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How is it possible that American productivity growth continues to slide even as new technology revolutionizes the way we do business? That is the question at the heart of a March Brookings Institution report, which serves as the latest chapter in a long-running debate.
For the family business, the biggest uninsurable risk may be - the family! Few family business owners think of managing risk and family members as being connected. Yet we often see the failure or success of a business driven by family members. For some, family members represent a trusted and committed leadership for the future. For others, they become an entitled and incapable legacy.
A recent column in The Economist, Reluctant heirs: Getting children to take over the family business can be hard, looks at these issues. We urge you to read it and consider the risks of your family.
Failing to adequately prevent and cope with violent incidents in the workplace can lead to increased workers’ compensation costs, absenteeism, property damage and negative publicity. Recognizing the risk or workplace violence and taking action is essential. The creation of a sound prevention plan is the most important and ultimately least costly portion of any group’s workplace violence program.
According to market analyst Forrester Research, 1 million U.S. B2B salespeople—nearly a quarter of the total—will be out of work by 2020. Triggering this sobering prediction is the rapidly growing B2B e-commerce sector, which allows customers to buy goods and services with less help from salespeople.
A strong reputation has the potential to be your largest asset, but just one crisis could irrevocably tarnish your image and ruin your business. According to a recent survey from Deloitte, the largest professional services network in the world, 87 percent of business executives believe that reputation is their largest risk area, and only 19 percent of respondents think their business is adequately protected. In order to be prepared, you need to identify and mitigate the potentially devastating risks to your business's reputation.
Leadership and ownership succession need to be coordinated to avoid risking business disruption. A number of planning elements need to be in place for an effective transition of a family or closely-held business. While challenging, creating a success strategy ensures the business remains viable, and financially independent.
Perhaps no event in memorable history has had as dramatic effect on business owners as the Great Recession of 2008. The depth of the recession and the slow recovery has caused us to reconsider how much risk we take and how we plan for the future.
As we move towards 2016, will a Republican controlled House and Senate work with a Democratic White House, or will there be more gridlock ahead? The year 2015 began with some of the greatest uncertainty about the future direction of politics in recent memory. See what lies ahead.