Every business owner looks for positive ways and means to improve cash flow to the business. Whenever business owners implement a strategy for growth and development for the company, there is always an element of risk involved. However, with caution and the right foresight business owners can overcome these risks and drive more cash flow into their business with success!
Michael Saltzstein is an esteemed businessman with invaluable experience and knowledge in the field of risk management in the USA. He says that when it comes to risk management strategies and programs, he is often asked a vital question by his clients- why risk management?
He says that before going onto the answer of why risk management, it is crucial first to understand the meaning of “risk.” The term “risk” refers to a single or more unforeseen circumstances or events that might affect the ability of the business organization to achieve its goals.
This level of risk is calculated with the possibility of the event and its probable impact on the business. This possibility of risk that might be faced by the business or company is imminent, so it is here that an extensive risk management strategy needs to be put in place so that the business is able to operate smoothly. If the business runs smoothly, its manufacturing and production processes will not be hampered, and this will ultimately drive in more cash flow to the business with success!
Improvement with risk management programs
He says that risk management can also be defined as a continuous improvement targeted at identification, evaluation and minimizing among additional things all the risks that are related to the operations, assets and the activities of the business. The primary goal of risk management is to define as well as implement strategies to reduce and stop these risks to enable the business to function smoothly today and in the future with success.
Every risk management program should be created and designed, keeping the above factors in mind. New business owners should take the guidance and consultation of experienced risk management experts when it comes to implementing such a program in the organization with success!
Besides being a businessman and specializing in risk management, Mike Saltzstein has served as an official and a volunteer for swimming for more than 30 years. He was awarded the USA Swimming Pettigrew Award for his exceptional service to swimming and has been the Vice President of the USA Swimming from 2000-2006. He has also been in the Initial Chair of The Insurance Subsidiary’s Audit Committee. He has been a veteran Swimming Official in the USA and has drafted a 6-point plan for eliminating sexual misconduct from the sport.
Michael Saltzstein keeps track of major swimming tournaments when it comes to swimming events and recommends everyone should learn how to swim under the guidance of a good swimming coach. He had been chosen as a national and international referee at the Beijing Olympic Games conducted in 2008 for open swimming and pool swimming.