GSB-32: What are The Security Threats in a Gas Station Business and How to Assess & Manage Risk in Retail.

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In this Episode I discuss all the security threats that we face as small business owners, then I discuss the business legal liability and how we can manage them properly.

Most businesses especially retail come with a few security threats, and there is a certain degree of risk management that every entrepreneur has to do. This is part of doing business. There is no way around it.  Every business has its own set of challenges, security threats and a certain degree of risk management. That is how business works. Remember the old saying “No Risk, No Gain”? Well, it is true to some degree when it comes to business.

Don’t let challenges like this deter you from getting into business but in my opinion, you should embrace these challenges and manage them properly and thus become a very successful business owner.

Let’s first look at some of the security threats we as small retail business owners face daily.

Business Security Threats:

1. Theft
   1. External
   2. Internal
2. Burglary
3. Robbery
4. Vandalism
5. Accidental Damages
6. Act of God

Risk Management:

• Lawsuit from Employees
  1. Unlawful termination
  2. Bad Hiring practice (lack of disclosure or work expectation)
  3. Discrimination
  4. Sexual harassment
  5. Bad or substandard Work environment

• Lawsuit from Customers
  1. Product liability (Fuel or non-fuel)
  2. Performance liability (Fuel or non-fuel)
  3. Premises liability lawsuit ( Gross negligence)
  4. “Failed to protect” liability suits

• Lawsuit from Vendors
  1. Breach of Contract
  2. Unfair Competitor Advantage
  3. Financial dispute

The Book I want to recommend today is called The Third Wave by Steve Case, the co-founder of AOL who later became the chairman of Time Warner after the two giants merged. This book is about the waves we have been experiencing in technology over the years. According to him the first wave was from AOL itself, then the 2nd wave came with Google and Facebook, and now the third wave is which is by far the biggest and longest lasting one, this wave is transforming not just the internet but our everyday life, from healthcare, education, food to just about anything and everything.

If you enjoy this podcast, I would love to see a review from you on iTunes or wherever you download this from. It will help me reach more listeners and help out more people.

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Cheers!