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Managing risks

Why You Need a Small Business Buy Sell Agreement

Most people do not really understand what a small business buy sell agreement is. A simple... read more

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Hitesh Mohanlal Director at WOW! Advisors & Business Accountants
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Managing risks

Hobbies are meant to be fun, not an exercise in project management

One of my hobbies is building and flying radio control model aircraft. Not the small foam ones... read more

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Jason FurnessOwner at Manufacturship
Thanks Wendy & Phil :-)
Phil KhorFounder at SavvySME
Great article Jason. As the saying goes, "If we fail to plan, we plan to fail". Thanks for sharing.
Managing risks

Market Risk And A Fear of Flying

The fear of flying is different than the risk of flying. The fear of flying is an anxiety disorder...read more

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Managing risks

Are you being culturally aware or culturally manipulated?

It is no secret that one of the biggest hurdles to overcome when dealing with a company from a... read more

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Brian Le Mon Owner at GBOS
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Brian Le MonOwner at GBOS
Hi Ling, If you know the other language it may be of assistance. It is also probably to your benefit if you do know the language not to let the other party onto the secret. Unfortunately the scenario is more widespread than China (that being said China is likely the most experienced in the manipulation aspect) so if you are in the business of working with manufacturers from multiple countries you end up in a situation where you need to know and be fluent in 5 or more languages. The language aspect is less of an issue that the cultural one as many factories will have English speaking representatives and hiring a translator in the region (if you are inspired to do so) is cheap. It is a bit of a game working with suppliers in the region. And often you will likely be branded another dumb / naive Westerner until you prove otherwise. I guess one of the secrets to our success is I make it obvious that I understand and can work within the cultural considerations of the deal, but also am able to show suppliers relatively early that if there is a problem that arises from their mistake I will very quickly drop the game and hold them responsible without excessive care about causing offence. It is a fine line to walk and I have had manufacturers who quite obviously regard me with distaste at the start of a contract, change to regarding me with the utmost of respect and actively seek out my opinion towards the end of the contract. Thanks for all your comments. Brian
Wendy HuangFull Time Blogger and YouTuber at A Custom Blog in 4 Minutes
It's actually a very great point! From looking at my friend start up a furniture where the majority of the supply comes from China, even with a supply manager from China on your side, quality control can be a very difficult nut to crack. Often if you push too hard they get offended and if you are too soft, the problems will continue to escalate. Great article Brian :)!
Managing risks

Small Business and Risk Management

Small Business and Risk Management Most small businesses think they understand their risks but do... read more

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Michael Prior Principal at PB Advisory Group
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Managing risks

How to Detect and Prevent Charity Fraud

Charities exist to give us hope for a better tomorrow. In the face of calamities like natural... read more

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Melissa Davis marketing at Australian Foundation
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Eric PhuahOwner at Hystericalz Pty Ltd
Everyone should read these tips so that charitable money doesn't go to the wrong type of people. Thanks for the article Melissa!
Managing risks

Responsibilities of a credit manager

​   Credit managers play a significant role in determining whether a business takes on a good or... read more

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SavvySME Official Official Account at SavvySME
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Questions

What backup and disaster recovery measures do you have for your business?

Reading Phil Joel's post about how he does backup's got me thinking that the notion of having to do... read more

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Henrik Larsen Director at IePlus Pty Ltd
Peter JonesFounder at LinkSmart
Hi, I agree with the above comment. I used to work in systems support for Telstra and Australia Post. We missed the most important point of backups. It's not the backup that's the issues (thats simple, see above) the real issue is restoring tha data. We found: 1. We did not backup all or correct data (including drivers etc) 2. We could not restore the data (corruption and/or access) 3. If your operating system goes how can you get access to the data. That is, do you have a boot disk, will it allow you access to the cloud or even your USB drives. The porblem is most of us are to scare to delete current data and restoring from backup to see if it works:) Regards Peter
Andrew TuckerOwner at ITonCloud
Henrick, You do have a point about data sovereignty. We come across it quite a bit for companies that are using either Office 365 or Google apps who deal with personal data. These companies tend to be in the financial and medical fields where personal data is their business. Dropbox is a great tool to synchronise between the number of devices, but is definitely not secure and I would not suggest you leave your data in Dropbox especially if it is sensitive. Box.net is in my mind more designed for businesses but is a lot more pricey. Another alternative is to look at a EMC offering called Carbonite (http://www.carbonite.com/ ), the pricing is extremely competitive and very easy-to-use as a true online backup. The last option is to have everything running in a local cloud, one that you are able to see and touch with inside Australia. All you need is a device, iPad, Google pad, notebook or desktop as long as it has a web browser as everything runs in the cloud. All your backups and DR are taking care of,  so if your computer is stolen or lost all you need to do is get a new one and log back on. No downtime at all. So you can see that there are a number of really good alternatives and options but understanding your tolerance to downtime or loss of data should drive your decision.  And always remember to do a fire test, in other words run a test restore to make sure that you can in case of emergency actually get your data back :-)  
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Questions

How should SMEs identify and treat risks associated with their business?

Business is riddled with risks. Surely we don’t just ignore them, but I assume different people... read more

Asked by:
Phil Khor Founder at SavvySME
Don GreggDirector at Advice 4 Growth
The best way to manage risks is to brainstorm the range of potential risks, then assess how likely each is to happen and what would be the impact on the business if the risk materialised. Finally have a look at what actions can be taken to reduce the likelihood and/or the impact and assess which are most appropriate to put in place such as procedures or insurance. Businesses that have a solid business strategy are by definition less risky. The right strategy focuses the organisation on building sustainable profitable relationships with right clients. This is the best way to manage competitive and market risks.
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