Crab Insight April 2021

Red Tape Busters Volume 8, Issue 07, `Deal with risk’

 

Welcome to the April edition of Crab Insight

As lockdown eases we need to move forward with our businesses and identify opportunities for growth or at least to get back to where we were before lockdown.

Beware though every opportunity carries with it some degree of risk.

So, Claudia Crabs focus this month is dealing with risk. It’s important not to lose perspective, don’t sweat the small stuff and ignore the real show stoppers.

HR management,  health and safety management and data protection can all be problematical in their own ways. If you need some practical help please do take a look at some of our solutions:

 
 
 

Claudia Crab’s April Focus

Claudia the Crimson Crab icon

“Deal with risk”

““Opportunities pass by frequently, but people don’t always see them. Taking risks grants you an invisible set of glasses that reveal the many opportunities which surround you.” ― Anas Hamshari, Businessma n With An Affliction

A good starting point is a SWAT. Strengths, weaknesses, Opportunities & Threats analysis In this way, both internal and external factors are identified, remember weaknesses are best thought of as areas for improvement. If you find your self struggling with external factors try using the acronym PESTEL.  This will help you think about the opportunities and threats likely to develop. PESTEL, polictical, economic, social, technological, environmental and legalThe use of a SWAT Matrix helps you identify where:

strengths play to opportunities or reduce threats

weaknesses hold you back or exacerbate threats

SWOT Matrix Once the major areas are identified you can carry out a risk assessment in a systematic way. risk assessment The key is to unpick how you can reduce the likelihood of a high-risk occurrence happening and, or reduce the damage done to the business if it does happen. That way you will be taking responsibility for your businesses strategy by proactively managing risks. You will also be in a better position to deal with issues that crop up as they should not come as a surprise.  This follows Crimson Crabs strapline:

Ethical  |  legal  |  Responsible

So this month we are asking the question:

Does your strategy take account of business risks? 

Look out for our social media posts and our blog later in the month as we will hopefully be able to flesh out your thinking.
Top tip – A great starting point is to understand some of the risks that your business faces and our Business MOT can help with this

F2 Business Huddle Online

Friday 14 May 2021

12 noon to 2 pm

WE ARE LIMITED TO 100 PLACES

TO AVOID DISSAPOINTMENT 

Get your ticket on Eventbrite


Reputation Advocates

When you need a reliable and dependable expert click on the crabAccredited Crimson Crab Reputation Advocate Logo


 
Feedback

We love to receive feedback and it really helps us to improve our services for everyone.

Until next month look after your reputation!!

Ethical, legal, responsible trading wave
T:023 9263 7190 | E: enquiries@crimsoncrab.net | W: www.crimsoncrab.co.uk

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Acknowledge the risks facing your business and be ready to take action

Our minds can be a powerful tool when it comes to addressing matters which could have a detrimental impact on business.

What’re we talking about? Risk.

The attitude towards the urgency of addressing risks for business often comes too late.

Managing business risks may seem a daunting task – especially when there are countless types of risk out there.

But it’s important to understand not all risks should be approached and managed in the same way. Every case is unique and may require varying actions.

The type of risk you as a business owner may face can alter from one extreme to the next.

These may be:

  • Economic risks
  • Compliance risks
  • Reputation risks
  • Competition, or comfort, risks
  • Security and fraud risks
  • Financial risks
  • Operational risks

Failing to manage risks can affect your reputation and, in some worse cases, sink the company you are invested in. Now that’s something nobody would like to happen.

But tackling risks doesn’t just stop at the initial hurdle of acknowledging them; new risks are frequently appearing within any business so it’s necessary to evaluate and execute risks on a continuous basis.

A policy, process or procedure should be implemented within your business on how you deal with risk when it arises.

It’s no good having an attitude of “this is something we need to sort now as it has been brought to our attention recently” as it’ll be too late to address.

It’s good practice for business people to be proactive towards doing something about the risks a company is faced with before it’s too late.

Don’t be ignorant about the risks you face.

Compliance model – driving the culture of the organisation to be compliant.

Free Southern Entrepreneurs Event – Regulation for Small Business

06 Dec 2016 10:00 – 13:00

Enterprise Centre – PORTSMOUTH

This workshop will give an awareness of the areas of regulation that may apply to a business and how to go about developing compliance controls as a response to the ever increasing number of regulations and need for operational transparency.

Read more and book your place on the Southern Entrepreneurs website…

Late Payment time bomb!

If, as a small business, you pay your suppliers late i.e. outside the agreed payment terms or outside 30 days if there are no payment terms, then you are vulnerable to claims for late payment penalties. Even if the supplier does not exercise their rights they have 6 years in which to do so.

If they go out of business the accountants winding up the business have a duty to maximise the income and so more often than not will look out for outstanding late payments. If they are within the 6 year period then they are fair game.

I'm thinking about opening an online shop, what do I need to do to protect my business?

There is a significant investment in trading online so it’s prudent to make efficient sales to maximise the return on investment.

Your terms of business are crucially important. This means they need to be clear, enforceable and don’t leave room for things to come back to bite you.

There are legal requirements including:

  • information you need to put on your website;
  • consumer protection legislation (if you are selling to non-business customers);
  • industry specific requirements; and
  • data protection and privacy considerations.

It is also worth remembering that scrutinising a website is easy for regulators such as:

  • Local Authority Regulatory Services (Environmental Health, Trading Standards and Licensing);
  • The Competition and Markets Authority;
  • The Advertising Standards Authority; and
  • The Information Commissioners Office.

If you need any help then please take a look at our solutions  or get in touch to discuss your requirements.

My web designer makes sure that my website complies with the law, don't they?

It’s really important to remember that the responsibility is with the executives of the business e.g. the owner, partners or directors of a limited company.

It you are investigated by a regulator it really isn’t much of a defence to say “My web designer said it was OK” as the British Pregnancy Advice Service found out to its cost. Read more…

If other people produce or manage your website the buck ultimately stops with you.

Our Website MOT will disclose compliance vulnerabilities.

Our Data Protection MOT will help strengthen your approach to data management.

Do I really need to keep records and have procedures in place?

By way of an example, with the new rules the burden of proof that the required information has been given is with you as a trader. So it really is in your interests to keep good records and have a system in place so you can prove the point.