Identifying risk and solution measures for businesses

[Alimi Precious]

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?

So many businesses experience failures and that serves as a lesson for them to improve and become better

 

[solomonmali]

Risk management has always been an important tool in running any business, particularly when a market experiences a downturn. In any economic environment, an unexpected surprise can destroy your business in one fell swoop if you didn’t have the right risk management strategies in place to prevent, or at least mitigate, the damage from that risk.

 

[Erik4150]

Honestly I don't think it matters if it is included in the business plan or not. A new problem might arise that you didn't anticipate. The most important thing is that you are intelligent and know how to be a problem solver because you will surely face challenges... Sometimes these challenges might come unexpectedly.

 

[Seun4luv]

The term business risk refers to the possibility of a commercial business making inadequate profits (or even losses) due to uncertainties. Examples are changes in tastes, changing preferences of consumers, strikes, increased competition, changes in government policy, obsolescence etc.

 

[marky]

When firing up a business the main thing to set up is the strategy and in the marketable strategy hazard recognizable proof should be incorporated and a route forward to which the danger could be stayed away from should be investigated. A business that neglects to incorporate arrangement measures to conceivable future danger have the inclination of falling or running at misfortune when the danger show up. Dislike the business with hazard recognizable proof arrangement don't get influenced however they rush to tackling it in view of the plans they have on ground.

 

[GIFTMICHAEL]

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?

It is good to identify possible risk in business and solution. There will always be problem in your business but we must be ready at all times to be able to provide solution whenever there is a problem. Every business owner need to have good idea about business.

 

[Planet408]

Yes, the identification of risk and it's management should be included in every business plan. Since we all are aware that business is a risk, then there should be a detailed explanations of the risk management procedure so as to be able to deal with it if it occurs.

 

[Irfanali]

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 threats. ... record risks. ... strategic risk. ... risk of compliance. ... financial risk.

More items ...

 

[Mostee501]

In every businesses there are risk factors irrespective of weather the risk is high or low. Customers are no longer interested in your products,low turnover,decrease in income are some signs,some solutions are changing strategies,enquire about what the customers wants and needs in other to know their needs.

 

[Sutrahen]

Risk management is very key for businesses that intend to grow. Large organizations will normally employ an expert risk manager. However entrepreneurs can do this them selves by first identifying risk factors in the business and seeking for ways to solve them. Risks should be minimized but this does not mean that they should not take risks.

 

[Muhammad hussain]

I think when we're doing business, we know the problems that come up in business, the problems that come up in defense, we find solutions and we expand the business. There are many problems in the business and a management officer finds the problem, sheds light and comes to the business.

 

[Gilead]

Of course it's compulsory to take risk an important factor to include in business plan. It's a known fact that risks are inevitable in business and sooner or later you could fall victim of bad choices of risks.. the best thing to do is include insurance in your business plans.

 

[Waqas wajid]

Doing business is neither too difficult nor too easy. It is better to do their business as carefully as possible. It is the job of a successful businessman to clean up the problems that come up in the business beforehand.The sign is that they see the problems and find solutions to them and thus the business goes to profit instead of losing more.

 

[Tinaconcept]

Every business at one stage or the other has its challenges and risk be it the beginning point or growing stage risk will always surface. Making your business plan and following your laid down guidelines will enable the reduction of risk or risk management. That is why a business plan is crucial at the initial stage of the business

 

[WhiteHouse]

A Risk Assessment is a process to distinguish and rank the risks and dangers to your association to completely get them and create plans to deal with the most elevated ones. Finishing a risk evaluation measure is crucial to the drawn out achievement of any business, yet lamentably is more normal medium or huge organizations

 

[MarieArie]

Risk management has always been an important tool in running any business, particularly when a market experiences a downturn. In any economic environment, an unexpected surprise can destroy your business in one fell swoop if you didn’t have the right risk management strategies in place to prevent, or at least mitigate, the damage from that risk.

This is why there is a pronounced emphasis on management planning. It is always right to have drastic measures in place to combat issues as they come. This does not mean we should always believe the end results will be failures.

 

[Alexandoy]

In one of the short management courses that I had taken one had explained the procedure for the Potential Problem Analysis. It is the identifying of the potential problem that a business may encounter. Upon identifying you also have to write down the preventive action and also the contingent action. That PPA (potential problem analysis) should be included in the business plan.

 

[MarieArie]

It is good to identify possible risk in business and solution. There will always be problem in your business but we must be ready at all times to be able to provide solution whenever there is a problem. Every business owner need to have good idea about business.

I will like to focus more on your last sentence. "Every business owner needs to have a good idea about business". This aspect of business exposure is very important. Plan to succeed and not fail.

 

[EMMANUEL]

Some of the risk you measure up to in business are much, when looking at the risk behind business the major cause is the dream or more, when you aim of getting more than what you already have, I guess that where the risk start setting in, and there is no one doing business or venturing into any business that does not want more of what is present worth is now.
That is when we talk about Growth.

 

[GIFTMICHAEL]

I will like to focus more on your last sentence. "Every business owner needs to have a good idea about business". This aspect of business exposure is very important. Plan to succeed and not fail.

You speak as an expert who have been in business for a long time. Knowledge about business is what we need the most, for me i know that knowledge is greater than money. When we have good knowledge and the right skill about business definitely we will succeed.