Manage your business risks
A business risk is the chance of some occurrence or possible occurrence that will have a negative impact on your business. An analysis of these risks can help establish which components of the business are critical for the survival of the company. This risk analysis of the operational aspects of an organisation provides the foundation upon which a business can continually be managed.
Risk analysis is an important, yet difficult step in the risk management process. Part of the difficulty of risk management is that measurement of the potential loss and probability of occurrence can be difficult. A risk with a large potential loss and a low chance of occurrence is treated differently from one with a low potential loss and a high likelihood of occurring. Both can be difficult to manage when you have a shortage of resources in which to conduct the risk management process.
Business Optimizer has developed web-based risk assessment tools which assist entrepreneurs to identify business risks in an easy manner, prioritise them, and take action where necessary. The tool is easy to use, affordable and offers business know-how based on extensive experience. Once you use the tool and read the supporting story, your risks will be evaluated into a risk assessment graph. This will give you an indication of where the serious risks are or areas in your business which need attention. Thereafter you have access to the different Business Optimizer tools to address the risks or areas to be improved.
Business Optimizer focuses on SMMEs and individuals by giving them tools in financial management, strategic management, human resources management and statutory compliance. Independent research showed that up to 80% of new businesses fail within 18 months from start up. One of the main reasons for this is that they do not have an understanding of their businesses risks nor do they have a plan to manage these risks
Business Optimizer will make all their software tools available to all Inspiringwomen newsletter readers at no cost for a limited period of 30 days. This enables them to sample the software and complete the risk analysis tool. Go to www.businessoptimizer.co.za
