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What if the worst was to happen to your business? What maybe the worst for your business might be manna from heaven for other businesses. Your enterprise risk management plan must be bespoke to your business.
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Taking more risks to achieve more success comes down to risk knowledge and business intelligence. A lack of risk knowledge leads to increased fear. This can result in missed opportunities to grow faster.
What are the potential costs of taking more risks?
What are the potential benefits of taking more risks?
How will taking more risks benefit your business?
What are the alternatives?
How much better would your business perform if the best case scenario came true?
What are the worst outcomes that could happen if you took extra risks and how could you reduce the risk?
How bad would it be if the worst case scenario risk event materialised?
What would your business look like in 5 years if your risk decisions were taken?
Assessing the risks incorporating both upside and downside risks will enable you to make more balanced business decisions to improve performance.
Risk Appetite and Risk Tolerance
Negativity bias means in part we focus more on stopping bad things from happening than creating the environment for great good things to happen. For example, we focus on stopping climate damage instead of investing money in better natural environment. We spend more money to risk control instead of seizing new business opportunities which create risk but also create more rewards for risk takers.
Welcome the threats in the 2020s as they bring opportunities
Embrace the opportunities in the new decade but be risk aware about the threats that come with the opportunities to grow. Work together with our network of business leaders and risk management experts to finish the 2020s better than you started.
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Engage your existing customers and attract potential new customers online. Participate with your business community in your country or industry online. Build relationships with senior managers executives and business owners.
Building your business connections will best prepare your business for the uncertainties ahead. Your skills and business resources could be useful to other business leaders locally and globally.
We are building a network of business risk management experts who can exchange tips advice and support for mutual benefit. Offer your help to our network to help them understand the business problems you can help them solve.
Stay in touch with new business connections via our network bespoke to your needs. Listen into their conversations about risk management to pick up tips to manage your business better. Understand their problems so you can maybe offer help to solve their problems quicker and cheaper.
Develop more meaningful business relationships to take your business to another level
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Offer more to add more to the value of your business. Lower your long term costs to build a more resilient successful business. Increase your business value over time.
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Work with others to build a better business for yourself. Building and maintaining relationships can be a more efficient way to increased business success.
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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.
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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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Conversation about risk management. Networking with your peers and risk management experts may short circuit identifying what your business should do to overcome business problems. Talk to our network of business management experts to find out what they think is the best thing to do for your business. Tune in online to watch our risk experts responding to other business leader questions to see if you can glean some tips for your business to adopt.
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Join us at free risk management events. BusinessRiskTV free online Risk Events are aimed at business leaders. Our risk management experts will help business leaders overcome barriers to success.
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BusinessRiskTV was created by Keith Lewis as a hub for business leaders to connect with business management experts and other business leaders to solve business problems quicker.
With BusinessRiskTV you can pick up free business risk management tips advice and support. Our risk management tools and facilities provide various ways to gain support when making important business decisions wherever you are in the world.
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With our support uncertainty will have less of a negative impact on your business. Be more positive about future of your business.
It is our mission to help protect your business better and help you grow it faster more profitably for longer. Without making the right decisions at the right time you expose your business to losses and may miss opportunities for business development.
We have a range of services to help you. Most of them are free. We are constantly evolving our range of services to keep you covered. You develop a more holistic approach to business problem solving for a greater chance of more success.
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Increase the sources of your revenue streams more sustainably. Grow your business faster with BusinessRiskTV.
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To get help to get to the top join female networking groups or other business networks to get to where you want to be sooner.
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Offer inspiration to women. Suggest business and lifestyle tips. Help women working in business become more successful, or even start up a new business.
Women who want to develop their career faster have good prospects of doing so, but a little extra help can go a long way. Offer quick recommendations to boost women to the top quicker.
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Tap into new resources, join women networking events and read articles to help women in business. Celebrate the achievements of women in business. Inspire other women with your success.
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Manage business risks better. Virtual business breakfast meetings inform your business decision making. Helping small and medium sized businesses grow faster with less uncertainty. Become more confident in your ability to manage all business risks.
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Pick the best business breakfast club meetings for your business needs. Focus on the business risks country risks or industry risks that matter to your business decision making. Focus your time to bring success and stronger business resilience closer.
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Come and enjoy the discussions. Share your business experiences and network with other key business decision makers. Expert risk panellists drive each event forward to arrive at business tips to improve your business risk management action plan.
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Link into your existing online 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.
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Put your questions to our risk experts in live online QandA sessions for business leaders in UK who are members of BusinessRiskTV Small Business Network
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Do you want to protect your business or enterprise better? Do you want to grow your business faster? What level of risk is appropriate for your risk appetite and risk tolerance? How do you survive and sustain your business regardless of the external risks to prosper and achieve business objectives? What opportunities are there in the UK to grow your business more profitably?
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Identify assess and manage key threats and opportunities. From exporting more to protecting key business assets more cost-effectively our webchats webinars workshops provide risk insight and risk management guidance to help you take more risk with more confidence.  Â
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