Some people go into business with much diligence and fully understand that their business will face various risks and problems at times. Then there are others who launch into business without paying heed to any potential problems at all. Every business comes with risks and every business owner will face problems somewhere along the line. The trick is to reduce the likelihood of issues affecting your business as much as possible. Prevention is always better than having to come up with a solution to resolve a problem.
Let’s take a look at some key ways you can reduce the risk potential in your business and remain profitable for the long term.
Complacency Can Be Your Greatest Enemy
While you don’t want to spend your days worrying about everything that could possibly go wrong, not devoting any time and attention to managing business risks is a mistake. While maintaining a positive mindset and outlook regarding your business, it’s also a positive step to devote time to recognising potential risks and problem areas, so that you can do something to rectify them now before anything becomes a reality or can cause a major issue.
It’s all about doing your due diligence and devoting time to managing risk is vitally important for the ongoing success of any business.
Create a Risk Management Plan
Before starting your business, you probably wrote up a business plan that may or may not have included some segments about risk management. What you really need to do to effectively manage and mitigate risk is to devise a plan that is solely dedicated to risk management.
Step one in the plan is to compile a list of every potential risk or problem you can think of. You’ll probably add to this list as you think of more things over time and it’s also a good idea to seek feedback from employees regarding anything they see as a possible issue.
With a list created, you can then go about determining which problems are more likely to occur than others, as well as which issues would have the greatest impact on your business should they ever eventuate. This prioritising will tell you where you need to focus most of your attention when it comes to risk prevention measures.
Invest In Risk Management Software
Enterprise Risk Management Software is software specifically devised to help businesses with their risk management processes. It’s only a small investment that could potentially save your business a lot of money and time over the years by helping you to pinpoint and mitigate risks and potential problem areas. It can even be tweaked for your specific business requirements.
The software can alert you to pending problems, so you can do something to rectify a situation before it becomes an issue. Analysing your business and compiling and printing reports is also a breeze with the software. It will also help business owners and managers make better, more informed decisions.
If you want to make risk management easier and more precise, then risk management software is something to definitely consider.
Don’t Forget Your Business Also Needs To Be Compliant
An essential part of good risk management is to factor in things like workplace health and safety and being fully aware of the rules and regulations that govern your business. Every business needs to remain compliant with the law. After all, you don’t want any potential lawsuits or to have your business shut down by the authorities for non-compliance in any way.
Be sure you fully understand what’s required of you and your employees when it comes to compliance laws.
Learn From the Mistakes Of Others
Unless your business is something completely new and unique, no doubt you will have some competitors out there. See if you can uncover any problems they’ve faced. This way, it will give you a heads up on potential issues that you’ll want to recognise and avoid happening to you.
Doing an online search for typical problems faced by businesses in your industry can also provide you with some valuable information.
Risk management isn’t really that hard. It just requires some attention and focus, and installing risk management software certainly makes the process much easier.
Mozilla report found more than a dozen TikTok influencers who had undisclosed paid relationships to post political messages; TikTok banned political ads in 2019 (Mozilla Tiktokzakrzewski Washingtonpost)
Mozilla Tiktokzakrzewski Washingtonpost: A recent report conducted by Mozilla found that more than a dozen TikTok influencers had undisclosed paid relationships to post political messages on their videos, the company banned political ads in 2019. This decision has been applauded by various activist groups and has been seen as a “victory for free speech”.
Not everyone is happy about this. As of now, it’s not known whether the TikTok app will still be able to use third-party content from content creators with undisclosed paid relationships. It’s also not clear what the ban on political ads means for the app.
The report was released by Mozilla, a major free web browser provider and anti-privacy organization. The report argued that political messages were being spread through the video platform without users knowing that they were paid promotion of propaganda. Specifically, 7 Indian political parties allegedly used TikTok to influence voters ahead of the 2019 Lok Sabha election. TikTok has been widely used in India because it is unable to detect political content and is mostly used by young people in India. TikTok is an app that allows users to post and share videos with one another.
The CEO of Mozilla, Mark Surman, claimed that the platform had been used for “political propaganda” for a long time. He claimed this was not only a problem in India, but globally as well. He also claimed that such incidents are not unique to India and are happening all over the world. The report also stated that many of these political influencers have more than 100,000 followers on the app. Allegedly, these users were able to get their political messages across without anyone knowing that they were paid promotions.
At the same time as the report was released, Mozilla CEO Mark Surman said that TikTok has removed all of these videos from its platform and banned political advertising on its app. He said, “It shows a clear desire from TikTok to address this problem, so we’ve decided to temporarily suspend our work with them. We will resume engagement with TikTok when we know they’ve solved this problem.”
Mozilla has decided to stop working with TikTok for an undisclosed amount of time. Mozilla also announced that it would work with other companies to make sure that political messages would not be able to be spread on their platforms for the next 4 months. The company also announced that it would work with Google, a major search engine, YouTube, a popular video streaming platform, and Facebook in order to address the issue.
Facebook will announce a suite of audio products on Monday, including a Clubhouse-like app, a podcast discovery product connected to Spotify, and more (Sources Monday Clubhouselike Spotifykafkavox)
Sources Monday Clubhouselike Spotifykafkavox: Facebook will announce a suite of audio products on Monday, including a Clubhouse-like app, a podcast discovery product connected to Spotify, and more.
The announcements are part of Facebook’s efforts to stay competitive in an increasingly crowded social media space dominated by other companies who have fleshed out their audio offerings.
It might seem like Facebook is moving too fast in the media realm, but those who know around here know that it’s just following the rest of tech. A few years ago, the company’s advertising executives were inventing and experimenting with a range of new ad formats. From that came the creation of Timeline, its news feed, and the addition of paid ads to the social network.
On Monday at its F8 developer conference, Facebook will announce a trio of audio products — an updated version of Clubhouse which will be known as “Timeline Chats”, a podcast app called “Podcasts”, and “high quality audio” as part of Instagram.
Clubhouse first launched in 2016 as a private community where Facebook employees post 10-minute audios. It’s sort of like a Facebook-focused version of The Moth, the live storytelling event and podcast. The feature will be open to the public starting Monday (for those willing to signup for one of this thing).
Facebook is also launching a new podcast app called “Podcasts” that will be available on iOS and Android and connected to Spotify — a first for Facebook. The feature could be a competitor to the likes of Apple’s Podcasts app. Facebook is also integrating podcast listening with its main app. So people will be able to listen via their news feed, of course.
The third product is high-quality audio, which is said to be “a new format optimized for sound quality and created with the latest in audio technology”. I’m just going to say that it’s probably a way for Facebook to easily differentiate its audio products from rivals.
Facebook already has a lot of tools for recording and editing audio, especially video. With standalone products, the company can increase user engagement and promote vertical video content over horizontal videos.
Facebook has been investing in several other audio products as well.
Wejo, which collects and analyzes real-time vehicle data, is going public via a SPAC merger to raise $330M, which will value Wejo at $800M including debt (Wejo Spac 330m 800m)
Wejo Spac 330m 800m: Wejo is a predictive analytics company that specializes in collecting, analyzing, and interpreting real-time vehicle data. They operate out of the globe’s largest traffic network and have built the world’s largest connected vehicle telematics database.
The company has been privately held since 2006. Wejo plans to enter public markets via an SPAC merger with Criora Health, which will be renamed Wejo Inc with a publicly traded ticker symbol of WJHO. The merger is expected to close in Q3.
The SPAC is a new form of hybrid private/public company that has been gaining popularity in certain industries including healthcare, IT, and cloud-based security services.
Wejo’s real-time software enables consumers to monitor driving patterns and behavior via an on-board telematics device, or log into their account online to review the data. The company has been providing these solutions for more than a decade to consumers, dealers, and auto manufacturers in the U.S. and Europe.
The data that Wejo gathers from its network of connected vehicles is available to a wide range of businesses, including auto insurers, dealerships, finance companies, and auto OEMs. The company also collects data from non-automotive sectors such as delivery fleets and shuttle buses among others.
Wejo has operational headquarters in the U.S., and is listed on the OTC Markets under the ticker symbol WJHO. The company also maintains a research, development, and engineering center in Palo Alto, California. Wejo’s operating headquarters are located on the campus of Lehigh University in Bethlehem, Pennsylvania.
Wejo operates its largest connected vehicle telematics database, which consists of more than eight billion connected miles of driving data gathered from over three million vehicles. The company currently analyzes data from over seven hundred thousand vehicles in the U.S., fifteen thousand fleets outside the U.S., and twelve thousand transit buses around the world.
The company currently operates five technology platforms. Wejo’s Real-Time platform is a web and mobile portal that allows users to analyze, visualize, and share driving patterns and behaviors. The company’s fleet management platform includes features such as fleet routing optimization and real-time fleet analytics. The Mobilize platform offers a unified user interface for device management systems and connected vehicles.
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