Identifying risk and solution measures for businesses

[MarieArie]

It is knowledgeable enough for businesses to plan well before starting up a business. This planning should include risk taking as well as failures.

If these key ideas are thoroughly ironed out, providing solutions when problems arise will be quick on spot.

Do you believe these should be included in every business plan?

 

[Youngdee]

When starting up a business the first thing to put in place is the business plan and in the business plan risk identification must be included and a way forward to which the risk could be avoided must be looked into. A business that fails to include solution measures to possible future risk have the tendency of collapsing or running at loss when the risk arrive. Not like the business with risk identification plan don’t get affected but they are very quick to solving it because of the plans they have on ground.

 

[Ralphjoe]

It is highly very important that a manager should be able to identify the problems inherent in his business and he should be able to proffer solutions to them because if he does not do this, the business may likely crumble due to the enormous problems that are surrounding the business.

 

[MarieArie]

It is highly very important that a manager should be able to identify the problems inherent in his business and he should be able to proffer solutions to them because if he does not do this, the business may likely crumble due to the enormous problems that are surrounding the business.

This is exactly why these problems or issues should be preconceived and managed properly ahead of time. An ounce of prevention is worth a pound of cure. It's good to play safe.

 

[Trexxxy]

It is impertinent to have a full proof business plan, a business plan that accounts for losses, progressions and projections. Every serious organisation with a future business plan have strategies and accommodations for partnerships.

 

[Waseem74]

Read chapter 4 Risk Identification and Analysis: Effective risk management is ... risks, not to eliminate risks from consideration or to develop solutions for mitigating ... functions are carried out during the risk assessment and risk mitigation steps. ... summary of the most effective practices used by leading owner organizations.

 

[Kingsley]

In every business there are risk factors, so for one to succeed you must identify areas of risks and there to minimize it or eradicate it.

 

[Shayo]

Identifying or including potential risks in a business plan is crucial, it helps in minimizing the impact on the business and customers. Some risks have the potential to destroy a business or cause serious damage that can be costly, identifying this on time can be a way out.

 

[Ridorz]

It is very important to make a good plan for a business as you are thinking of starting business. The main thing is that you should well understand the business you want to start, the kind of risk that involves in the business so that you will able to realdy for the risk by make we plan from beginning of the business.

 

[Akinwale701]

It is knowledgeable enough for businesses to plan well before starting up a business. This planning should include risk taking as well as failures.

If these key ideas are thoroughly ironed out, providing solutions when problems arise will be quick on spot.

Do you believe these should be included in every business plan?

yes, a business plan should allow for risks that come from running the business, there are competitions and other unfavorable government policies that can force a business to close down if care is not taken all these have to be watched out for in business

 

[KvngMurphy]

Risks are inherent to every environment and business. They cannot be avoided and, therefore, must be addressed head-on to minimize their impact. The first step in risk management is to identify the risks in order to come up with a risk management strategy.

1. Analyze the sources that may trigger problems
It is important to identify and analyze the sources that can cause a problem. Risk triggers can be internal or external.

2. Act now
Managers shouldn’t wait for potential problems to become actual problems before they start doing something. The moment a problem is deemed to be a threat, it should immediately be dealt with by the company’s executives by devising a plan of action in the event that the risk becomes an actual full-blown concern facing the company.

3. Involve employees
Identifying risks is not the sole responsibility of the managers and top-ranking officials. Management should involve their employees in identifying the risks that they see in their respective departments and train them to handle such risks at their level.

 

[Nicklas22]

Yes, I believe this should be included in any business plan, you should plan about failure and how to overcome them when they actually come to pass and also plan on how to take risk also and plan if the risk didn't favour you at the end

 

[Shahzad Ahmad]

When you start a business, you will face many difficulties and risks. Risks are necessary to do something in business. If you want to become a successful business man, you should face risks. At the bigening of business, you will think to leave business but you should not be left it and seek lesson from mistakes to get profits.

 

[Sheyemanu]

Converning this topic on Risks and solution measure for businesses, I couldn't agree more with you, I believe this should be included in any business plan, you should plan about failure and how to overcome them when they actually come to pass and also plan on how to take risk also and plan if the risk didn't favour you at the end

 

[Richard92]

A good business man must always identifying risks and also have measures in order to prevent such risks this is one quality of a good business man who practice management. However as a business man you must know that you must always and curious and be ready at all time to be able to prevent risk

 

[Philip Omotayo]

A good business person sense and have nose for risk in business. They are sensible in risk management. They proffer a possible solution to the incessant risk that must have surface. Risk management is one of the skills of a good business person. And it help in defending any form of risks.

 

[Ralphjoe]

This is exactly why these problems or issues should be preconceived and managed properly ahead of time. An ounce of prevention is worth a pound of cure. It's good to play safe.

I don't think that problem can be anticipated and prepared ahead of time for because problems are mostly things that we never expected that they will happen, if one can anticipate the problem then I don't think that person would allow that problem to really occur before he solves the problem. The only thing that a manager can do is that he can proffer solutions to these problems as they crop up.

 

[Husnainali]

Business Risk - How to review, identify, and manage
How to identify business risks. Analyze the resources that can cause problems. It is important to identify and analyze the sources that may be causing the problem. do it now. Add employees. Make a list of industry risks. Keep track of the risks.

 

[Veetos12]

It is knowledgeable enough for businesses to plan well before starting up a business. This planning should include risk taking as well as failures.

If these key ideas are thoroughly ironed out, providing solutions when problems arise will be quick on spot.

Do you believe these should be included in every business plan?

A good business which is aim at profit making must have a very strong business plan which will involve the feasibility study of the business and also risk assessment and anticipation. This business plan must be able to profer a possible solution to every risk encountered.

 

[MercySmith]

When starting up a business the first thing to put in place is the business plan and in the business plan risk identification must be included and a way forward to which the risk could be avoided must be looked into. A business that fails to include solution measures to possible future risk have the tendency of collapsing or running at loss when the risk arrive. Not like the business with risk identification plan don’t get affected but they are very quick to solving it because of the plans they have on ground.

I can tell you that your first two points are the backbone of starting a successful business. You have to considered the risk involved in the business. What will happen if i decide to sell my product way lower to attract more customers.