Protecting Profitability – Identifying And Mitigating Forces That Impact The Bottom Line for Business Partner Magazine
In this article for Business Partner Magazine, CIC Services’ Randy Sadler discusses the importance of profit for the success of a business. Profits can make or break a business, so Sadler identifies the potential reason your bottom line is suffering. Also, retained earnings provide a safety net during difficult times, so maximizing profit is important when the business has a tailwind.
Risk Management Actions for Better Profit
- Strategic Failures
- Rising Inflation
- Labor Shortages, Turnover, and Rising Payroll Costs
- Unrestrained Spending
- Hardening of Insurance Market and Rising Health Care Costs