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How to Protect Your Small Business From Potential Risks

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Experienced mentors can help entrepreneurs implement practical safeguards for your small business.

WASHINGTON, June 4, 2024 /PRNewswire/ — Whether you’re starting a new business or your company has been up and running for a while, protecting the business you worked hard to build is essential. Unfortunately, in the excitement of managing a small business, many entrepreneurs skip over this very important consideration. As mentors to America’s small businesses, SCORE encourages entrepreneurs this National Safety Month to take proactive steps to protect your business from risk.

1. Find an accountant.
Even if you plan on doing business bookkeeping yourself, getting a good accountant is worth the price. Not only can they ensure you take advantage of any tax breaks, but they can also provide valuable advice on how to structure your business, the best way to finance business expansion, and how much you should pay yourself.

“One of the main reasons businesses fail is poor cash flow management,” said SCORE mentor Cheri Hoffman. “If you don’t have a ton of experience with accounting/bookkeeping, there are some things you need to know. The money you will spend for these professional services is worth it.”

2. Buy business insurance.
Most businesses need general liability insurance, which protects the business from a variety of claims that can arise from business operations. A business owner’s policy combines general liability with property coverage and is a popular solution for many small business owners. If you provide advice or professional services to customers, you may also need professional liability insurance, also known as E&O (errors and omissions) coverage. If you use a vehicle for business purposes, such as traveling to customers to perform services, transporting materials or people or delivering products, you will likely need commercial auto insurance.

3. Be smart about new customers and clients.
Small business owners can face cash flow issues due to late or unpaid invoices. Fortunately, there are some things you can do to mitigate the risk. Start with a contract. A written contract outlines the terms of your agreement, including the scope of work, the price, the payment terms and any deadlines. Consider having an attorney review your master contract template before customizing it for clients.

4. Plan ahead for when disaster strikes.
From an electrical fire that destroys your inventory to a natural disaster like a flood or hurricane, disaster can strike your business at any time. That’s why having a disaster plan for what you will do in an emergency is important. Create a plan and assign responsibilities for how to get employees and customers out of the building safely, what to do if a disaster keeps you and employees from getting to your business, and how you will keep running even if you can’t get to your physical location.

5. Protect your business data.
To protect your business from cyber threats, start by backing up your company data and documents and storing them securely. A cloud-based file storage solution keeps your data safe off-site and accessible no matter where you are. To protect your business from cybercrime and hackers, install appropriate firewalls, use business-grade computers and antivirus software, and train your employees in cyber security measures, such as creating strong passwords.

To help you assess and avoid potential risks for your small business, SCORE client Jackson Dalton, owner of Black Box Safety in El Cajon, Calif., recommends utilizing resources that are readily available. “Take all the free SBA and SCORE classes that you can and sign up for a SCORE mentor,” said Dalton. “Network with friends, family and acquaintances to find a reputable accountant and attorney, as they will keep you out of trouble.”

A SCORE mentor can help guide you in managing potential risks and protect your business. Find one today at score.org/find-mentor.

About SCORE:
Since 1964, SCORE has helped more than 17 million entrepreneurs start, grow or successfully exit a business. SCORE’s 10,000 volunteers provide free, expert mentoring, resources and education in all 50 U.S. states and territories. Visit SCORE at www.score.org.

Funded [in part] through a Cooperative Agreement with the U.S. Small Business Administration.

CONTACT:
SCORE
202-968-6428
media@score.org

Looking for a small business expert or owner for an upcoming media story? Email media@score.org to request an interview source.

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Solenergy Group complete 401kW system for Cairns Aquarium to power animal life support systems, with donations from GoodWe, Greensketch and co-funding from Queensland Government

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CAIRNS, Australia, April 21, 2025 /PRNewswire/ — Queensland solar retailer, Solenergy Group has completed the installation of a 401kW solar system for Cairns Aquarium, one of the top tourist destinations in Cairns and one of the city’s largest energy users, in an effort to reduce its reliance on fossil fuels, improve resilience to power spikes and power cuts during inclement weather. The system was made possible through four 100kW HT inverters that were donated by GoodWe and Greensketch, along with additional funding from the Queensland Government’s Building Resilient Tourism Infrastructure Fund (BRTI).

With over 5 million litres of water on site running through 14 plantrooms and 71 living displays, housing some 16,000 fish and aquatic organisms including ocean-going sharks, rays and grouper, within a 7,800 square metre airconditioned building, this $400,000 renewable energy investment will provide 100% of the Aquariums energy needs to power its Life Support Systems (LSS) which includes aquatic pumps and mechanical and biological filtration that operates 24 hours a day, 365 days a year to provide purified water for the inhabitants.

The renewable energy generated by the massive solar array will deliver tangible environmental benefits for the city which includes the equivalent reduction in greenhouse gas emissions of 12,872 trees planted each year or the avoidance of 213,830 litres of fuel used per year or the avoidance of 243,017 kilos of coal burnt each year.  Despite being located on the building’s 11-metre-high roof top, visitors to the Cairns Aquarium can still see the energy generation in real time through a live display screen in the Aquarium’s lobby.

Director of Solenergy Group, Mark Ridgley commented:

“The project involved a lot of obstacles for our team, such as designing and engineering a system that could work alongside grid sourced power without impacting sensitive computerised water quality plant and equipment. Almost 700 x 585W solar panels were installed on the Aquarium rooftop, occupying near 4,000 square meters of space, that also required additional design and logistical solutions for volume and weight distribution, especially for a site that operates 24hrs a day and is open 365 days a year to over 300,000 visitors from around the world.

We were delighted that GoodWe and Greensketch were able to donate the four inverters, to assist the Aquarium and help make the project possible. We selected GoodWe HT Inverters due to an overall specification focused on continual performance and maximising of solar energy yields to provide the lowest levelized cost of electricity (LCOE). In addition, the enhanced safety features such as IP66 ratings, lightning surge protection and internal humidity monitoring, made GoodWe the ideal choice in a tropical climate and Cairns Aquarium’s specific application.”

Dean Williamson, Country Manager at GoodWe Australia, emphasised the value of this system:

“This project was an extremely important one, not only to assist the operation of a key focus of tourism for Cairns and support its economy, but also to ensure the protection and care of all the livestock in the Aquarium that is all local to the region, including many endangered species.  Thanks to the support of OSW’s Greensketch platform, we were able to donate the inverters needed for this massive job and help it get across the line.” 

About GoodWe:
GoodWe is a world-leading PV inverter and energy storage systems manufacturer listed on the Shanghai Stock Exchange (Stock Code: 688390). The company has more than 5000 employees located in 15 different countries and a team of over 1000 engineers working at its R&D centres to continuously optimise and advance energy storage technology. GoodWe storage inverters were ranked in the top 3 globally by Wood Mackenzie in 2022, the company was ranked 2nd in the top Australian inverter suppliers by Sunwiz and the most financially stable inverter company by BloombergNEF. Having achieved over seven consecutive TÜV Rheinland “All Quality Matters” awards and consistently being ranked at the top in terms of overall product quality, GoodWe’s comprehensive portfolio of products and solutions for residential, commercial, and utility-scale PV systems is guaranteed to deliver high performance and reliable quality across the board. For more information, please visit www.goodwe.com.au

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Kosol Energie Powers 10 MW Solar Project in Kutch with GoodWe Inverters

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BHUJ, India, April 21, 2025 /PRNewswire/ — GoodWe, a global leading solar inverter manufacturer and energy solution provider, is driving sustainability across a wide range of applications. One such impactful story comes from Kutch, Gujarat, where Kosol Energie, a prominent module manufacturer and EPC service provider, successfully completed a 10 MW solar installation for the Gujarat State Electricity Corporation Limited (GSECL).

The project is located in a region known for its extreme temperatures, which poses challenges in maintaining reliable energy production under harsh environmental conditions. To meet these demands, GoodWe’s 350 kW UT string inverters were chosen for their proven reliability and high efficiency in such environments. Powered by these inverters, the system achieves an impressive 70 MWh per day.

It provides anti-Potential Induced Degradation (PID) and PID-recovery functions, effectively mitigating energy losses caused by PID effects, especially in high-temperature and high-humidity conditions. With an IP66 rating and up to C5 protection, the inverter demonstrates resilience in harsh environments.

“GoodWe’s inverters have been performing exceptionally well in extreme heat, delivering high efficiency and energy generation. The service from design to installation and operations was outstanding, and the system’s reliability has exceeded our expectations.” stated Harish Sharma, Project Head – Kosol Energie, “Based on our previous experience, GoodWe inverters are producing 10-15% energy generation compared to previous products we used”.

He also added, “GoodWe’s performance and support have made it Kosol’s first choice for future projects, making it the preferred string inverter for all upcoming solar installations.”

About Kosol Energie:

Kosol Energie is one of India’s leading solar energy solution providers, dedicated to promoting sustainable living through innovative and reliable solar technologies. Under the visionary leadership of Mr. Kalpesh Kalthia, Chairman and Managing Director (CMD), the company has grown into a trusted name in the renewable energy sector. With over 15 years of expertise, Kosol offers a wide range of products including solar water heaters, rooftop solar systems, solar pumps, and turnkey EPC solutions. Known for its commitment to quality, performance, and customer satisfaction, Kosol has successfully executed projects across the country, empowering homes, businesses, and farms with clean, dependable solar energy. Mr. Kalpesh Kalthia’s forward-thinking approach and passion for sustainability continue to drive Kosol’s mission of making solar power accessible and impactful for a greener tomorrow.

About GoodWe:

GoodWe is a world-leading inverter manufacturer and smart energy solution provider listed on Shanghai Stock Exchange (Stock Code: 688390). As of June 2024, GoodWe has achieved over 80 GW of global installations. The company offers an extensive range of products and solutions tailored for residential, commercial and industrial, and utility-scale PV systems, delivering reliability and high performance across its entire portfolio. GoodWe has  around 5,000 employees globally, with over 1,000 dedicated to research and development. The company received TÜV Rheinland “All Quality Matters” awards for seven consecutive years and was recognized as the Global Top 3 hybrid inverter supplier by Wood Mackenzie in 2021. For more information, please visit https://en.goodwe.com/

View original content:https://www.prnewswire.com/apac/news-releases/kosol-energie-powers-10-mw-solar-project-in-kutch-with-goodwe-inverters-302433163.html

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Hisense Unveils Next-Generation AI Smart Home Solutions, Redefining the Future of Modern Living

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DUBAI, UAE, April 21, 2025 /PRNewswire/ — Hisense, a global leader in consumer electronics and home appliances, is advancing the future of smart living with the debut of its latest AI-powered innovations during the 137th Canton Fair in Guangzhou, China. Under the theme “AI Your Life,” Hisense demonstrated its ongoing commitment to developing smarter, consumer-centric technologies that are intuitive, energy-efficient, and seamlessly interconnected, enhancing everyday living.

Leading the Future of AI-Enhanced Living

Hisense continues to set new standards in AI-driven solutions, redefining how technology can be integrated seamlessly into modern homes. The brand’s latest product lineup is designed to deliver unparalleled intelligence, interconnectivity, and user personalization across audio-visual and home appliance categories.

At the forefront of the technologies is the groundbreaking 116UX TV series, featuring a TriChroma MiniLED X backlight that achieves peak brightness of up to 10,000 nits and covers 97% of the BT.2020 color gamut. As the No. 1 maker of 100-inch+ TVs globally, Hisense equips the 116UX with the Hi-View AI Engine X, delivering advanced picture enhancements such as AI Color Local Dimming and AI 4K Upscaling for an immersive viewing experience.

The U7 PRO and U8 series TVs further build on Hisense’s AI expertise. The U7 PRO tuned by Devialet delivers exceptional picture quality with AI Clear Voice enhancing commentary and dialogue in noisy environments, perfect for sports fans and movie lovers. The U8 features 165Hz Game Mode Ultra, designed for gamers and offering smoother gameplay with a high refresh rate, low latency, and dynamic sync for an immersive, lag-free experience.

Hisense’s Laser TV L9Q and the PX3-PRO Laser Cinema projector – the world’s first ultra-short-throw projector designed for Xbox, incorporates AI-powered 4K Upscaling, AI Noise Reduction, and AI Natural Face technologies to deliver lifelike, precision-driven visuals.

Complementing its visual solutions, The HT SATURN sound system applies AI sound calibration to adapt audio performance to any room, ensuring exceptional clarity and depth tailored to each environment.

AI-Connected Smart Home Solutions

Beyond entertainment, Hisense’s AI innovations are revolutionising everyday living through its smart home ecosystem, powered by the ConnectLife platform.

The ConnectLife Hub refrigerator integrates with other smart devices, adding missing ingredients to the shopping list. The AI-powered Dish Designer customizes dinner and sends it to the oven with a single click, while the dishwasher automatically selects the appropriate washing cycle.

In the living room, the smart TV serves as a control hub for managing devices. Through ConnectLife, users can visualize their home in 3D, manage room temperature and humidity, and adjust the AI air conditioner’s airflow based on position. The 7-series AI laundry system simplifies washing and drying, optimizing settings and promoting energy-saving habits.

Hisense elevates the smart home ecosystem by equipping large-screen refrigerators, washing machines, and dishwashers with TFT displays, with TFT ovens launching soon. These screen-equipped devices drive seamless integration and offer an intuitive, interactive user experience across connected products.

About Hisense

Hisense is a leading global home appliance and consumer electronics brand. According to Omdia, Hisense has ranked No. 2 globally in total TV shipments from 2022 to 2024, and No. 1 in 100”+ TVs segment from 2023 to 2024. The company has rapidly expanded to operate in more than 160 countries and specializes in multi-media goods, home appliances, and intelligent IT information.

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View original content:https://www.prnewswire.co.uk/news-releases/hisense-unveils-next-generation-ai-smart-home-solutions-redefining-the-future-of-modern-living-302432654.html

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