From the course: Protecting Profitability by Reducing Financial Risk

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Controlling the uncontrollable

Controlling the uncontrollable

From the course: Protecting Profitability by Reducing Financial Risk

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Controlling the uncontrollable

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- You can't control everything in business. However, you have more control than you might think on reducing the financial impact. We will explore five strategies to gain control over your financial destiny. The first is called avoidance. This is avoiding the risk of loss by eliminating a product or service. Avoidance isn't always practical because avoiding any of what you produce as a product or service would mean you have no business. The second is prevention. Prevention reduces frequency. If you have a business that has a frequency concerns of slips and falls for both customers and employees, your control measures might include better flooring to improve footing, handrails to improve balance, and better lighting to improve vision. Say you have an auto fleet that has an issue with backing accidents. You can install backup cameras and schedule driving training. The third strategy is reduction. Reduction reduces the severity of a loss, which is the financial impact to your bottom line.…

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