A safe future for your company? Five risks to be avoided

A company that grows is every entrepreneur’s dream. Including yours. Still, growth is a group effort and there are risks involved. Your staff, customers and even total strangers: quite a few people have an impact on your company. Euler Hermes lists the main risk factors so you will know how to protect yourself.

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1.      The beating heart of your company

No thriving company without staff, that much we can agree on. Fresh ideas, the exploration of foreign markets and new customers are often the result of the good performance of your staff. But did you know that at the same time your staff can also be a risk factor?

Even with the best of intentions your staff can make mistakes. Trust remains the basis for any fruitful collaboration but you should take into account that a flawless track record is often an exception. By anticipating this you can limit staff-related risks.

2.      From across the Atlantic straight into your computer

Nowadays cyber risks are everywhere. With a simple mouse click, a hacker on the other side of the world can seize control of your computer. Re-evaluating your cyber security is therefore a must because more and more often hackers take full advantage of the far-reaching digitalisation. As the combination of digitalisation and the new cyber crimes can cause outsiders to take over your production process, it is advisable to beef up your cyber security and update it at regular intervals.

3.      Your strategic risks

Risks are part and parcel of doing business. Every strategic decision for your company has advantages and drawbacks. As a result, ensuring optimum protection against the possible consequences of your decision is a wise decision. Update your risk analysis and risk policy with every decision to ensure optimum protection.

4.      Money, money, money

Money must change hands but preferably in the right direction. Defaulters are something you can do without because not only do they blow holes in your company accounts, they also disrupt your cash flow. A well-thought-out and realistic business plan keeps your financial affairs in order so you don’t have to worry about paying salaries, suppliers and investments on time.

5.      Inadequate protection against risks

Failure to protect your company against risks is a risk in and of itself. 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.

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