Sports Law • Risk Management

December 23, 2010: Christmas is Coming . . . Are You Ready for Risk Management?

At this time of year the holidays can get hectic. Many are feeling more jovial and charitable yet others are anxious in making preparations for a festive holiday with family and friends. However, this is the time of year when your business may often be neglected. Below are some thoughts to keep your business moving in the right direction during the holidays and beyond.

1) Out-of-Season Revenue. The Progressive Field ballpark, where the Cleveland Indians play, came up with a creative way to make money once baseball season finished. The ballpark converted its infield into a winter wonderland for family activities, in hopes to collect out-of-season revenue. This example shows that a sports organization may be creative to ensure a positive cash flow in all quarters of a year. Cash can also be conserved by closing down your operations for the season, which may include strategies such as turning down the thermostat or even ending seasonal staff positions.

2) Recognize Your Staff. This is the time of year when you should avoid being stingy. Having a loyal staff with minimal turnaround actually can be cost-effective for your business. Loyal staff are less likely to steal, are more committed to ensuring your business is productive and safe, and are more likely to stay in your employ, which means less costs in training new staff. Thus, be sure to remember your staff during this time of year to let them know that they are appreciated.

3) Business Security. This is also a time of year when theft is rampant. Employees or clients may be tempted to steal and a vacant building may also appeal to a thief. Thus, do not neglect security for your building, your assets, and your technology equipment. At the very least be sure to lock things up tight when you close down for a few days.

Ultimately, there are many things that you can do to protect your business from holiday complications. While it is good to take time to spend the holidays with family and friends, be sure it is not at an immense expense to your business.