If we don’t succeed we run the risk of failure!

Every aspect of our life involves risk. It’s something we’re exposed to every day. Yet when we go about our daily tasks how often do we think about it? Probably not that often, and even when we do we’re not too worried…  Why? Because it won’t happen to me!

With the recent natural disasters both in Australia and overseas we can see first hand the devastating effects they have on our society. But did you know, even with these events in clear view, over half of all small businesses are not insured against business interruption, and many underinsure their assets! This begs the question of why? Are they not aware of the risks? (which, in recent times seems pretty unlikely) Or do they not consider the risks to be a likely occurrence?

Before visiting an insurance broker (or deciding not to!), it’s important to consider how your business would cope if something bad were to happen. What are the key drivers your business could not go without? How would you cover the fixed costs? Who is in-charge in such as event? Remember that risk includes many areas, not just natural disasters. Anything that affects your business including competitor behaviour, market conditions, supplier issues, and many more, is a risk. For this reason having a risk management strategy is fundamental to any business.

Developing such a strategy involves a detailed analysis of your business and objectives and the environment it operates in. The risks that your business faces can be defined in terms of how likely they are to happen and how costly they would be. Similarly strategies to mitigate these should depend on how the risks would affect your business.

There is no one size fits all when it comes to risk management. Each business is unique, so insurance programs should match the specific risks the business faces.

With a tailored program designed specifically for you, you may soon find that insurance is indeed value for money, even if you thought it would never happen to you!

If you would like to discuss risk management for your business contact Mark on (08) 9364 3811 or mark@bda-online.com.au

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Testimonials

What our clients say about us.

  • "A quick one to say thanks for Tuesday night. I thought it was a great venue, great atmosphere and a bunch of knowledgeable and colourful business people. Hats off mate!" 

    Chris WalkerWriter & Editor, Wordfox

  • "Mark has extensive franchising and business experience and combines this knowledge with great enthusiasm and drive. He is a brilliant person for bouncing ideas around and always brings creativity and a fresh perspective to the table. Would recommend Mark for his wide ranging abilities in policy, strategy, industry knowledge and innovative thinking."

    Jackie DihmOwner, FitChips

  • "Mark and I always seem to catch up at just about franchising event around the country. He is deeply immersed in the business community and is a great source of help and advice when required. He is exceptionally knowledgeable and a really nice guy who is always a pleasure to catch up with."

    James ScurrManaging Director, Cashflow It

  • "Mark brings a sense of energy and positivity to everyone he meets. I have total trust in him as a fellow consultant, and together we are able to get great outcomes for a client we jointly work with. He has an instinctive understanding of how businesses work, and is able to bring structure and systems which enable businesses to replicate and grow. He is comfortable working with financials, whilst his greatest strength is probably his insight into people. Mark is supportive and encouraging, yet not afraid to be honest and forthright when required. I look forward to working with Mark on future projects."

    Jayne GriffithsHR Director, My Hr Adviser

  • " I must say you put things in a way that made me understand things and I really got lots from our session and plan to be making changes in the future. I look forward to the next steps in our meetings." 

    Sandy AndersonManaging Director, Spruce Ups

  • " On behalf of Legalwise Seminars, we wanted to thank you for chairing our Franchise Law seminar. We are extremely appreciative of your significant contribution. Overall, the feedback received from the seminar has been excellent and we are delighted with the outcome." 

    Sintija DobrotinsekProgram Manager, Legalwise

  • " Mark has an extensive franchise consulting and business development practise in WA and beyond, and is an active contributor to the franchising industry through his membership of the Franchise Council of Australia WA Chapter Committee. Mark is a diligent and hard working adviser and he generously shares the benefits of his knowledge and experience with others for the betterment of franchising as a whole. Amongst Mark's outstanding qualities as an adviser are his willingness to rigorously pursue improvement and challenge the status quo, and to be honest and direct in his advice."

    Veronica JumeauxPartner, HWL Ebsworth