When you’re busy managing a company, it’s easy to overlook potential safety risks and the possible liability these risks represent.
Several sound business reasons exist for devoting time to building a safe workplace, such as:
Every business has slightly different needs when it comes to safety. However, once you focus on workplace safety, you can take steps to minimize your company’s risk. Here are six simple, cost-effective ways to reduce your company’s vulnerability and keep your workplace and your profits safe.
For many businesses, documenting safety procedures doesn’t have to be complicated. Depending on your industry, all you may need to do is keep a list of employee contact numbers updated so that managers can easily reach their people in the event of bad weather or any other emergency. Other basic safety measures include:
Starting from scratch with your safety efforts? The U.S. Department of Labor Office of Labor and Health Administration (OSHA) offers businesses a wealth of free workplace safety resources.
Nothing discourages troublemakers like a tidy workplace. While it may seem minor, keeping your buildings, landscape and worksite clean, neat and in good repair tells potential thieves your business is likely to be as well guarded as it is well tended. This means you should:
Appearances alone may be enough to discourage lawbreakers, as well as give you and your employees a workplace to point to with pride.
No manager can be everywhere and know everything. That’s why you should listen to your employees when they express concerns about workplace safety. Use your team as extra pairs of eyes, since they may see things you didn’t notice, such as:
To promote a safety culture, be sure to thank employees for bringing issues to your attention rather than fussing about the cost of repairs or additional security measures.
If your business handles cash regularly, you probably already follow basic safety precautions, such as varying your time and route to deposit the cash.
To reduce the risk of embezzlement, establish clear, consistent rules for how much cash employees may access or handle at any one time; what documentation is required and when to record the intake or outflow of cash; and where and how much cash should be stored on site.
You may already train your employees to recognize phishing attacks sent by email, but do you train them in other aspects of workplace safety?
Depending on your industry and location, you may need to remind employees to wear protective clothing, keep their employee badge visible, drive company vehicles safely, walk to their cars in pairs, and more. It’s also a good idea to develop and communicate procedures for what to do in the event they receive a suspicious package, face an upset customer, or find unauthorized personnel in a secure work area such as your server room.
People tend to underestimate the cumulative effect that long-term stress from bullying or threats can have on their workforce. What’s more, many company leaders are uncomfortable confronting bad behavior, thinking that a shouting match between employees will blow over, or that a raging client is just having a bad day.
In reality, studies show such behaviors are often precursors to more extreme behavior, even violence. That’s why workplace safety experts recommend you adopt a zero-tolerance policy and call the police immediately if a customer or employee becomes threatening or aggressive. It’s also important to be aware of and stop any bullying or intimidation going on in your workplace.
Giving some thought to your safety plans and procedures reassures potential buyers that proper precautions have been put in place to ensure the health and continuity of your company.
Following these six suggested steps will also better position you when negotiating with buyers for your company. Buyers loathe risk and liability. Having documented (and followed) safety procedures will give them peace of mind that the company they are acquiring is a safe work environment from day one.
If the idea of casting a wide net for buyers intrigues you and the concept of an equity firm possibly being in your future is novel, then you need to attend a Generational Equity exit planning conference soon.
Our meetings are designed to educate business owners on all facets of buyers and M&A activity today and going forward. The time you spend there will be well worth the investment when you decide the time is right to sell your business.
To learn more about Generational Equity and our conferences, please use the following links:
By Jessica Johns Pool.
© 2018 Generational Equity, LLC. All Rights Reserved.
The help you provided us during each step of this process made us feel very comfortable and confident we were selecting the right approach to transition our Company.Andy Graham, Vice President, Modern Heating & Plumbing
Thanks to you, the entire GE team and especially Michael Goss for driving a great valuation, coaching me and driving the process across the finish line. Please let me know if there is anything I can do to support GE going forward. P.S. Given my experience with GE I felt comfortable enough to sign up with Generation Wealth Advisors!Tom Currier, Former President & CEO, Rackmount Solutions
I wanted to take this opportunity to thank you for all that you have done for us. Not only did you take care of all the aspects of the sale but took extra care to make sure we knew what it looked like every step of the way. I will definitely recommend your company to anyone that is in a position to or looking to exit their business.Shane and Johanna Kline, Owners of Vision Upfitters
Your wisdom and experience were invaluable to me during this once-in-a-lifetime transaction.Ralph Noblin, President of Noblin & Associates
We were represented by Michael Goss with Generational. The due diligence was grueling and exhausting, but Michael propped us up and kept us motivated throughout the process. Debi and I continued to ask each other how we could possibly make it through this process without the assistance of Michael. Michael's professionalism and knowledge is absolutely amazing, and we are so blessed to have had him by our side as we made our future dreams come true.Bob and Debi Lee, Owners of BL Technology, Inc and BL Tl Services, LLC
I quickly recognized that Don was working for Sharpe Mixers above all else, and held our interests above others.Jay Dinnison, Owner of Sharpe Mixers
I couldn’t have asked for a better team than Michael and Deborah. We couldn’t have done it without them.Robert Evans, President and CEO of Mealtracker Dietary Software
I need to say an immense thank you to Don Ho for his stellar work ethic, attention to detail, and tireless effort. Also thank you to the whole crew at GE! Without you, Don could not do such a phenomenal job. We were shooting for closing and funding before the end of 2020, due to the uncertainty of the political landscape and taxes. I am happy to report we closed last week and will be funding tomorrow.Dr. Caty J. Catron PhD, RN, VA-BC – Owner, Vic The Picc, LLC
I am pleased that I was able to work with Andrew Byrd throughout this experience. From the first meeting we had in Minneapolis I felt that I was in good hands. His knowledge and expertise is second to none. He guided the process consistently throughout. I feel lucky that I was pared with Andrew and could not be happier that I chose Generational Equity to handle this major life event. Thank you Andrew and GenEq for everything!Eric Erlandson, Owner, Action Fastenings, Inc.
I would like to thank you and your firm, Generational Equity, for being our valued advisors in our journey.Bil MacLeslie, CEO, ipHouse
The professionals at Generational Equity then helped develop a roadmap for enhancing the value of the firm and an evaluation report. This was completed by June 14, 2021. We then developed the Confidential Information Memorandum and put Taylor Studios, Inc. on the market by July.Betty L. Brennan, President, Taylor Studios
Generational Equity’s professional staff helped me every step of the way. Their network and professionals are the only reason I sold my company this quickly. For me this is a once in a lifetime sale and I was unfamiliar with the process. I was able to lean on them with questions and concerns.
Thank you again for all your guidance and support. Any company will achieve what they intend, if they have you on their team!Rick Nowak, President/CEO, Kurz Electric Solutions, Inc.
I wanted to write you a quick letter to express our appreciation and our delight on the outcome of helping us through the process of our recent sale. We are very happy with the end result, and are very happy to be able to move forward with all of our future growth plans.Terry D. Wickman, President, Keytroller
I must say that I have never worked with a more driven, competent and focused individual as Don Ho.Jay Dinnison, Owner of Sharpe Mixers
We had the pleasure of working with Mr. Ahmad Behjati Managing Director, M&A, for Generational Equity during our acquisition of Papa's Dodge in late 2021. Generational Equity and Mr. Behjati represented and marketed Papa’s Dodge. As our primary contact, Mr. Behjati was professional in every facet of this acquisition process, conveying valuable advice most times and assisting us in every step of the process.Rick Greene of Dobbs Equity Partners LLC
Generational Equity educated and informed us – so that we could be on the upside of a good decision (to sell).Bil MacLeslie, CEO, ipHouse
After attending a conference with GE, I decided that the value they bring would be worth the expense and as soon as I started working with them, I realized that was the right decision. When we started to get LOIs, Fred Zweifel took the lead on the communication and supported negotiations throughout the process, which got tricky as we moved forward. I learned that it can be common for companies to make a great offer then work to erode that price with their discoveries, but Fred and the GE team kept that from happening.Caroline Connelly, CEO, OptoTest
T.D., thank you so much! You are a great leader! I love how you are using your gifts and talents to better others. You are clearly a GREAT COACH! This 3 day session undoubtedly changed the future of our business, and very well may have been the sole catalyst to save my company, my health and my marriage! A genuine “thank you” from the bottom of my heart.Bryan D. Horn, Owner, Over Under Clothing
We are very happy with the end result, and are very happy to be able to move forward with all of our future growth plans.Rick Nowak, President/CEO, Kurz Electric Solutions, Inc.
I decided to attend the conference and hopefully receive some guidance on how to structure an exit plan of my business. Upon arriving at the conference, I was so impressed with the presentation given by Generational Equity that I set a future appointment that week to discuss the possibility of selling my business with their Senior Managing Director David Robinson.JoAnn Ellis, Owner of Fondren 5 Star Kennels
Generational Equity’s assistance was invaluable in compiling and marketing our business.Bil MacLeslie, CEO, ipHouse
The most important contribution I think Ahmad made was with his personality and work ethic. He is sincere, efficient, and very hard working. He was available to me at all times, whether it was for specific detail of the negotiation or just to talk through the bigger picture. He listened, advised, and recommended, but never forced his idea or opinions. In the time we worked together, he became a valued colleague and also a friend.Salvo Stoch, Founder and CEO of Sleeping Partners
The process was much more involved than I expected and your help, experience and advice was a big factor in making the negotiations go as smoothly as possible.Terry D. Wickman, President, Keytroller
Through the sale process, Generational brought in several interested buyers and we closed in about 6 months. I am so glad I accepted that invitation to the conference and could not be happier with the whole process. The team at Generational coupled with their knowledge and guidance was so valuable that in the end, I know I could never have done this on my own!JoAnn Ellis, Owner of Fondren 5 Star Kennels
Michael worked tirelessly, He followed every lead meticulously and urgently to make sure nothing was missed.Robert Evans, President and CEO of Mealtracker Dietary Software
We knew it would be a difficult task to have someone really understand our business and our market, prior to researching a possible buyer, so it was imperative that we found someone of your caliber, with definite proven experience in this area.Rick Nowak, President/CEO, Kurz Electric Solutions, Inc.
We were happy to see the interest in our company and what we cherished has not just a valuable company but an important company to the communities we served in.Larry Moore, Owner, A Company Portable Restrooms
Greetings Mike. Thank you for the captivating and compelling presentation you made at the Phoenix presentation last week. Over many years in business yours was the most informative and well-presented presentation, on any subject, that I have ever attended! Your energy and enthusiasm combined with your concise and captivating support of your positions with easily understood examples and data was compelling.Pete L.
We thank you Eric and Generational Equity making our dream come true.Larry Moore, Owner, A Company Portable Restrooms
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