April 11, 2005
When it comes to running a small business,
there are two distinct schools of thought, clearly delineated
by generation, on how business risk should be managed.
Bulletproof Your Business author Brad Forsythe has found
that as more younger workers are willing to take risks
to enter the world of entrepreneurship and aggressively
grow their businesses, their successful baby boomer counterparts
are working to manage risk in order to hang on to what
Forsythe says that the amount of risk a small-business owner or entrepreneur
is willing to take is directly related to the person's age and his or her
length of service to a given organization. "Young entrepreneurs are
more apt to take risks to grow their business, while older business owners
are more interested in keeping their slice of the pie to pass along or to
sell for the maximum profit, " says Forsythe.
Las Vegas Tribune
January 7, 2005
Making New Year's resolutions may not be
original, but for the small-business owner, this is a good
time of year to refocus goals. Start with these:
- Take time to stop and think. If you do, you may more
clearly see remedies to problems, and dream up ideas and
ways to improve your business. Giving yourself
some time to step back doesn't come easily to business owners, says Brad Forsythe,
author of "Bulletproof Your Business: Cutting Risk for Small Business Owners
and Managers" and founder of Best Practice Advisors, which teaches risk
management for companies with 500 or fewer employees.
|Risk Management for Midsize and Small
Companies – It’s Our Only Business
company makes money only when your best resources are focused
on innovation and improving customer relationships. But
this critical focus can be terribly hard to maintain. When
risk turns into trouble, it distracts your focus and forces
you into the costly game of playing defense. Risk is controlling
you. You can only lose until you retake the offense. Take
control of risk – it’s easier than you expect.
The CPA’s New Realm - Risk
Management for Small Businesses
Managing risks is now an operational
cornerstone of the Fortune 500. But risk management
remains one of the least understood and least practiced
professional disciplines in the world of small business
(companies with less than 2,000 employees). CPAs are
failing to lead in the practice of risk management. Why?
The answer is painfully simple.
Simple Risk Management Saves the Small Business Dream
“Thank you for the thorough and enlightening risk review you did for our organization. What have I gained?
Business confidence. I can’t even begin to imagine the
bottom line savings.”
Robert Migliara, President, Market Intelligence Group
praise from The Ohio Society of CPAs
The Ohio Society of CPAs recently engaged Brad Forsythe to teach risk management
to its members in the form of Continuing Professional Education. The class is
a full day (8 CPE credits) and targets CPAs who are employed in industry. The
initial classes primarily attracted CFO and high-level executives.
The class focuses first on strategy – how risk affects companies and how
companies can safely take the smart risks that are essential to their prosperity.
The class moves on to tactics and ends with instruction on using many of the
tools that are part of Forsythe’s PreAct™ risk
Here are actual evaluation scores from recent class members
(maximum allowable score is “5”):
Brad’s knowledge of the subject matter: 5.0
Brad’s presentation skills: 4.9
Brad’s organization of the discussion and use of
Brad’s textbook and readings used in this course:
Comments from another recent OSCPA event for the same course:
Discussion of the topics was extremely thorough and well thought out. Instructor’s
knowledge of subject matter is very good and his presentation
style is most professional.”
Mr. Forsythe did a great job.”
Excellent course and instructor was very good.”
Super material very organized and kept it interesting.”
Confuse Risk Management with Insurance!
Best Practice Advisors does not sell insurance.
Business leaders must understand that a vast percentage
of risks – often
their most grave threats - are not insurable. Their only protection from these
threats is “real” risk management. But confusion reigns when most
company leaders hear the words “Risk Management” – they
automatically and mistakenly expect an insurance sales
pitch. Their confusion is understandable because of historic
insurance industry marketing practices.
Insurance is price you pay for to cover some of your risks
(those that can be insured). Buy smart! First use risk
management to prevent or reduce your insurable risks – then
seek insurance quotes. Your insurance will cost less!
But real risk management delivers much greater benefits
than simple threat reduction and lower insurance costs.
Click the “About Risk Management” near
the top left side of this page to learn the powerful financial
boost companies gain from this practice. Does a 100% boost
in Return On Assets grab your interest?
Brad Forsythe, small business risk management
expert and author of ‘Bulletproof Your Business,’ has
been published in one of the most prestigious risk management
publications in the world – The John Liner
His white paper, aptly titled “Risk Management
for Small Businesses” is published and available
in the current issue of The John Liner Review,
the Quarterly Review for Advanced Risk Management Strategies.
board, responsible for reviewing and ultimately selecting
the papers that are published, includes risk management
experts from leading academia and top businesses.
The John Liner Review is a quarterly journal written
for insurance agents, brokers, and risk managers all over
world. The journal publishes articles on commercial property
and casualties, risk management, insurance, and product liabilities
and recalls. The John Liner Review is available
www.standardpublishingcorp.com.Click here to
read an excerpt of the white paper: “Risk
Management for Small Businesses.”
business and firm ventures tread perilous ground given
today’s startup culture.
To manage your startup risk, put a plan in place to deal
with any rough waters up ahead.
to Overcome Gender Bias: It's About Character
Tips for "Bulletproofing Your Business"
Book Called a "Must Read" by International
Book Review Oraganization
now to Brad on the WAHM show with Cheryl Demas on World
Overcoming racial bias in business lending
Bulletproofing 101:You can't eliminate
risks, but you can reduce them. Here are a few preliminary
pointers on the best way to approach that goal.
“Brad has written a truly amazing resource book that allows small businesses
to mitigate their risks when dealing with clients, suppliers and employees, and
provides practical tools that address these issues before they become big problems.”
here to preview the book!
Article: It’s About Character. Overcoming racial
bias in commercial lending and investment.
By Brad Forsythe, Author
Bulletproof Your Business
“What makes an entrepreneur?” is a recent study
from Dartmouth College and the London School of Economics.
The study concludes that having access to capital is the
most critical factor in creating an entrepreneur. The ability
to access capital is vastly more important than other components
researched in the study, even more important than entrepreneurial
psychology. So much for the theory that entrepreneurs are
born instead of made. [Read
Got You Covered
If it has moving parts or electronic components, it can break. And if it breaks unexpectedly, you can bet that it wont happen at a convenient time - and that it will cost you.
Protecting your company from equipment breakdowns requires prevention tactics, alternative resources and insurance. Maintenance is key to preventing breakdowns, says Chris Murphy, 43, President of Murphy Lighting Systems, a lighting control systems integrator with offices in Orlando, Florida, and Chatsworth, California. Almost everything you buy has a recommended maintenance schedule, says Murphy. Complying with that schedule will help extend the life of your equipment and keep your warranty protection in force.
November 11, 2004
Put yourself in the shoes of the small-business
owners in this story. What would happen if you were unexpectedly
gone from your business for an extended period of time?
If you’ve made the right strategic choices, your
business could fare better than you expect, says Brad Forsythe,
risk management consultant and author of Bulletproof Your
Business. Below are Forsythe’s top tips for minimizing