Will we secure a contract so important to our future
Will our senior accounts clerk resign tomorrow and how
will I replace that person?
Will we be able to pay the wages that are required to be
paid on Friday?
These are issues we have to address throughout the life of a
business cycle. It does not matter whether you are a
tradesperson, employing or contracting personnel, an importer
or retailer of a product or a professional person - the issues
confronting you each night are no different. There are three
main issues business owners should be aware of:
Cash flow management - How do you pay wages and
creditors? The business is making money, but how do you
secure enough funds to meet your ongoing needs, as the
Skills shortage – You believe you could double
your turnover in the forthcoming 12 months, if you had the
right type of staff? How do you fill vacancies?
Forward planning - What are the real issues facing your
business, which could hinder its development? How do you
prioritise the important issues?
To begin to tackle these issues, the first thing we would
suggest is to compile a list of those risks or issues that
could have a major impact on your business and then prioritise
these risks or issues into a list from:
the most urgent issues that could have a major impact on
your business in the short term; to
those issues that you need to consider, but are not
The above assessment constitutes a risk assessment of your
business environment, and enables you to identify:
which risks you consider to be urgent
the priority of each risk; and
what processes and resources should be put in place to
offset the issues identified.
When undertaking a risk assessment of your business, the
most important things to consider are:
how you should go about identifying what are the issues
confronting your business;
are you too close to your business to identify such
issues and do you need someone to assist you in this process;
what are the plans or actions you can put into place to
address these issues.
Once you have conducted your risk assessment based on your
review, monitor the progress being made against your action
items. The investment of time and money in engaging external
advice could pay significant dividends in the long term.
The content of this article is intended to provide a
general guide to the subject matter. Specialist advice should
be sought about your specific circumstances.
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