The recent hurricanes and other disasters sweeping parts of the world may give you pause for thought about your holiday destination. Yet, every year, millions of us are herded into thin metal tubes with wings and fast-moving engine parts, all at various points in their fatigue-design lifespan. We fly to earthquake, flood or hurricane zones and mostly enjoy a lovely time. We ignore the risk of food poisoning, variable levels of medical care and even court danger on rickety tourist boats or volcanic/mountain/clifftop trips in the quest for a memorable holiday.
If we ignore these remote statistical risks because they are unlikely to happen, what sort of everyday risks that could genuinely happen to any of us are we avoiding too, especially when it comes to business risk? Most business leaders think about what would happen if their building burnt down, or are thinking about what to do after various Brexit scenarios, but might be ignoring the more common risks.
Day-to-day risk management
Many businesses are built on a few key foundations. What happens if your lead engineer gets a better offer from another company? What would you do if orders for your leading product suddenly collapsed, or conversely shot up? Do have plans for increased capacity or for a successor product? It can be hard for the busy company manager to think about all the possibilities, which is where risk management specialists can help.
From an ever-changing political, legal and technological landscape to local issues like a too-high turnover rate for workers or the impact from changes in business rates, there are plenty of signs out there that a company CEO isn’t planning on its future, essential for any long-term strategy.
Whatever your business, understanding that there are risks ahead is the first step. Creating plans to mitigate them comes next, but using an expert in the field can help provide solutions to the issues you can imagine and to understand those you can’t a lot faster.
All growing businesses need disaster recovery plans, to prepare for business growth and to help leaders understand and develop the ability to manage their company with the future in mind. Get in touch to find out how we can help.