Risk management

Dice
In recent years, New Zealand small and home businesses have found out the hard way how events outside their control, like earthquakes, floods or other natural disasters, can negatively affect them. While many of the losses relating to these events are covered by insurance, the bigger risks to businesses are the less obvious risks that are not claimable through insurance policies. Risk management for your business is more important now than ever before, and Sue Hirst explains how you can take some steps to mitigate potential threats.

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Many inventors become so excited about their innovations that they enthusiastically rush forward without considering factors affecting successful commercialisation. Whether you intend to sell your idea to someone else, or seek an investor to assist in commercialising your innovation, there are some things you should and shouldn’t do.

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The usual advice is to use any spare money to pay off debt first, but Alan Clarke says there is a good case for putting some aside for a rainy day.

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For most people, the loss of an income would be financially catastrophic. Stuart Wills suggests income protection cover is essential - and he looks at why it is so important to get this right.

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Money your debtor pays you may be clawed back
If one of your debtors goes into liquidation, repayments made by your debtor could be 'clawed back' from you by the liquidator. Obviously this is something any business owner wishes to avoid. Jo-Ella Sarich explains how to make sure it doesn't happen to you.

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April 1 typically marks the start of the new tax year and the reflection on the year that was. All the while doing what you do making your business work. It is often a good time to do some planning around your ACC and business insurance to manage cost.

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For most businesses, the area which is the most difficult to manage, is finance, says Sue Hirst. And she outlines ten things you can do to make sure you are firmly in the driving seat when it comes to managing the money in your business.

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Employee ownership is something that is being actively encouraged overseas, and is already seen in some major New Zealand companies as a way of rewarding employees and enhancing employee loyalty. However, it is important that company directors think very carefully about drawing up a shareholders' agreement before offering employees any such arrangement.

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It takes both creativity and a savvy business mind to manage a business effectively, says Sue Hirst. She draws on a recent example of an Australian business going belly-up to make some observations and offers a checklist in a bid to avoid your business being exposed to this kind of risk.

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Unexpected things can happen to you, and when they do, they can affect your business, your loved ones, your staff and customers. Phil Astley suggests the time to do something about it is now.

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Snail
Cashflow is king, and getting slow payers to cough up is an important part of keeping your business running smoothly. Michael Todd explains why, contrary to popular opinion, when customers default, it's the newer debts you should chase up first.

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When times are tough, there's less leeway for error. Sue Hirst has some handy hints for business owners wanting to reduce risk and achieve growth in a tight market.

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Are you ready to confront some business truths? Market Research objectively puts your business under the magnifying glass to highlight how you can make better decisions and discover new opportunities for your business.

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Often the value of your business can be proundly influenced by the way it is structured. Michael Smyth points out why sometimes it makes sense for IP to be held by a separate entity.

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Good terms of trade are all too uncommon in the small business sector, but they can make the difference between whether you get paid in a timely fashion or not. Sue Hirst has some practical advice to help you tailor effective terms of trade for your business

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Providing a guarantee to a lender or creditor, whether for your own business or on behalf of someone else, can be riskier than you realise. Michael Smyth shows you how to limit that risk by negotiating appropriate terms.

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When entering into any business contract the warranties being given and the extent of the liability of the parties will always be an important consideration. In a recent case it was found an agreement did not exclude warranties and liability as the defendant had intended.

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Business Finance Glass Half Full
Anyone who is in business or has been in business in New Zealand knows that there are multiple skills required to take a business from a start-up to something more sustainable. It is easy to start a business, but harder to make sure that the business expands to support you.

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This week's guaranteed-under-two-minute read has some tips and information to help you bring money into your business when you need it.

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There are many ways for a business to raise money, and not all are equal. Stuart Wills covers some of what you need to know before you go knocking on the bank manager's door.

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