Are you ready for 2024?

Whatever unfolds in 2024 is not going to be good for the global economy but that does not mean it can’t be good for your business – if you are prepared!

Sharpening the Saw: Risk Management in a Perilous 2024

As the calendar edges towards 2024, casting a long shadow over an already turbulent 2023, businesses find themselves teetering on the precipice of an increasingly dangerous economic environment. Inflation roars, supply chains sputter, and geopolitical tensions crackle like live wires. In this landscape, the ability to anticipate, navigate, and mitigate risk transcends mere competence – it becomes an existential imperative. Enter the age of the sharpened saw.

The metaphor, popularised by Stephen Covey in his seminal work “The 7 Habits of Highly Effective People,” speaks to the vital need for continuous renewal and self-improvement. In the context of business risk management, sharpening the saw translates to the proactive honing of skills, knowledge, and strategies to effectively manage and mitigate potential threats. It’s about staying ahead of the curve, not merely reacting to the blows as they land.

But why is this so crucial in 2024? The answer lies in the confluence of multiple, potent risk factors. The global economic slowdown, fuelled by rising interest rates throughout 2023 and inflation created by overprinting of money by central banks, threatens to dampen consumer spending and cripple businesses across industries. Supply chain disruptions, exacerbated by ongoing geopolitical tensions, continue to cast a long shadow, making it difficult to secure essential materials and ensure smooth operations. And lest we forget, the ever-present spectre of climate change lurks, unleashing its fury in the form of extreme weather events and resource scarcity.

This perfect storm of risks calls for a new breed of business leaders – not simply risk averse, but adept at navigating turbulent waters. These leaders recognise that knowledge is not power, but risk intelligence. As the ancient Chinese philosopher Sun Tzu observed, “Know the enemy and know yourself; in a hundred battles you will never be in peril.” In today’s economic battlefield, the “enemy” is not a singular entity, but the ever-shifting sands of risk itself. Understanding these risks, their interconnectedness, and their potential impact requires continuous learning, strategic foresight, and a data-driven approach to risk assessment.

This is where sharpening the saw comes into play. Businesses must invest in their people, equipping them with the skills and knowledge needed to identify, analyse, and mitigate risks. This includes:

  • Scenario planning: Developing a range of potential outcomes based on different risk scenarios and stress-testing strategies to ensure resilience.
  • Data analytics: Leveraging data to identify patterns, predict trends, and make informed risk management decisions.
  • Cybersecurity awareness: Recognising the growing threat of cyberattacks and implementing robust cybersecurity protocols.
  • Crisis communication: Preparing for and effectively communicating during times of crisis to maintain stakeholder trust and mitigate reputational damage.

Investing in training programmes, risk management software, and fostering a culture of risk awareness are all essential steps in sharpening the saw. As the Roman philosopher Seneca wisely said, “Luck is what happens when preparation meets opportunity.” In the volatile economic landscape of 2024, preparation is not simply prudent, it’s a matter of survival.

Sharpening the saw extends beyond internal efforts. Building strong relationships with key stakeholders, including suppliers, partners, and regulatory bodies, can provide invaluable insights and early warning signs of potential risks. By fostering an ecosystem of collaborative risk management, businesses can collectively weather the storm and emerge stronger on the other side.

The road ahead will undoubtedly be fraught with challenges and uncertainties. But for those who choose to sharpen their saws – to proactively manage risk and continuously adapt to new threats – the future, though perilous, holds the promise of resilience and growth. Remember, as the German philosopher Nietzsche declared, “He who has a why to live can bear almost any how.” In 2024, our “why” should be the preservation and growth of our businesses, and our “how” should be the relentless pursuit of and proactive mitigation. Let us sharpen our saws, face the uncertain future with courage and foresight, and emerge from the economic jungle not merely unscathed, but thriving.

Get help to protect and grow your business

Find Out More

Access business risk management training courses

Contact Us

Subscribe for free business risk alerts and risk reviews

Contact Us

 

Strategies for managing employee shortages

BusinessRiskTV Risk Jobs Search and Recruitment

How do you attract recruit and retain top talent?

What is it about your business culture or reputation that should attract more job applications? How do you engage with your employees and fulfil their career progression aspirations? How well do you communicate with your existing employees and with those whom you wish to attract to your business? What opportunities are there for your employees to learn and develop their skills whilst improving your business development?

How are you handling your talent shortage?

Have you overlooked the potential of your existing employees to fill your own skills gaps? Could you adjust your job descriptions to attract people who have the potential to grow into roll you need to fill? What could your business do in the short-term to manage what may be a short-term problem?

If you are not filling up your boat fast enough, what are you doing stop it leaking!

Many businesses under value the talent they have in their business already. The cost of replacing existing talent can include a higher salary to attract staff who leave, lost business waiting to fill job vacancies and the dissatisfaction of the employees left within the business.

  • Do you know if you have a problem of staff retention? There is a tendency for business leaders to blame the people who have left the business when the problem is how business leaders manage staff retention.
  • Do you know if you’re wages and benefits are competitive in the marketplace? A leaky boat could become a sunk boat! You may need to adjust your business priorities to prevent future issues becoming catastrophic.
  • Could better use of existing staff not only improve the business, but boost the confidence and loyalty of existing staff to stay with the business for the long haul.
  • What other changes apart from P can your business make to encourage existing staff to stay and attract talent? many people know value flexible working opportunities over higher pay and that may keep your existing staff or attract new employees.

The fuller engagement of employees in the journey of the business can pay dividends in terms of staff retention and avoidance of service quality issues.

Upskilling your workforce is essential for retaining and attracting new talent.

BusinessRiskTV

You may need to change your approach if resourcing is causing business development problems. The cause of your skills gap maybe your own doing or maybe a marketplace issue. Either way your skills gap will need to be addressed if it is to stop impeding your business progress. What is your plan to fill your skills gap?

Strategies for managing employee shortages

Risk Management Online Video Conference with BusinessRiskTV

Grow your business faster with less uncertainty impacting on your business objectives with BusinessRiskTV.com

Marketplace risk conference. Take the opportunity to share and get help with more than 27000 members around the world. Overcome barriers to business faster. Connect with people who you can collaborate with on business development.

Enter code #MarketplaceRiskConference

Corporate Business Enterprise Risk Management Training Conference for Leaders

Get the answers to your business risk management questions quicker and easier

Live online workshops webinars discussion and training to help you manage risks better wherever you are in the world.

Collaborate with BusinessRiskTV to grow your business faster with less uncertainty

Promote and market your business on BusinessRiskTV for 12 months

Put your products or services in front of new customers already interested in your type of business offering before your competitors do.

Cheap ways to promote your business
Find out how to promote your business locally and globally. CLICK HERE to find out more.

Link into your existing sales process direct from BusinessRiskTV or use our eCommerce solutions to increase your sales cash flow and profit

Increase the sources of your revenue streams more sustainably. Grow your business faster with BusinessRiskTV.

MarketplacesExhibitions
Cost ReductionRisk Magazine
Discover new ways to protect and grow your business with BusinessRiskTV

#BusinessRiskTV #RiskManagement #EnterpriseRiskManagement #ERMonline #RiskManagementOnline #RiskManagementTraining #RiskConsulting #GRC #ERMuk

Risk Management Online Video Conference with BusinessRiskTV

New Risk Management Training Courses

In classroom and online risk management training courses

How can business leaders improve management of business risks?

Enterprise Risk Management Training Workshops Online

Enter code #RiskManagementTraining

Alerts to new risk management training courses online and locally to you

Corporate business enterprise risk management training providers promoting latest deals discounts and special offers on BusinessRiskTV. Risk management training courses do not fill themselves.

  • Helping risk management training providers to fill their courses faster
  • Helping business leaders to develop risk management skills and knowledge
  • Connecting risk management training providers with new customers more easily

Practical and theoretical risk management training course marketplace bringing sellers and buyers together.

Register for alerts to upcoming risk management training courses with special deals discounts and offers

Focus your management style on a more risk based approach to build business resilience and boost business performance with less uncertainty impacting on your business objectives.

Northern Powerhouse Risk Management Online Seminars

Enter code #RiskManagementTraining

Find compare review risk management courses near me

Risk management training providers work with BusinessRiskTV to promote their courses. The risk management training courses can be found in many parts of the world so find and compare one near you. Some risk management training courses are online and can be accessed from anywhere in the world with good WiFi connection. Learn to manage enterprise risk more effectively.

Open and online risk management training courses

Free risk management courses online
Register for alerts to upcoming risk management training courses with special deals discounts and offers enter code #RiskManagementTraning

Are you a risk management training provider?

Want to become one of our risk management partners?

Risk Management Training Course Providers Register and Promote Your Risk Management Training Courses
Risk Management Training Course Providers Register and Promote Your Risk Management Training Courses entering code #RiskManagementPartner

BusinessRiskTV Risk Management Training Courses

Business Risk Management Training Academy Videos Webcasts Podcasts Broadcasting

Risk management knowledge and skills development with BusinessRiskTV.com

Subscribe to BusinessRiskTV for free alerts and bulletins on upcoming workshops and webinars

Develop your business enterprise corporate risk management knowledge. Find out how to manage uncertainty in business better. Save money and time with BusinessRiskTV.

Enter code #RISKTRAINING

Business risk management training programme for business leaders and managers in small to medium-sized companies

Enterprise Risk Management Partners

Our featured business risk management training programme offers ongoing, interactive, and up-to-date training on managing various types of business risks, including political, economic, social, technological, legal, and environmental risks. Our program is designed to help business leaders stay informed and make informed decisions that will protect their company’s bottom line and open new opportunities for growth.

  • Click on button to find out more or subscribe to our free business risk management newsletter editor@businessrisktv.com

Tune in live and on demand to corporate business enterprise risk management training academy

Watch participate in or contribute to online corporate business enterprise risk management workshops discussions and enterprise risk management training courses.

BusinessRiskTV.com Business Risk Management Training
BusinessRiskTV.com Better Protection Faster Growth Online Learning enter code #RiskAcademy
Corporate Business Enterprise Risk Management Training Courses
Subscribe to BusinessRiskTV.com Business Enterprise Risk Management Training for latest news and reviews on executive training courses enter code #ExecutiveTraining

Online Regional and InCompany Corporate Business Enterprise Risk Management Training Courses

Free risk management courses to watch and download. Sign up for free risk management discussions and debates. Register for enterprise risk management training courses.

Risk Management Courses Distance Learning
Virtual Online Remote Risk Management Short Courses

Find the best risk management training courses for your business

You will learn practical business enterprise risk management tools and techniques. Easily apply what you learn to your business. Boost performance and increase business sustainability regardless of business risk environment.

Browse professional corporate business enterprise risk management courses to improve your business prospects. Better understand the threats and opportunities facing your enterprise.

Enterprise Risk Management Training Workshops Online
Enter code #ERMtraining

Plan risk management better

Take part in online discussions and debates anywhere from your mobile device or PC.

Enterprise Risk Management Video Training
Enter code #EnterpriseRiskManagement

BusinessRiskTV Corporate Enterprise Risk Academy

Join our executive and senior management training courses to overcome lack of good risk management practices. Develop your risk knowledge and expertise needed to run a more cost effective entity.

BusinessRiskTV Risk Academy creates opportunities to cost effectively learn more about best risk management practices.

BusinessRiskTV.com Risk Academy
Enter code #RiskAcademy
  1. Protect your business assets better.
  2. Reduce liabilities.
  3. Seize new business opportunities for growth.

Complete the form about and tell us about your corporate business enterprise risk management needs.

AcademyMarketplaces
ExhibitionsRisk Magazine
Discover new ways to protect and grow your business with BusinessRiskTV

#BusinessRiskTV #RiskManagementTraining #BusinessTraining #RiskAcademy #BusinessRiskAcademy #RiskManagement

BusinessRiskTV Business Enterprise Risk Management Training Academy