By David DeMoss
One of the main obstacles preventing risk management systems from having more of a priority in the hospitality industry is the perceived lack of measureable return on investment (ROI). All business owners want an ROI on everything they spend time or money on.
So how do you measure the return on something that never takes place? It’s probably more appropriate to use the term ‘savings on investment’ rather than return on investment. Proactive risk management systems are set up to prevent issues from occurring or getting out of control, thereby saving you money.
The problem can be that if the system is working, it can seem as though your company is spending money on nothing, because nothing is happening. No lawsuits, out of control claims, fines or penalties.
Oddly en...Read More