Unit 4 Managing Risk for the Small Business. Small Business Operations. Managing Risk. Risk is the possibility that a loss can occur as a result of a business decision or a business activity. Marketing, 3e, page 532
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Small Business Operations
Source: Marketing, 3e, page 533
“You can’t succeed if you’re afraid to fail.”
Read the “Judgment Call” case study on page 535 of Marketing, 3e.
Answer the three question on your own paper.
Shoplifting costs retailers nearly $10 billion in losses annually.
Frameworks 4.3 & 4.4
Employee dishonesty and theft costs U.S. business over $50 billion dollars annually. National estimates show that 75% of all employees steal from their employers at least once throughout their careers. The same statistics show that at least half of these 75% steal multiple times from their employer. It is plain to see that the businesses of the United States cannot continue to function if they let employees steal from them.
Employee theft is responsible for 33% of all business bankruptcies.
Frameworks 4.6 & 4.7
This article appeared in the Harrison Daily Times on July 8, 2010.
The cash drawer, also called the till, is organized from right to left by lowest denominations. The empty slots to the left can be used for rolled coins, dollar coins, or larger bills.
Never place the customer’s change on the counter.
Most small business will accept debit cards and major credit cards; Visa, MasterCard, or Discover.
Many small businesses are using an electronic signature pad.
Frameworks 4.8.1 & 4.8.2
Source: Marketing, 3e, page 534