Risk management protects your company's bottom line.
In March I reviewed two of the five primary areas of risk that will help increase profits and reduce costs at the same
time. Now, I would like to analyze a few more risk areas that often need our attention. All of these issues may not apply
to your business, but by addressing these risks you will soon see the results on your financial statements (and in your
pockets).
Are we supposed to rely on the customer's expertise in diagnosing what is wrong with a thermostat, air conditioning
unit or furnace? Why send out technicians if we can rely on the customer's ability to diagnose problems? We could just
let the customer tell us what is wrong and save a lot of time. It's silly to think we can rely on customers, yet some
businesses do just that. If the customer says a certain part is needed or a particular job should be done, those
businesses believe them and tell them how much it costs to fix the problem. The real problem is then the responsibility
of the service and repair company who quoted the price. The company is held to the quotation, regardless of what is
really wrong at the customer's home.
