The Russian Rouble is on the slide due to worldwide political issues;
The US seems think North Korea is involved somehow with the recent Sony hack;
A German steel works is hacked, causing damage the plant’s network;
Apple issue an automatic Security update for the fist time;
The Terrorist threat level has been rasied in many countries…
… With all the pressures that a business usually faces, can it also cope with these additional challenges?
As part of your end of year busness review, it may well be worth a check that your customer base will not be affected.
What is the current forecast on your customers’ purchasing plans?
As part of good business practice, it is necessary to have robust plans in place. For instance, your marketing plan should allow for the fact that you may not retain all your clients. To whom would you continue to supply your products/service, if something happened to your customers?
To mitigate risks to the future success and growth of your company, have a set of pre-planned actions in place to ensure you are not caught out in the event of a failure of one or more customer. For example; make sure you are paid up to date within your terms and conditions. Have the abilty to reduce production in a volatile market. Be prepared to make hard decisions if required.
If you would like to have a Risk Management brainstorm session to look at identifying risks and definiing solutions to those risks, drop me a line at alexpetty.biz
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