an out
    • Insure key people
    • Make more use of technology and automation.
    • Use contractual indemnification clauses
    • Insure key people
     
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  6. infinityweb

    infinityweb
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    This is a helpful tips. To become a successful business owner, you need to plan for the best. Great article, a must read!
     
  7. ellisthomas86

    ellisthomas86
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    Try to minimize the manpower by deploying tools and softwares. That is one of the major approach to manage the business expenses and risks.
     
  8. gazinga

    gazinga
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    I agree with the above completely. I found this article on the top marketing tools for 2015 enlightening; I would also add Datapine to the list for data visualization. All great for businesses on a budget, I believe. Hope that gets you on your way. Good luck.
     
  9. brickshazel

    brickshazel
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    Practice used by different companies to reduce costs and transferring portions of work to outside suppliers.
     
  10. ellisthomas86

    ellisthomas86
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    Managing the time and the work process is another great approach for a good way of minimizing the costs and risks. I believe that cost is directly proportional to the time and its management. And hence the system mostly depends on the proper well structured and well fashioned time management.
     
  11. bburkeconsulting

    bburkeconsulting
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    A few of you have referenced outsourcing. While outsourcing does mitigate some risks, you have to be careful because it comes with its own risks. Depending on location, many areas don't have the same IP laws and enforceability, etc. Additionally, you run the risk of outsourcing core business functions and actually weakening the state of your business.
     
  12. Kevin Peter

    Kevin Peter
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    Time tracking is important! As the common issue is lack of funds to cover costs, optimizing the work on this perspective helps on more profits.
     

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