The Dilemma:
• Furniture manufacturers and distributors are facing grueling, unrelenting economic pressure to survive
• Manufacturing revenue decreases of 25%-30% are common and margin pressures are intense
• Retailers are under pressure from reduced sales and tightening credit lines slowing sales
• As a result the industry continues to contract—jobs and capacity are lost, perhaps permanently
• To survive, furniture manufacturing companies are actively trying to identify new strategies that will lead to increased efficiencies in their business processes and reduce operating expenses
Evaporating Dollars:
- Risk management may be an unrecognized opportunity for your company to improve operating efficiency and eliminate unnecessary expense. Every day, dollars may be quietly leaving your company due to accident expenses and/or improperly structured risk management and insurance programs
The Opportunity:
- Praxiom Risk Management has the technical experience and expertise to assist furniture manufacturers and distributors in identifying potential efficiencies in their risk management platform through a diagnostic risk assessment. Praxiom’s team members have deep risk management experience in the furniture manufacturing and operations space. This proprietary Praxiom process consists of:
o A thorough examination of your company’s ability to identify and quantify what it does, what it stands to lose in the event of a loss, and what it needs to protect it assets and earnings. This is achieved through management interviews, product/services reviews, and facility audits
o A comprehensive audit of your company’s contractual and financial risk transfer programs
o An assessment of your current risk avoidance, risk mitigation, and claims management programs compared to industry best practices
o An analysis of your company’s Total Cost of Risk
- At the conclusion of this process, you will be presented with a report that outlines opportunities for improving the financial performance of your risk management program along with specific strategies and tactics for driving improvement
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