Rebecca shares some inexpensive and simple methods to be manage your business risks, from customers, suppliers, employees, product, and evil intent.
Executive Summary: We can’t prepare for every eventuality and we shouldn’t. But there are inexpensive and simple methods to be reasonably prepared. First, consider these normal sources of business risk: Customers,Suppliers,Employees,Product and materials, Competitors,Evil intent of others, Bad luck, and of course, Lousy Leadership. In most of these categories, you can identify the likely risk categories quickly. As a minimum, you can set simple metrics or processes to assess status. A bank that’s not prepared to handle a robbery is incompetent. Manufacturers can prioritize risks based on likelihood and define prevention, recognition and mitigation plans. These quick risk management steps are inexpensive and simple to execute. It’s unethical and lousy leadership that escorts a company totally unprepared for likely risks.