Building the brand: Looking at and dealing with business risk

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Michael Saltzstein believes that there can be no success without risk. This belief is also something that the greatest entrepreneurs have in common. However, risk comes in many forms. For huge businesses, corporate threats are everywhere, which is why it is paramount for leaders to come up with risk management strategies. The successful identification of risk factors is just the first step. Entrepreneurs also need to know how to deal with these potential threats to the business.

According to Michael Saltzstein, learning how to analyze risks can give a business leader an advantage, especially if and when they know which risks should be dealt with immediately, and which ones to use as avenues for learning and growth.

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Take, for example, acts of negligence that would lead to unfortunate events such as customer injury or any damages that may happen to their properties. The possibility of such events may cause the company thousands, if not, millions of dollars in legal fees if the aggrieved parties choose to pursue legal action.

However, when risks such as these are identified and taken care of immediately, it helps the company build its brand without any obstructions, Michael Saltzstein explains. And while it may be impossible to eliminate risks entirely, there are ways to minimize their effects. Doing so will bring peace of mind to entrepreneurs and clients alike.

Michael Saltzstein's expertise includes alternate risk financing, technology solutions, workers’ compensation, occupational health and safety, crisis leadership, strategic alignment, change management, and win-win negotiations. For more business management reads, go to this page.

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