Reginald Chan

Category: Leadership

Leadership by Reginald Chan focuses on thought leadership, ways to become a leader and helping one to become a leader. This is a leader in the making group.

  • What You Need to Know About Product Liability for eCommerce

    What You Need to Know About Product Liability for eCommerce

    There are ways of protecting the company from future concerns of product liability before they arise. Despite enormous disparities, most companies have a similar concern about product liability, brick-and-mortar operations, and virtual storefronts. On your website, a disclaimer claiming that you are not responsible for issues would not protect you from being responsible for the product you sell. But don’t worry, before they happen, there are ways to safeguard your business, online and offline, from potential product liability issues.

    The value of a comprehensive business insurance policy is recognized by most brick-and-mortar retailers. The store owner does not want to be on the hook for an expensive medical bill if a shopper trips and breaks an arm. They want to rest assured that maintenance costs are not going to ruin them if a storm roars in and blows the roof of the joint. In today’s writing, we will look closely at what product liability is and some proven risk reduction techniques. You’ll probably save yourself a lot of grief down the line by doing your due diligence.

    What Is Product Liability?

    Product liability is the responsibility for harm incurred by the product on the part of the manufacturer, supplier, or seller of the product. Product liability-related lawsuits are based on negligence, strict liability, breach of contract, or numerous claims for consumer protection. At the state level, most product liability laws are decided and differ from state to state. Claims for product liability negligence are generally those alleging a design fault, a production defect, or marketing defects due to failure to warn about a possible defect.

    Product liability insurance can help compensate for legal costs, such as attorney fees and judgments against you if property harm, sickness, accident, or death is caused by a product sold at your business. You may face a potentially expensive claim depending on the seriousness of the harm caused by the product or how cantankerous the injured party feels, so product liability insurance can be extremely convenient to have. To defend yourself, let’s look at some of the strategies you should do.

    Deal Only with Trustworthy Suppliers Offering Quality Goods

    As most stores do in one way or another, if you rely on manufacturers and suppliers for your inventory, it can be tempting to go with whoever provides the best price. As a reference, don’t depend on that. The adage “you get what you pay for” might not always be true, but in most cases, it will do you good. Take the time to study the suppliers to make sure they are up to scratch with their credibility, manufacturing capabilities, and efficiency. Convince yourself why, if the price is suspiciously low. Chancing a product liability suit to save a few bucks isn’t worth it.

    Have Your Website With a Detailed Terms and Conditions Page

    The agreement on terms and conditions is a page on a website that sets out the rights and responsibilities of anyone who uses the website. A contract between the site and the user is effectively formed. Terms and conditions often include an explanation or definition of the key terms used in the terms and outline the legal limitations of the owner of the website’s liability for any damage or damage caused during the use of the site.

    A disclaimer indicating that you are not responsible for any concerns relating to your product will not absolve you of any responsibility, but it is a good idea to include a transparent and detailed page of terms and conditions that contains some clauses of limitation-of-liability. As advised by experts from Salvi, Schostok & Pritchard P.C. Chicago, limitation-of-liability provisions limit what a consumer can get from you in case of a product complaint. In other words, you can place a limit on the amount of money that the unsatisfied consumer has the right to earn. Notice that this doesn’t mean it’s enforceable simply because you have a limitation-of-liability clause. It needs to be equitable, transparent, and conspicuous, and enforceability varies by jurisdiction even then. Still, it won’t do any harm to you.

    Provide Detailed and Precise Descriptions of the Goods You Sell

    The degree to which consumers can inspect and communicate with items is one apparent but substantial difference between online and brick-and-mortar retail. In the digital realm, up-close physical inspections are not feasible, meaning customers rely on e-commerce retailers to provide high-quality reliable explanations and images to help them inspect products and decide if they are secure or not. If you’re not careful, it can turn into one big headache and a whole slew of unhappy customers one minor mistake in the way a product is described or advertised.

    Investigate and Comply With Legislation on Consumer Safety

    Never leave a child unattended, for topical use only and includes mature subject matter. These are all examples of advisories on consumer safety or warnings offering information on the risks associated with such goods and services. It is vital to attract new clients to your business, but you need to follow a few rules. Make sure to provide health information on the packaging if you market food items. You should get them approved by a regulatory body first if you sell electronics and want to advertise their energy efficiency. Study the legislation for your business and make sure that all the boxes are ticked.

    Purchase Independent Protections for Product Liability

    If you feel that your company is especially vulnerable to product liability problems, you might want to look into buying separate insurance policies for product liability. Companies that specialize in offering compensation that protects against harm and damages resulting from all sorts of product defects to suppliers, distributors, and sellers. Insurance brokers familiar with product liability will advise you on choosing a risk-covering policy for you. Just make sure to find a good person that knows the organization you are operating.

    Most merchants claim that product liability should not affect them because their product is not overtly harmful. This is a risky way to think. If you run an online store, both your customers and your organization must have a firm grasp of the potential risks. Merchants who neglect product liability are vulnerable to complaints, disputes, and litigation, leaving themselves no remedy but to take full responsibility. Hope this article has shed light on the importance of e-commerce’ product liability.

  • How to Safely Practice Social Distance in an Office?

    How to Safely Practice Social Distance in an Office?

    This year has been anything but ordinary and we are all experiencing the limitations it is posing to our lives. With the pandemic still ongoing, it is becoming clear that the return to offices will be anything but normal for those who do end up heading back into work.

    Even though it won’t be the same, there are some ways that you can help cope with it by helping keep yourself and others safe when you do find yourself walking through those once familiar doors again – social distancing.

    Those two words have dominated the news headlines more than any combination of words in recent memory so you are going to be hearing it a lot when you head back to work. Finding ways to make sure that the office is safe means making sure that social distancing is in full-effect so people can still get their job done, but not at the risk of infecting anyone else. Here are some ways that social distancing can be properly done in the office.

    1. Partitions and Dividers

    The safest way to prevent any spread of disease or bacteria in the workplace is by setting up partitions or dividers. Clear plastic dividers can help workers see and interact with one another even with an obstacle in the way. Using office dividers helps prevent particles from spit or sneezing get anywhere, and when combined with masks, makes the office much safer and gives everyone better peace of mind. These dividers can be set up at desks, between rows, and just about anywhere that needs to be protected because of high traffic use.

    2. Footpath Arrows

    Another simple solution is to make designated walkways with footpath arrows to indicated directions. You have undoubtedly seen this at the grocery store while shopping and all it does is help people know that they must follow the specific path so they can avoid coming into contact with too many people. These arrows will help direct people and reduce the number of high traffic areas to keep the workplace safe. The best part is that the arrows are extremely cheap so they can be added to any office quite easily. It also helps to create a map to help workers know which paths go where.

    3. Cubicles Instead of Open Plan

    Open plan office designs are more than likely a thing of the past for the time being. They looked modern, cool, and sleek but they simply don’t work how they should during a time like this which makes it all the more important to create a workplace that is safe. Just like dividers or partitions, cubicles provide a good sense of security from any spreading of bacteria or contact. The walls can be high to prevent this as well. Cubicles might not be as new and cool or modern as an open plan design, but in this case, it works a lot better.

    4. Space Out Desks

    Even if you can’t afford to use cubicles, it can be valuable to space out desks anyway. This lies in the ability to use the space accordingly, so it only works if you don’t have too many employees returning and there is plenty of floor space to spread desks out. Not only does this let people talk to and see each other, but it is also useful for them in the sense that it creates natural laneways of separation that can help workers avoid coming into close proximity as often as possible.

    5. Reducing Capacity Limits

    Wherever there are problems with too many people crowding around in certain areas, you need to find ways to reduce them. High capacity areas in an office are usually entrances, elevators, stairwells, and kitchen/common areas. If you can effectively manage how many people are going in and out of these spaces, you can reduce the potential spread of bacteria greatly. The use of partitions and footpath arrows is a good start, but you also need to have a schedule for when people can grab their stuff from the kitchen. This can be difficult, but it might be best to tell people to bring food from home and store anything that can be stored out of a fridge near their personal space so they aren’t moving around too much within the office.

    6. Return Essential Staff

    Back to the subject of returning to work, it should be advised that only essential staff comes back first. You never know how much can spread from whom so if people really need to come back into the office for various operations, it should be people who are needed in the office. Managers, bosses, etc. along with the usual cleaning staff are who should return first to keep the space as low populated as possible. Another good idea is to make sure that when others do start returning, that there is a flexible schedule with on-off weeks or days to help the office remain sparsely populated so that the social distancing protocols are still in effect.

    7. Cleaning Stations

    The last one is less about social distancing and more of a way to make sure that everyone has the right supplies to keep themselves and their coworkers safe. A cleaning station is important and it should have enough hand sanitizer, hand soap, disinfectant wipes, extra gloves, and even extra masks just in case. It should be advised that people use their own sanitizing products that they brought from home to make sure that germs aren’t spreading from surface to surface, but it can help out to have some around the office just in case anyone needs them.

    The words social distancing didn’t mean much just one year ago, but it seems to be all we have talked about in 2020, among a few other things. There is no doubt that social distancing is important for keeping bacteria from spreading so it is important. Using these techniques, any office can be a safe place for work to resume and prevent anyone from getting sick.

  • How to Minimize the Risk of Being Involved in a Cybercrime?

    How to Minimize the Risk of Being Involved in a Cybercrime?

    The internet provides a lot of opportunities for business operators who offer online services. However, the downside of operating your business online is that it will be vulnerable to an array of cybercrimes that can impact you, your employees, and your business. Cyber attacks are widespread, and it seems the trend is increasing. The most effective option available at the moment is to try to reduce the chances of being a victim or part of the cybercrime racket. Read on to learn how to minimize the risk of being involved in cybercrime. 

    Backup Your Data

    The chances of losing your valuable data after a cyberattack are very high, and this can lead to devastating consequences. To avoid such a scenario, it is essential to backup your data so that you can retrieve it if your system is compromised. You can use external media like memory sticks, compact discs, or external hard drives to store vital information about your business. However, cloud services are more secure for backing up your data since the servers are located away from your business premises and in a safe environment. The other advantage of backing your data in the cloud is that the method is very convenient. You can access your information from anywhere as long as you have access to the internet. This gives you the flexibility to work from anywhere too.  

    Protect Your Business

    Several businesses suffer cyber-attacks ranging from phishing, payment scams, malware, and ransomware which can all result in small companies losing a lot of money. Cybercriminals target businesses that are not fully protected, and you can be a victim anytime. To prevent cybercrime, it is essential to protect your business. You need to consult cyber security services to get insight into the necessary measures that you need to take to reduce the risk of financial losses, find out how to protect your brand, and prevent disruption to your business. You should also ensure that you install the latest antivirus software on your mobile devices and systems that are constantly in use. Cybercriminals target flaws in your software to access your system. Therefore, patching those gaps will help prevent you from becoming an easy target. 

    Do Not Open Suspicious Promotional Messages

    It is essential to activate the spam alert feature that helps to screen the emails that come through your inbox. It is not surprising that every day you receive several emails from unknown addresses, and the senders are usually offering lucrative deals that are just too good to believe. Some of the offers may be so tempting that you may feel like giving it a go, but that is the worst thing you can ever do. For instance, you may receive an email notifying you that you have won the lottery, and you should provide your banking details to facilitate payment processing. 

    The moment you supply your details to the unknown sender of the email, you will have compromised your cybersecurity. This is just one of the smart techniques used by scammers to steal your information, which they can then use to commit various cybercrimes. When the scammer gets your private information, they can use it to defraud other people or access quick loans which will negatively affect your financial status. Therefore, you must avoid opening suspicious emails at all costs. Just delete them without bothering yourself about the contents if you want to enjoy peace of mind and guaranteed security against cybercrime. You should also ensure that you do not open links on emails that you have not been expecting.  

    Secure Your Accounts With Strong Passwords 

    You should ensure that you secure all your accounts with strong passwords and update them regularly to avoid phishing and scamming threats. The other important thing to do is avoid sharing your password even with someone you trust. When you are using public networks like in internet cafes, it is advisable not to perform critical transactions such as online banking. Once the details of your business leak, you become vulnerable to ransomware attacks. 

    Identity theft happens everywhere, so the onus is on you to ensure that your valuable information is safe. The cybercriminals can block entire systems within your business and solicit a ransom for them before you regain access to your critical data. Many people are losing their hard-earned money through ransomware, so avoid being a victim by protecting your business accounts.  

    Respect Copyright Laws

    Cybercrime does not necessarily mean that you are always the victim. You need to be vigilant and try to avoid committing acts of cybercrime intentionally or unintentionally. For instance, plagiarism is a common and punishable offense, but some people commit this crime unknowingly. The internet is awash with information that you may want, but it is crucial to acknowledge the source if you are using other people’s ideas. Copyright laws help to protect intellectual property (IP) as a way of safeguarding other individuals’ work. You should avoid using other people’s ideas as yours since this is a crime.  

    The same applies to trademarks that help to protect other businesses’ brands. Some unscrupulous business operators flood the market with copycat products that ultimately affect the performance of the original brand on the market. When you are operating a business, you should make sure that you have a unique brand name to avoid violating the interests of other brands.  

    Know-How to Report Cybercrime

    If you become the latest victim of cybercrime, you need to report the case immediately to your local police or the Federal Trade Commission. You may also want to enable a credit freeze or fraud alert so that your account is not tampered with. The creditors will contact you so you can create new passwords and PINs for your compromised account. 

    Reported cases of cybercrimes in different media are very common, and they are constantly increasing. Cybercrime involves various activities like hacking, scams, phishing, ransomware, and identity theft among others. Cybercriminals usually target small businesses because they know that they lack adequate protection. There are several measures that you can take to minimize the risk of being involved in cybercrime. More importantly, you need to ensure that your business has sufficient protection to prevent unauthorized persons from accessing it. Follow our simple tips, and your small business will be much more secure.

  • How to Decide What Size of a Loan You Need?

    How to Decide What Size of a Loan You Need?

    Whether you’re thinking about running a business or are just needing money to make general home improvements, loans can help you get the financial boost you need in a pinch. A lot of people have gotten through some tough times by taking out loans. Of course, loans are no easy matter, and it should be something that you need to plan for adequately. If you are taking an obligation to pay off the loan in the future, it’s best to begin knowing what lies ahead.

    Loans allow you to take out financial aid from either a bank or any lending institution. Generally, you have to agree to payment terms, including the duration of the time you have to pay the loan and the amount of interest that incurs throughout the payment time. Banks offer loans for various purposes.

    According to Debt, the most popular types of loans are student, mortgages, auto, veterans, small business, payday, and home equity. Each loan has its purpose, even though there also are general purpose loans available. The amount you can loan often depends on your credit limit, existing loans, and the type of loan you are considering. Taking out a loan is the easy part. The hard part?

    People tend to overshoot their goals and make loans that are more than what they need. This may sound like a great deal in the long run, but the interest will keep you at a loss. As such, it’s important to properly think about the amount you need to loan before making one. How does one determine how much he needs?

    Consider Thinking About What It’s For

    There are many purposes for loans, and it’s completely up to you what you’ll use it for. The first question you need to ask yourself is about what the primary goal of the loan is. This is an important question as it can help determine whether or not you are capable of paying the terms at the right time.

    Let’s say you want to take out a loan of $50,000 to run a business. However, the company you are planning on setting up still requires work, and it could take at least ten months before it can generate a decent profit. Knowing what type of loan you need can help direct you to the best options possible.

    Keep in mind that personal loans are very different from business loans. There’s a marketplace for small business loans that help direct you to possible payment terms that consider your business’ profits regarding the tenure. Institutions that offer such loans help you think about exactly how much you might need to take out.

    If it’s for a personal expense like a new gadget or even money for a home renovation, be more considerate of your loan. Do you really need to make that loan? This is just one of the questions you should be asking. If you do need it, then make sure to loan only as much as you need.

    Plan Ahead

    One of the last things you’d want is to fail to make payments on time. Not only will this leave you with bad credit under your name. You’ll also incur penalties that add hefty fees on top of the interest. In cases like these, it’s best to plan ahead and think about whether or not you have the means to pay the loan in the future.

    According to a Wall Street Journal report, Americans have skipped their payments on over 100 million student loans, auto loans, mortgage loans, and many other forms of debt during this pandemic. Now, they’ll have to pay fees unless the institutions they loaned from decide to waive these and adjust their payment terms.

    True enough, no one saw the pandemic coming. However, the same can be said for just about any emergency situation. You need to be prepared for what’s to come. Ideally, you’d want to make sure that there’s enough money in your savings account to pay for up to three months of your loan.

    Think About Your Other Future Financing Needs 

    Making the right loan means thinking about what else you need to pay for in the future. Other financial expenses like taxes, your employee’s salary if you have a business, utility bills, and many others are put into consideration when making a loan. If you have a lot on your table in the future, then it’s best to keep your loan to a minimum.

    Understandably, most loans can be paid for in manageable terms. Usually, the terms are between 12-36 months. Just because the terms are flexible doesn’t mean that you shouldn’t think ahead. Your future financial expenses will coincide with the payment of your loan, so it’s best to make sure that you are capable of paying for both.

    Study The Interest

    Interest rates are unavoidable when making a loan. It’s something that you should really look into before signing a loan contract. You might be enamored when seeing interest rates like 1.3%, but don’t be. Usually, this refers to the interest that’s added to your monthly payment. For example, you’ll be paying a total of 46.8% interest on a monthly interest rate of 1.3% on a 36-months term.

    Financial institutions are going to be upfront about the interest rates. They’ll even show you the total you’ll pay once you’ve made all of your payments on time. Interest rates can go up to over 50%, which is enormous. As such, you really need to be smart before making a loan. 

    Always make sure that interest rates are fair. The shorter your term, the more affordable the interest rate is. You’ll pay more for a large loan that’s on a longer payment term, so check out interest rates properly. 

    Loans are a significant and sometimes necessary step for your future. As this is your future we are talking about, you need to be wiser before signing any contract. Planning means being able to ensure that you are going to pay your debt fully. If you plan properly, you won’t even feel the debt making a dent in your savings.

  • 5 Ways To Sell Online Quickly In 2021

    5 Ways To Sell Online Quickly In 2021

    If you have things to sell or you want to start making money by selling online then these days there are loads of ways to do it. It really depends on what you’re trying to achieve, if you just want to declutter your house and sell your old things social media or an auction site might be the best option. However, if you’re looking to start a business and make some money then there are other options to look at. 

    Dropshipping

    You might have heard the term ‘Dropshipping’ now as it’s become a pretty popular way of making money. Dropshipping is what is known as a retail fulfillment method and what it means is that you can essentially have a ‘store’ but not keep any products. You will sell the products but then pass the order onto a third-party supplier, who then ships the order to the customer. It can be easy money if you get it right as essentially you sell other people’s goods and take a cut for yourself. You need to know where to get the goods that you want to sell and know things like how to import from 1688, but if you do your research and follow all the tips and guides you can find online then dropshipping can be a great way to make some cash.

    Etsy

    Etsy is a fantastic place for small, independent business owners to sell online without having to have their own website. It is a great place for those amazing and talented creative people to sell their handmade jewelry or artwork and crafts to people who they might otherwise not be able to reach. 

    Amazon

    Everyone knows what Amazon is and these days it’s the first place people go to when they are looking for a particular item. Amazon is the biggest online shopping website in the world and accounts for almost half of all retail sales online. If you have something to sell then get it on Amazon because that is where the buyers are and you can even pay an extra fee to get Amazon to deliver your stuff for you too.

    eBay

    You can pretty much buy and sell anything on eBay and that’s why it’s such a great place. The things that you might see as complete trash and taking up space in your home, someone else would pay good money for. If you’re not sure if something will sell then try it on eBay and you might just find a buyer.  

    FacebookIf you’re looking to sell a big item that will be difficult to deliver, then Facebook Marketplace is the perfect place to target local buyers. Most local communities even have a Facebook group where people buy and sell things and you can often sell your item within hours. You might find yourself with a lot of time wasters too but seeing as it’s free to sell on Facebook and it can be really easy to do, then time wasters aren’t too much of a headache to deal with.

  • How to Conduct a Successful Audit?

    How to Conduct a Successful Audit?

    Conducting an audit can be more difficult than it seems. However, it is mandated by ISO Management System Standards. Successful audits can be great tools for your organization. They let you know what you are doing right and what needs to improve. Internal audits can help you streamline your company’s processes to promote efficiency. They can give you insight into compliance issues. The following are a few tips to conduct a successful audit.

    1. Initial Planning

    Initial audit planning is important. It ensures that everyone on your team knows the purpose of the audit and what is expected of them. During the initial planning stage, you need to answer the following questions;

    • Does the audit aim to address specific enterprise risks?
    • Why is the audit project important?
    • How will the audit help the organization meet its objections?
    • Has this process been audited in the past? If so, what were the results?
    • What significant changes have been made since the last audit?

    2. Schedule an Open Meeting

    Schedule a meeting that involves the administrative staff and senior management before conducting an audit. The open meeting is a chance to present the scope of your audit. During the audit, you can determine the timeframe of your audit and discuss other important issues. Heads of the department may inform members of their teams about possible interviews with the auditor. Take the following steps to prepare for a planning meeting with the relevant stakeholders:

    • Validate your flowcharts and draft narratives with experts in the subject  
    • Outline important process steps by flowchart, narrative, or both.
    • Create a pre-planning questionnaire to facilitate the meeting

    3. Choose the Right Audit Software

    The right audit software can make work easier for you. It can help you get a closer look into the finer details and inner workings of your business. The tools in safety audit software can improve your general performance. They can help you identify inefficient procedures and under-performing departments.

    If you completely rely on traditional auditing, you may spend a lot of time in the auditing process. Traditional auditing demands the use of manual methods in many functions. The larger the organization, the more difficult traditional auditing will be. Automated auditing software eliminates the possibility of human error and you can do everything without disruptions.

    4. Have a Clear Set of Processes

    Having a set of processes will make your job as an auditor a lot easier. The main purpose of having a specific audit process is to standardize your operations. Standardized processes use the best practices. A standardized process will:

    • Communicate audit expectations effectively
    • Mitigate risks
    • Engage staff members
    • Maintain consistent quality
    • Make it easy to identify what went wrong
    • Automate repetitive tasks and save time
    • Promote efficiency

    Following specific audit processes will protect you against audit error. Mistakes can have significant consequences.

    5. Create an Audit Program

    After understanding the process and risks involved, you need to create an audit program. The program should include the following details:

    • Process risks
    • Process objectives
    • Control attributes such as:
    • Control frequency
    • Whether the control mitigates the risk of fraud
    • Whether the control prevents or detects risk events

    6. Request Financial Documents

    Once you have notified the organization about an upcoming audit, you may request the documents listed on your preliminary checklist. The documents include receipts, ledgers, a copy of the last audit report, and original bank statements. Other important documents include the organizational charts, copies of their standing rules and bylaws, and copies of the committee and board minutes.

    7. Maintain Independence and Objectivity

    The audit activity has to be independent and the auditors must remain objective. If an auditor has been assigned to a department, they should have no professional or personal association with the processes being audited. They should be able to report all non-conformities without fear or bias. As an auditor, you have to examine all the available evidence objectively before determining the findings.

    8. Expertise In Subject Matter

    Conducting an audit based on information from the internal company is a good idea when you are trying to assess process controls and the effectiveness of operations. However, you need external expertise to ensure that your audit matches the changing landscape of the industry. Use at least one of the following when evaluating the design of your processes:

    • Relevant blog posts
    • Subject Matter Expert (SME)
    • Articles from top business periodicals

    9. Initial Document Request List

    When preparing to conduct an audit, you need to request and obtain the relevant documentation. Make your request for the documents before starting the planning process. They may help you understand the relevant applications, processes, and important reports. Some of the most important things to request include;

    • Access to the main applications required in the process
    • Procedure documents, policies, and organization charts
    • Reports used in managing the efficiency and effectiveness of processes

    10. Conduct Onsite Fieldwork

    Gather information from an open meeting and use it to finalize your plan. You can conduct fieldwork by speaking to the members of staff and reviewing the processes and procedures. Evaluate internal controls and ensure that they are adequate. If there are any problems, discuss them as they arise and give the company a chance to respond.

    1. Draft a Clear Report

    After fieldwork, you need to prepare a detailed report of your findings. Important things to include in your report include mathematical errors, payments that were authorized but not paid, posting problems, and any other discrepancies. Write a commentary with the details of your findings. Recommend solutions where appropriate.

    Businesses all around the country need procedures to record, monitor and calibrate the functions, inputs, and outputs of different departments. They need to assess the efficiency of all departments and their contribution to the company’s goals. Without a proper auditing process, it may all be difficult or impossible. Employers and their supervisors may not always provide objective feedback. Relying on their opinion may give you inaccurate information. Audits add credibility to your financial statements. They give your shareholders confidence and help you detect and avoid fraud.