The very best for your company? Five pitfalls to be avoided

You only want the very best for your company. And if at all possible, you prefer to eliminate all obstacles. We understand.

Doing business without any risk whatsoever is a utopian dream but the truth is that even the most successful entrepreneurs are extremely careful to limit the risks to which they expose their company. Still, solutions aren’t always that hard to come by. Below Euler Hermes has listed the biggest risks for your company.

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1.      Computers and other visible risk factors

Sadly, damage or defects to computers, vehicles or your machine park are almost impossible to avoid. Fortunately these risks are the most visible. Does your company depend on its physical infrastructure? In that case good maintenance and a recovery plan are your loyal companions: in case of damage they will keep your company from being out for days or weeks at a time.

2.      Every link in the chain

Short or long, near or far: every link in the supply chain comes with an inherent risk. The more links, the bigger the risk. Spreading the risk is key: use multiple suppliers so you’ve always got a backup handy.

3.      Natural phenomena

There are plenty of things over which your company has complete control. But as in everything, there are also factors that elude your grasp. Depending on the market in which you are active, force majeure is more or less likely. A volcanic eruption, snow storm or earthquake: fortunately such natural phenomena are not an everyday occurrence but it is nevertheless important not to disregard them completely.

4.      World players

Geopolitical evolutions are yet another factor that should be taken into account. Brexit or the impending trade war between the US and China may not have a direct impact on your company but they may have an indirect effect because they affect your customers. Keeping a close eye on worldwide events, preferably with an international player at your side, is the ideal way to anticipate geopolitical changes.

5.      Inadequate protection against risks

The above-mentioned risks are beyond your control but you can control your level of risk protection. Turning setbacks into an advantage is a true art form. Avoiding the risk of setbacks is an even bigger challenge. Yet this is precisely what Euler Hermes does for your company. With a proper trade credit insurance you can not only sleep easy but it also leaves more time to focus on what really matters to your company: doing business.

A safe future for your company? Discover our tips, to prepare your company for a safe sailing towards the future.

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