Business Risk
An organisation faces business risk when it is exposed to situations that can lead to greater costs, decreased profits or, in the most extreme cases, closure or liquidation.
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Business risks are not static; they evolve constantly, even when you are not actively observing. At times, you might not even notice the shift until it starts impacting your financial performance, prompting you to investigate the underlying causes.
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Common business risks include changes to regulation and legislation, Brexit, Cyber risk, data protection, pandemic response, disability issues, exchange controls, inflation, supply chain disruption, geopolitical change, climate change and reputational issues.
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Business risk could also be internal, caused by bad management, bad communication, internal politics, a lack of trust, a lack of product understanding, leaked information, poor internal contracts, or a failure to understand who does what or who is important to operations. Management often does not have visibility into who the small cogs are that keep the machine working or who is important for informal or formal training and mentoring.
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Regular business risk evaluations, ideally conducted at least once a year, are crucial once a business grows beyond a small owner-operated business. Numerous factors that influence risk can undergo significant changes during that period, and being prepared is key to mitigating potential threats.
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There is no guaranteed safe passage through a crisis or to avoid a crisis, but our specialist, multi-skilled risk management team can help you navigate to mitigate risks and find the path to stronger profits from a better-run company.
The years of experience held by our team across multiple industries and their exposure to the problems other companies have faced can all be deployed for your benefit.
Our service can include:
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A full comprehensive review of the business from top to bottom with a report on the performance, viability and risks of each part of the business,
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An annual update review flagging new risks,
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A pre-sale/marketing of business health check so that common issues likely to be flagged on a sale are settled in advance,
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Establishing where such streamlining, attention, expenditure or focus needs to be to solve problems and drive potential profits,​
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Assisting you with streamlining the business, managing redundancies, or simply settling and resolving internal conflicts to avoid redundancies or resignations,​
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A review and report on a specific aspect of the business to deal with a concern or complaint,
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An internal risk resolution process, based on a complaint or issue that needs to be reviewed, investigated, and resolved by an independent third party.
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A staff consultation: often, staff are more willing to make suggestions for improvements to impartial third parties who can compile such information without risk of reprisals.
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Indeed, staff at the coal face without regular management exposure frequently have the most useful insights as to minor expenditures which could make a big change.