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Men and women are equal. Perhaps more importantly men and women can bring a different risk management perspective to the table. Without one makes the business more vulnerable.
Support for women in business
Men and women within the business need to be treated equally fairly to ensure the business machine works most effectively.
There can be gender differences in risk taking so an effective holistic risk management strategy requires balanced workforce making decisions on strategy operations and projects. Indeed a balanced risk management strategy requires ethnic equality as well as gender equality.
It is not about male employees v female employees
Men and women see threats and opportunities in different ways. How they respond to business risks is therefore different. Your business enterprise risk management strategy needs to recognise risk perception gender differences. The differences present the opportunity for a competitive advantage if the competition have not acknowledged and addressed this aspect of business culture. Your risk assessment process should take account of gender issues.
It is about creating a balanced all inclusive holistic enterprise risk management strategy for faster business growth with less uncertainty
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Make sure gaps in risk protection are filled. Make sure opportunities for business growth are not missed. For both of these important elements it is important that women are present at executive and senior manager level. For example drafting in a women from a lower level will not counter gender risk taking issues.
The risk management strategy needs to be written up on basis of equality in the boardroom not by having equality within a risk assessment workshop.
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Women need to be fully embedded in all aspects of the business decision making process to benefit from their risk knowledge and experience. Include their business risk perspective and experiences. Women are not better leaders than men or vice versa.
By leaving out women or ethnic minorities at senior management and executive level you may not get the big picture on risk management. Inequality in the boardroom can mean your business only achieves half its potential with the same assets. Indeed some of these assets women may decided to move to a more meritocracy driven business that values gender parity.
There is a growing skills gap in the UK and your business can not afford to miss the benefits of offering an equal opportunity career development environment.
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Business success normally only comes for those who take a few risks. However taking more risks does not automatically exposing your business to unacceptable risks necessary to beat the competition.
Open your business up to new business development opportunities and manage the risks that flow from this better
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More Efficient and Effective Business Decisions
Structure management meetings to make real decisions. Make progress do not maintain status quo. Move your business forward with a meeting. Make sure your decision making meeting works well for your business.
Having too many meetings decreases productivity. A boost to productivity can be facilitated by reducing the number of meetings and making each one held more venues for better decision making. Manage meeting process better and keep meetings short.
Academics from the University of Malmo in Sweden say meetings provide an outlet for people at work to show off their status or to express frustration.
BBC Report
Managers should have clearly defined roles and accountability that they have agreed to and these should be directly linked with the strategic operational and project objectives of the business.
Just because you have manager in your job title does not mean the best thing for the business is to be in meetings constantly. Especially if at the end of a meeting not decision has been taken on the subject of the meeting.
However the BBC report says that the professor things meetings are good because they allow the business to assert power and direction over those attending the meeting. Surely meetings should be about engaging all those attending the meeting in solving a specific problem or problems the meeting has been called to address. Address means there must be decisions taken on how to resolve the issues raised otherwise they are just talking shops and can actually be more destructive than constructive.
If dissatisfaction with the business is to be allowed it should be in the understanding that you bring a solution to the problem you are complaining about not just a problem.
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Effective meetings can produce better business decisions. Not all decisions made at a meeting will be good decisions. Having decided a meeting is needed make sure the potential benefit from the meeting is not missed.
Make sure ever attendee properly prepares for the meeting. Make sure what decision needs to be made is clear before the meeting and what is expected from attendees.
Make sure it is clear that people are attending not to talk about the problem but to make a decision on a specific issue.
There maybe more than one option to consider and decide on the best decision. Make sure the options are clear before the meeting.
Make sure there is a written meeting agenda and a clear idea of what decisions are needed. Make sure all attendees are suitable informed about the meeting subject matter. Send out agenda before meeting.
Holding short meetings are better than long ones. Shorter meetings should help focus minds on the key issues at hand. Short meetings can focus the energy in the room on finding business solutions not issuing direction or showcasing managerial power.
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There are a number of key factors that led to successful business. Successful business leaders understand that being in business is about managing the risks from change. Unsuccessful business leaders tend to blame their failures on economic climate changes and their successes on their brilliant business management skills!
The UK retail sector is suffering major painful changes. Tens of thousands of jobs have been lost as major retailers collapsed or contracted. Yet the UK retail marketplace has some examples of major retailers bucking this trend blamed on the UK economy by unsuccessful retail business managers.
By applying their risk management knowledge successful businesses can act quicker and with more confidence it will work out
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Not taking risks is not an option for most business leaders. However many risk factors coming together can appear daunting. Enterprise risk management looks at the big picture and helps you identify the steps to a better business in future.
Find out how to improve your chances of business success with BusinessRiskTV. Take calculated risks to help your business grow faster with less uncertainty. Embrace change and the risks to your business.
Business risk assessment elements should fit your business culture. Some people do not like numbers. Some do. Your business risk assessment template should reflect the culture of your organisation.
A business risk assessment is a systematic process that helps organisations identify, evaluate, and prioritise risks that may impact their operations, financial performance, and reputation. It is an essential tool for managing risk and ensuring the long-term viability of a business.
There are several key elements that a business risk assessment should include:
Identifying the risks: The first step in the risk assessment process is to identify the potential risks that the business may face. This can include internal risks, such as operational inefficiencies or employee misconduct, as well as external risks, such as market changes or natural disasters.
Evaluating the risks: Once the risks have been identified, the next step is to evaluate their potential impact on the business. This includes considering the likelihood of each risk occurring, as well as the potential consequences if it does.
Prioritising the risks: After evaluating the risks, the next step is to prioritise them based on their potential impact on the business. This will help the organisation focus its resources on the most significant risks and develop strategies to mitigate them.
Developing risk management strategies: Once the risks have been prioritised, the next step is to develop strategies to mitigate them. This can include implementing control measures to prevent or reduce the likelihood of risks occurring, or transferring the risk to another party through insurance or other means.
Monitoring and reviewing the risks: The risk assessment process is ongoing and should be regularly reviewed and updated to ensure that it remains relevant and effective. This includes monitoring the risks and identifying any new or emerging risks that may have arisen since the last assessment.
In summary, a business risk assessment should include the following key elements:
Identifying the risks
Evaluating the risks
Prioritizing the risks
Developing risk management strategies
Monitoring and reviewing the risks
Every business faces risks that could be a threat to its success
The business leaders who are better prepared for these risks and have a cost effective risk management plan and business strategy are more likely to be more successful.
Enterprise Wide Risk Assessment For Faster Business Growth With Best Use Of Business Assets
Develop a suitable risk assessment process to assist with your risk management plan preparation. Review your existing risk management process to ensure it is fit for purpose in a rapidly changing marketplace. Successful entrepreneurs have a good strategic operational and project risk management attitude and business culture that is flexible enough to cope with any economic environment.
There are numerous factors that can contribute to the success of a business. Here are some key factors that are often considered critical for building and maintaining a successful business:
Clear Vision and Strategy: A successful business requires a clear vision and a well-defined strategy. This includes setting goals, defining the direction of the business, and developing a roadmap to achieve those goals.
Market Research and Understanding Customer Needs: Understanding the market and identifying customer needs are essential for success. Conducting thorough market research, identifying target customers, and tailoring products or services to meet their needs is critical in building a successful business.
Strong Leadership: Effective leadership is crucial for the success of any business. It involves providing direction, making decisions, motivating employees, and fostering a positive work culture. Strong leadership skills help in guiding the business through challenges and achieving the desired outcomes.
Financial Management: Proper financial management, including budgeting, cash flow management, and financial planning, is vital for the long-term success of a business. Sound financial management practices help in ensuring that the business remains financially stable and can weather economic uncertainties.
Quality Products or Services: Delivering high-quality products or services is essential for building a loyal customer base. Providing value to customers and consistently meeting or exceeding their expectations builds trust and helps in retaining customers, which is critical for the success of any business.
Effective Marketing and Branding: Successful businesses understand the importance of effective marketing and branding. Creating a strong brand presence, developing marketing strategies to reach the target audience, and promoting products or services effectively can lead to increased visibility, customer acquisition, and revenue growth.
Innovation and Adaptability: In today’s dynamic business environment, innovation and adaptability are crucial for success. Successful businesses continuously innovate, adapt to changing market trends, and find new ways to stay relevant and competitive in the market.
Efficient Operations and Processes: Streamlining operations and processes can improve efficiency, reduce costs, and enhance customer satisfaction. Implementing effective systems and processes, optimising the supply chain, and leveraging technology can lead to improved productivity and operational excellence.
Talented and Engaged Workforce: A skilled and motivated workforce is vital for the success of any business. Hiring and retaining top talent, providing opportunities for growth and development, fostering a positive work culture, and promoting employee engagement can lead to higher productivity and overall business success.
Customer Relationship Management: Building strong customer relationships is crucial for long-term success. Providing excellent customer service, maintaining open lines of communication, addressing customer feedback, and building customer loyalty are key factors that contribute to the success of a business. These are some of the key factors that can contribute to the success of a business. However, it’s important to note that success is multifaceted and can vary depending on the industry, market, and individual circumstances. It’s essential to carefully plan, execute, and continuously adapt to changing circumstances to achieve long-term business success.
Strategic Partnerships and Networking: Collaborating with strategic partners and building a strong network can provide valuable opportunities for business growth. Strategic partnerships can help access new markets, share resources, and leverage complementary strengths, while networking can lead to new business leads, partnerships, and valuable industry insights.
Risk Management: Successful businesses recognize the importance of managing risks. This includes identifying and mitigating potential risks, having contingency plans in place, and being prepared to handle unexpected challenges. Effective risk management can help protect the business from potential setbacks and ensure its resilience.
Flexibility and Adaptability: Business environments can change rapidly, and successful businesses are agile and adaptable. Being open to change, willing to pivot when necessary, and embracing innovation can help a business stay ahead of the competition and navigate through uncertainties.
Continuous Learning and Improvement: Successful businesses are always learning and improving. Keeping up with industry trends, staying updated with technology, and seeking feedback from customers and employees can provide valuable insights for making informed decisions and driving continuous improvement.
Strong Customer Focus: Putting the customer at the center of the business is crucial for success. Understanding customer preferences, delivering excellent customer experiences, and building customer loyalty can lead to repeat business, positive word-of-mouth, and a strong brand reputation.
Ethical and Responsible Business Practices: Operating with integrity, practicing ethical business standards, and being socially responsible can build trust and credibility with customers, employees, and other stakeholders. Demonstrating responsible business practices can contribute to long-term success and sustainability.
Resilience and Persistence: Building a successful business is not always easy, and setbacks and failures are inevitable. Successful businesses demonstrate resilience, learn from failures, and persist in the face of challenges. Perseverance, determination, and the ability to bounce back from setbacks are key traits of successful entrepreneurs.
Long-term Planning and Goal-setting: Having a long-term vision and setting realistic goals is important for business success. Long-term planning allows for strategic decision-making, resource allocation, and monitoring progress towards achieving business objectives.
Adapting to Digital Transformation: In today’s digital age, successful businesses embrace digital transformation. This includes leveraging technology for automation, digital marketing, data analysis, and online presence to stay competitive and meet changing customer preferences.
Monitoring and Measuring Key Performance Indicators (KPIs): Successful businesses monitor and measure key performance indicators (KPIs) to track progress, identify areas for improvement, and make data-driven decisions. Regularly analysing KPIs provides insights into the health and performance of the business and helps in making informed decisions.
In conclusion, building and maintaining a successful business requires a combination of various factors. It’s important to have a clear vision, understand the market and customer needs, demonstrate effective leadership, manage finances wisely, deliver quality products or services, market and brand effectively, innovate, and adapt to changing environments. Additionally, building a strong team, managing risks, focusing on customer satisfaction, practicing responsible business ethics, and being resilient and persistent are key factors that contribute to long-term business success.
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Death of the High Street in UK has been predicted for some years. 2019 has been bad year for UK High Street with 85000 plus job losses and many retail business collapses. However saving the British High Street may not be just about tackling unfair taxation of retail on the High Street. What the High Street in UK offers consumers needs to change as what they want has changed.
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We are helping retailers and other businesses to become more successful businesses on the UK High Street. Boost your retail sales on the High Street and online with our help. Diversify your income streams. Save your shop.
The UK High Street is not dead. It just needs to change what it offers and when. It also needs to increase its innovation with the use of the internet.
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Can the UK High Street be saved? Yes it can!
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Take more confident steps to tackle increased business risks. Read and watch videostream on practical risk management suggestions for the key risks that matter to your business performance. Address the key risk in your business more cost effectively and profitably.
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Have you booked a holiday overseas and feel you need a way to justify your expansive carbon footprint? Have plenty of money and lots of good words to say about protecting the environment that does not involve sacrificing your overseas holiday? Think you can fool your friends and yourself into thinking you are protecting the environment? Then carbon offsetting is for you!
So you think that your conscious is clear cause you pay money to pump more carbon into the environment? You might be fooling yourself and your friends but we both know carbon offsetting is not protecting the environment. Stop flying that will help save the planet!
Many people including Extinction Rebellion XR activists think that their personal carbon footprint is not the problem. It is other peoples carbon footprint that is the problem! How ridiculous!.
Off course it is your right to express with tears anger and protesting your fears for the imminent extinction of the earth but think about it for a moment. Extinction? Do you really think carbon offsetting is the response to imminent extinction? You may be kidding yourself and your friends justifying your lifestyle choices with carbon offsetting but carbon offsetting is simply a farcical excuse to allow you to blame everyone else for death of the planet whilst you swan off on your holidays!
Its okay little children we can still fly off on holiday cause I use carbon offsetting to save the planet instead! Its peoples shameful lifestyle that is killing the planet. If only they heard about carbon offsetting. Then the ice caps would not melt and the air around Heathrow would be simply devinely healthy.
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If you think there is a real extinction threat then instead of a voluntary carbon offset that allegedly counteracts the damage your life is doing to the planet you should be doing less damage to the planet.
If you think there is imminent threat of planet extinction instead of using your money to restore the damage you have forced on the planet why not just not damage the planet.
Carbon offsetting is to designed to give you an excuse to fly off on holiday when your children ask if your flight is helping to kill the planet. Carbon offsetting if you believe in extinction threat is actually a very dangerous tool that is more likely to do harm than good. Your money would be better invested in not doing damage in the first place.
Carbon offsetting is only offering flyers and the like a way out of their environmental green guilt. It is not saving the planet. It is making the damage to planet worse and you know it really. The key to saving the planet is to change your behaviour and the way you spend money.
Carbon offsetting is good PR for your unwillingness to make lifestyle sacrifices. It does not help save the planet.
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We are not backers of Extinction Rebellion message. Their environmental targets are unreachable and are therefore not smart in any way whatsoever. If there is a growing climate emergency it will be defused by people changing their spending habits not by carbon offsetting.
BusinessRiskTV looks for real environmental solutions to real risks for the benefit of people and the planet.
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Join your peers and risk management experts online to develop a new competitive advantage strategy for your business. Benefits for competitive advantage development with BusinessRiskTV include developing new income streams that produce sustainable profit. Competitive aspects of manufacturing do not just rely on what you put in. It includes what you get out of the manufacturing process that counts.
Enterprise risk management expert Keith Lewis will help you develop a competitive advantage quickly and cheaply. Fast business growth can occur online in UK and overseas using your existing products and new products.
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