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Never Say No: Lessons From Running A Niche Business

September 28, 2023 by www.forbes.com Leave a Comment

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Charlie Tuzzi is the owner of Cameo by Copeland Cleaners and Winzer Cleaners.

In the realm of dry cleaners, my company works for an unusual clientele: the New York City theater district. The production teams of popular shows—there are usually around 40 big-name shows running at a time, if you include both On- and Off-Broadway shows—are our clients, and they require us to clean the costumes that bring these popular shows to life. On a given night, they might send us anywhere from 15 to 150 pieces, depending on the stage of the production (for instance, more costumes if it’s a bigger show or it’s closing). We often don’t know before we receive the order how many costumes it will even entail. Our job is to retrieve the costumes the minute they’re no longer being used (usually late at night), clean and press them, and return them to the theater, usually by early afternoon the next day.

On Mondays, Broadway is mostly dark, so we always have a huge inventory on Sunday. We work at all hours, including weekends and holidays—Labor Day, Christmas, New Years. Particularly if those holidays fall on a Sunday or Monday, we’ll be hard at work. You know what they say: The show must go on.

Working with these big-name shows on tight deadlines has taught me a great deal about the demands of running a specialty business. While costume dry cleaning is unique, there’s a lot to this business that can be applied to any enterprise serving high-profile clientele with very specific needs:

1. Always find a way.

You never know when the client is going to come in with some crazy order, like 200 particularly dirty costumes that have to be cleaned by 9:00 a.m. Our job as we see it is to never say no. No matter how crazy the turnaround, no matter how nitpicky the client’s request (some come with very specific cleaning or handling instructions) and no matter how many other things we have going on, we always find a way to get it done.

2. There are no off hours.

My phone often rings at midnight; this past Sunday night, for instance, I had two calls in the middle of the night. (I’ve gotten adept at just going back to sleep.) When you work with high-profile, time-sensitive clientele, you can’t say, “Oh, I’ll get to it tomorrow.” It has to be handled in the moment so the client feels comfortable that their problem has been resolved.

3. Take care of your people.

Because our work is so demanding and time-consuming and involves such an irregular schedule (which we recognize cuts into personal and family time), we take great care of our people. As a result, we are able to keep a very talented and hard-working production staff at the ready to handle all our clients’ needs.

4. Foster deep relationships.

The relationship that my cleaning company has with Broadway goes back 100 years, well before I took the helm. It’s a long-standing relationship because these shows know the quality we bring, know we stand behind our services and know we can meet the crazy deadlines. They’re not looking for “the next guy.” When you’re the cleaner of choice for an industry, you work hard to keep it that way.

5. Work it out.

Snafus can happen in any industry. In the rare event that something goes wrong on our end, we don’t just apologize for it—we resolve the problem to the client’s satisfaction. Sometimes the way forward may not be obvious, and I have to gather all the pertinent information and then tell the client I’ll call them back in five minutes so I can think it over. But particularly in a niche industry, it’s vital to offer the client whatever resolution is needed to make sure that they’re satisfied, relieved and feel comfortable with our work.

When you’re offering a premium product or service, you have to make it worth the client’s while. There should never come a point where they have to question the price or the value of your work. Rather, it should be intuitively obvious from the quality of that product or service that you are offering the best and only choice for their needs. Sometimes that involves making miracles, but more often it involves integrity, hard work, constantly fine-tuning and expanding your offerings and never saying no. That’s how, in whatever industry you’re operating, you remain the star of the show.


Forbes Business Council is the foremost growth and networking organization for business owners and leaders. Do I qualify?


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Fundamentals Of Risk Assessment: Methods And Tools Used To Assess Business Risks

September 28, 2023 by www.forbes.com Leave a Comment

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CEO of Schwenk AG & Crisis Control Solutions LLC , a leading expert in risk and crisis management for the automotive industry.

In the intricate tapestry of the modern business landscape, every thread is intertwined with an element of risk. From startups navigating the treacherous waters of market entry to conglomerates expanding their global footprint, understanding and adeptly managing these risks has become a distinguishing factor between fleeting success and enduring resilience.

As the pace of innovation surges and the global marketplace transforms, the significance of comprehensive risk assessment is only magnified. As a top expert in risk and crisis management, I’ve served major clients as well as numerous smaller firms in Europe and the U.S. Here’s my guide for businesses.

Key Components Of Risk Assessment

Risk assessment stands as a cornerstone in strategic business decision-making, demanding a structured and meticulous approach to ensure effectiveness.

1. Identify

At the heart of this process is the task of identifying risks. This involves recognizing and describing potential pitfalls that a business might face. Recognizing these risks early ensures that businesses can allocate resources and strategize aptly without being caught unprepared.

2. Quantify

Following the identification phase, businesses need to quantify the risks, gauging both their potential impact and likelihood.

Employ tools such as statistical models, analyses of historical data and simulated scenarios as they can all provide valuable insights in this dimension. It’s through this quantification that businesses can discern which threats merit immediate attention and which can be set aside for later.

3. Prioritize

Once quantified, the next logical step is to prioritize these risks. Here, businesses rank and evaluate the identified risks, determining which should be addressed first based on their significance.

Instruments like risk matrices , which juxtapose the likelihood of a risk against its impact, play a crucial role in this assessment phase. Not every risk poses an immediate threat, and thus it’s essential to ensure the most significant risks are addressed immediately, streamlining resources for maximum efficacy.

4. Evaluate

Subsequent to prioritization, a comprehensive evaluation of these risks is essential. This phase requires businesses to weigh the magnitude of each risk against their inherent risk appetite.

Compare industry benchmarks, past experiences or predetermined thresholds to decide the most appropriate way to address each threat. This step is pivotal in ensuring that risk management efforts are in harmony with a company’s overarching objectives and risk tolerance levels.

5. Mitigate And Manage

Mitigating and managing risks forms the next stage. Strategic decisions come into play, determining how each identified risk should be addressed. Depending on the nature and magnitude of the risk, businesses might opt to transfer the risk through mechanisms like insurance, change their business processes to avoid it entirely, put in place safeguards to diminish its effect, or even accept it outright.

Effective risk management, in this regard, becomes a dual-edged sword; while it safeguards against potential adversities, it can also pave the way for opportunities, enabling growth and improvement.

6. Monitor And Review

Risks are inherently dynamic, fluctuating with time and circumstances. Regular audits, feedback mechanisms and even third-party reviews ensure that strategies employed remain effective and that emergent risks are identified promptly.

This continuous monitoring helps businesses stay nimble, adjusting their strategies to the evolving landscape of risks, better ensuring both survival and prosperity in an uncertain world.

Methods Of Risk Assessment

1. Qualitative Assessments

The qualitative assessment is predominantly based on descriptive, nonnumerical data, and it shines in scenarios where garnering accurate numerical data is challenging. One of its significant advantages is its capacity to harness the power of expertise, intuition and experience to scrutinize risks.

There are several techniques under this umbrella. For instance, SWOT analysis delves into both the internal and external elements that might influence a project or business. It identifies the strengths, weaknesses, opportunities and threats.

The expert judgment method seeks insights from those with specialized expertise. Another technique, the Delphi method , orchestrates a structured dialogue among a panel of experts. This communication continues in multiple rounds until a consensus emerges.

2. Quantitative Assessments

The quantitative assessment employs numerical data. By leveraging statistical, financial or numerical analyses, it provides a more systematic and data-centric perspective on potential risks.

Techniques in this category include the Monte Carlo simulation , which uses an algorithm that hinges on constant random sampling to deduce numerical outcomes. Decision trees provide a visual representation of decisions and their possible results. Additionally, sensitivity analysis explores how varying values of one variable can influence another.

3. Additional Assessments

Scenario analysis empowers businesses by laying out an array of potential future situations. It aids in sketching the best-case, worst-case and the most-probable scenarios, enabling firms to visualize and weigh the potential risks and rewards.

Stress testing dives deep into analyzing potential vulnerabilities in any given system. It designs models that emulate challenging, often drastic conditions. A classic example of its application is in the financial realm , where banks deploy this method to unearth potential weak points in their financial statements.

The comparative risk assessment offers a comparative perspective. By juxtaposing potential risks against a benchmark or another risk, businesses can determine which threats deserve immediate attention, especially when resources are sparse and setting priorities becomes vital.

A hybrid method epitomizes adaptability. Realizing that no single technique can capture the entirety of risks, many entities interweave both qualitative and quantitative strategies. This amalgamated approach furnishes a richer, more detailed depiction of the risk environment surrounding a business.

Navigating Risk

To make an informed decision on which assessment method to employ, decision-makers should consider the nature of the risk, available data and desired depth of analysis.

Whether leaning toward qualitative methods that harness expertise and intuition or quantitative techniques that provide data-centric insights, the key is to choose a method (or combination thereof) that aligns with the specific context and objectives of the business, ensuring both its survival and prosperity amid uncertainties.

In essence, managing risk boils down to four strategies: avoiding it, mitigating its impact, transferring it, or simply accepting it. The chosen approach depends on the nature and magnitude of the risk in question.


Forbes Business Council is the foremost growth and networking organization for business owners and leaders. Do I qualify?


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Business News Highlights: Market Closes Flat Amid Volatility, Realty Registers Gain Over 1%

September 25, 2023 by news.abplive.com Leave a Comment

Business News Highlights : Hello and welcome to ABP Live’s Business LIVE blog. Please follow this space for all the breaking news and latest updates from the Stock Market, economy, and the corporate world.

The two key equity benchmarks, Sensex and Nifty, on Friday, ended closed in red for the fourth consecutive session. The stock market indices remained volatile throughout the day, but ultimately ended trading at the lowest level of the day. Analysts observed that JP Morgan’s decision to include Indian government bonds in its Emerging Market index weathered weak global sentiment. At the closing bell, the S&P BSE Sensex was down 221 points or 0.33 per cent at 66,009.15, while the Nifty declined 68.10 points or 0.34 per cent to 19,674.25.

On the 30-share platform, Wipro (down 2.32 per cent), HDFC Bank, UltraTech Cement, PowerGrid, and Sun Pharma were among the top losers. On the flip side, IndusInd Bank, Maruti Suzuki, SBI, Mahindra & Mahindra, and Bajaj Finserv took the lead. The major losers on the Nifty50 also included Wipro, Dr Reddy, UPL, Cipla, and Bajaj Auto, while the gainers were IndusInd Bank, Maruti Suzuki, SBI, Mahindra & Mahindra, and Asian Paints.

The rupee appreciated by 18 paise to close at 82.95 against the US dollar on Friday. The domestic unit opened with a gain of 27 paise against the American currency on Friday after JPMorgan announced that India will be included in the emerging market bond index. The highly anticipated move could potentially bring billions of dollars in investments to India’s debt market. This inclusion is scheduled for June 28, 2024. Following this, the domestic currency opened at 82.82 a dollar as compared to the previous close of 83.09.

Foreign Portfolio Investors (FPIs) pulled out over Rs 10,000 crore from Indian equities in the first three weeks of September, primarily due to rising US interest rates, recessionary fears, and overvalued domestic stocks. According to the exchange data, in the 15 trading days, so far in September, FPIs emerged as sellers in 11 days with a net withdrawal of Rs 10,164 crore. This figure included bulk deals and investments through the primary market. Of the total pullout of Rs 10,164 crore so far this month, over Rs 4,700 crore was withdrawn in the last week. Notably, FPI investment in equities hit a four-month low of Rs 12,262 crore in August.

Here are some important factors that can impact the market on September 25.

Macro Factors

Globally, markets will keenly observe the final economic growth data from US for the second quarter of the calendar year set to be released on September 28, followed by a speech from Fed Chair Jerome Powell on September 29.

Further, the US will release new home sales statistics for August on September 26, in addition to personal income and spending data for August scheduled to be released towards the end of the week.

Additionally, the UK will release it’s GDP numbers for the June quarter of 2023 on September 29. The European Central Bank will hold it’s general council meeting on September 28 and is scheduled to announce it’s inflation rate flash data on the last trading day of the week. Japan is expected to come out with it’s unemployment rate for August and consumer confidence figure for September on September 29.

Domestically, fiscal deficit and infrastructure output numbers for August are expected to be released by the end of the week, in addition to foreign exchange reserves for the week ended September 22, as per a report by Moneycontrol.

This week will mark the September month Futures and Options (F&O) expiry, which will add to the volatility in the market, said Santosh Meena, head of research at Swastika Investmart Ltd.

IPOs Ahead

The markets this week will witness three mainboard offers and nearly 13 SME issues, lined up for subscription.

JSW Infrastructure will launch it’s initial public offering (IPO) on September 25 and accept bids till September 27. This is reportedly the biggest public offer in this month. The IPO consists of a fresh issue worth Rs 2,800 crore and has a price band of Rs 113-119.

Another IPO to launch on September 25 is Updater Services which will be open till September 27. This issue comprises fresh shares worth Rs 400 crore and an offer for sale of 80 lakh shares by promoters and other selling shareholders. The issue has a price band of Rs 280-300.

Valiant Laboratories will launch it’s IPO from September 27 to October 3. The issue consists of fresh equity worth Rs 1.08 crore and is priced in the range of Rs 133-140.

Additionally, 13 SME IPOs including Vishnusurya Projects, Arabian Petroleum, Newjaisa Tech, and Inspire Films will open for subscription in the week.

Filed Under: Uncategorized BSE., Business News, Fed policymakers, IPO News, inflation, interest rate, NSE, Nifty, oil prices, Sensex, Stock Market..., Stock Market Today, business news live, stock market closed today, why stock market closed today, market closed, markets closed today, business to business news, market business news, loan market kangaroo flat, market side flats seattle, market side flats, highlighter market

Business News Highlights: Sensex, Nifty End Flat Amid Volatility

September 26, 2023 by news.abplive.com Leave a Comment

Business News Highlights : Hello and welcome to ABP Live’s Business LIVE blog. Please follow this space for all the breaking news and latest updates from the Stock Market, economy, and the corporate world.

The two key equity benchmarks, Sensex and Nifty, on Monday closed flat amid volatility as the indices entered the week of the monthly F&O expiry. The S&P BSE Sensex oscillated 462 points during intraday and ended 15 points higher at 66,024. On the other hand, the Nifty50, settled unchanged at 19,676. On the 30-share Sensex platform, Bajaj twins, Kotak Bank, Asian Paints, UltraCemco, ICICI Bank were among the gainers. On the downside, Infosys, M&M, Wipro, TCS, SBI, Sun Pharma emerged losers.

On Tuesday, Asian markets exhibited weakness due to renewed concerns about China’s property sector. Meanwhile, the US markets ended trading with gains and the US bond market continued it’s sell-off for the fourth straight week, as reported by the Hindu Businessline. In addition to the dollar reaching it’s peak strength of the year, the Japanese yen is nearing 150 per dollar, but there seems to be no indication of any intervention from the authorities yet. This might leave an impact on investors’ confidence and sentiment. Global oil benchmark Brent crude climbed 0.39 per cent to $93.63 a barrel on Monday. Foreign institutional investors (FII) sold shares worth Rs 2,333.03 crore, while domestic institutional investors (DII) bought Rs 1,579.28 crore worth of stocks on September 25, provisional data from the National Stock Exchange (NSE) showed. FIIs pulled out over Rs 10,000 crore from Indian equities in the first three weeks of September.

Meanwhile, the rupee declined by 20 paise to settle at 83.14 (provisional) against the US dollar on Monday due to rising crude oil prices and a strong American currency against major rivals overseas. Subdued equity markets and withdrawal of foreign funds also weighed on the domestic currency, forex traders said. At the interbank foreign exchange market, the local unit opened weak at 83.04 and traded between a high of 83.04 and a low of 83.15 against the greenback. It finally settled at 83.14 (provisional) against the dollar, registering a fall of 20 paise from the previous close. On Friday, the rupee climbed 19 paise to close at 82.94 against the US dollar.

Here are some important factors that can impact the market on September 26.

Economy Indicators

Globally, markets will keenly observe the final economic growth data from US for the second quarter of the calendar year set to be released on September 28, followed by a speech from Fed Chair Jerome Powell on September 29. The US is scheduled to reveal new home sales and final building permit statistics for August on September 26, in addition to real consumer spending and PCE prices for the second quarter of the calendar year 2023 scheduled to be released on September 28.

Additionally, the UK will release it’s GDP numbers for the June quarter of 2023 and it’s current account data on September 29. The European Central Bank will hold a non-monetary policy meeting on September 27 and it’s general council meeting on September 28. The EU is scheduled to announce it’s consumer confidence final and industrial sentiment for September towards the end of the week. Japan is expected to come out with it’s retail sales, housing starts, and construction orders for August on September 29.

Domestically, fiscal deficit and infrastructure output numbers for August are expected to be released by the end of the week, in addition to foreign exchange reserves for the week ended September 22, as per a report by Moneycontrol.

Upcoming IPOs

The markets this week will witness three mainboard offers and nearly 13 SME issues, lined up for subscription. JSW Infrastructure, Updater Services opened for bidding on Monday. Valiant Laboratories will launch it’s IPO from September 27 to October 3. The issue consists of fresh equity worth Rs 1.08 crore and is priced in the range of Rs 133-140. Additionally, 13 SME IPOs including Vishnusurya Projects, Arabian Petroleum, Newjaisa Tech, and Inspire Films will open for subscription in the week.

Filed Under: Uncategorized BSE., Business News, FII, IPO News, inflation, interest rate, IPO, NSE, Nifty, oil prices, Sensex, Stock Market, Stock Market Today, business news live, Stock Market Live, US..., ferrexpo business news, quad cities business news, business news live in hindi, channel 24 business news, this week's news highlights, best alerts for business news, globes business news israel, arabian business news, network for business news, controversial business news

Business News Highlights: Indices Recover Marginally At Closing Bell, Nifty Over 19,700 Mark

September 27, 2023 by news.abplive.com Leave a Comment

Business News Highlights : Hello and welcome to ABP Live’s Business LIVE blog. Please follow this space for all the breaking news and latest updates from the Stock Market, economy, and the corporate world.

The two key equity benchmarks, Sensex and Nifty, on Tuesday again closed flat amid volatility in a directionless market. The BSE Sensex closed at 65,945, down 78 points. On the other hand, the NSE Nifty shut shop at 19,665, down 10 points. On the 30-share Sensex platform, TechM, IndusInd Bank, Infosys, Asian Paints, ICICI Bank, Kotak Bank were among the losers. On the upside, Nestle, Tata Steel, M&M, Bajaj Finance, HDFC Bank, NTPC emerged gainers. Shares of Eicher Motors, the listed parent company of Royal Enfield, and TVS Motor Company were in focus and rallied up to 4 per cent on the BSE in Tuesday’s intra-day trade after overseas brokerage firm Jefferies said it preferred these two stocks over Bajaj Auto and Hero MotoCorp in two-wheelers (2W) segment.

Wall Street’s main indexes dropped on Tuesday as investors continued to grapple with the prospects of a prolonged restrictive monetary policy by the Federal Reserve and its subsequent impact on the economy.

On Tuesday, the US markets witnessed drops in all main indices as investors remained wary about a prolonged restrictive monetary policy outlook by the Federal Reserve. Concerns about the economy remained as indices closed the day in red. European shares also extended their losses on Tuesday. In Asian markets, Seoul, Tokyo, Shanghai, and Hong Kong ended lower.

Global oil benchmark Brent crude declined 0.79 per cent to $92.55 a barrel. Foreign Institutional Investors (FIIs) offloaded equities worth Rs 2,333.03 crore on Monday, according to exchange data.

Meanwhile, the rupee stayed on the downward track for the second straight day to settle 14 paise lower at 83.27 (provisional) against the US dollar on Tuesday due to a firm greenback against major currencies overseas and persistent foreign capital outflows. Besides, weak equity market sentiment and elevated levels of crude oil prices, hovering above $92 a barrel, weighed on the domestic currency, forex traders said.

At the interbank foreign exchange, the domestic unit opened at 83.19 and traded between a high of 83.17 and a low of 83.27 against the greenback during the day. It finally settled at 83.27 (provisional), registering a fall of 14 paise from its previous close.

Here are some important factors that can impact the market on September 27.

Global Economies

Globally, markets will keenly observe the final economic growth data from the US for the second quarter of the calendar year set to be released on September 28, followed by a speech from Fed Chair Jerome Powell on September 29. The US is scheduled to reveal real consumer spending and PCE prices for the second quarter of the calendar year 2023 on September 28. The European Central Bank will hold a non-monetary policy meeting on September 27 and it’s general council meeting on September 28. The EU will announce it’s consumer confidence final and services sentiment for September towards the end of the week. Japan is expected to come out with it’s retail sales, housing starts, and construction orders for August on September 29. The UK will release it’s GDP numbers for the June quarter of 2023 and it’s current account data on September 29. China will announce it’s industrial profits (year-to-date) for August on September 27.

IPO Performance

Valiant Laboratories is set to launch it’s initial public offer on Wednesday. The company will accept bids for it’s issue till October 3. The IPO will comprise a fresh equity worth Rs 1.08 crore and is priced in the range of Rs 133-140. The issue has set aside about 50 percent of the offer for qualified institutional buyers, 15 percent for non-institutional investors, and the remaining 35 percent for retail investors. The company will use the funds generated from the issue towards it’s capital expenditure, capital requirements, and other general corporate purposes.

JSW Infrastructure and Updater Services’ issue will close after Wednesday’s trade. By the end of day 2 of the issue, JSW Infrastructure’s IPO saw the issue subscribed about 2.13 times. Updater Services, meanwhile, saw weak demand towards the end of day 2 and was subscribed about 16 per cent by Tuesday’s end.

Filed Under: Uncategorized Asian markets, BSE., Business News, European economy, FII, Global Economy, IPO News, inflation, interest rate, IPO, NSE, Nifty, oil prices, Sensex, Stock Market..., cnn business news, nasdaq closing bell today, closing bell nyse, closing bell cnbc, nyse today closing bell, stock market at closing bell, who rang the closing bell on wall street today, business to business news, business key performance indicators, market closing bell

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