Business Risks – How To Identify, Manage, And Reduce Them?
No matter what business you run or which industry you are in, business risks are always there. To add more, risks can be of different types. If the business risks are not identified, managed, or reduced, they can get hazardous for the business. Furthermore, repairing them can be costly and time-consuming for the business. Risk managers are responsible for identifying, anticipating, and preparing for business risks.
In this article, you will learn about business risks and some of the major types of business risks. Apart from that, you will also learn some of the best practices to identify, manage, and reduce risks in businesses. Hence, to learn about the major risks in business and how entrepreneurs should manage risks, read on through to the end of the article.
What Are Business Risks?
Business risks expose a company or an organization to lower profits or lead the business to fail.
According to Investopedia,
“Anything that threatens a company’s ability to achieve its financial goals is considered a business risk. There are many factors that can converge to create business risk. Sometimes it is a company’s top leadership or management that creates situations where a business may be exposed to a greater degree of risk.”
However, in some cases, a business risk might come from external sources as well. Hence, it is practically impossible for a company to stay away from business risks. Despite that, there are various ways through which businesses can mitigate risks that affect business operations. This can be done by adopting a risk management strategy.
To deal with business risks, it is essential for businesses to implement a risk management plan in place. The steps to implement a risk management process include being able to identify the risks. Once you identify the risks, you will be able to manage and reduce those risks from your business, to ensure proper operations.
Read More: Risk In Entrepreneurship : What Risks Do An Entrepreneur Face?
How To Identify, Manage, And Reduce Business Risks?
According to Forbes.com,
“It’s impossible to truly eliminate risk when it comes to economic decisions that are best for your business. Decisions have to be made even when we don’t know all the facts and are unsure of the future. For instance, market regulations are an uncertain environment where the stakes are higher and risk-taking isn’t optional if you want to move forward.”
However, it is still essential to account for business uncertainties and make smart and informed decisions that keep the business out of the negative effects of risks. The following are some of the essential steps you need to take to deal with business risks:
1. Recall Past Situations
Your business might have come across risks before. Recall how did you react and manage those risks. Furthermore, think about your past decisions that led to the occurrence of the current business risk that the company is facing.
If you have faced similar situations before, you will need to look at the past and try to find solutions for the current risk. However, you will need to create backup plans for your business and make your steps flexible enough to accommodate adjusted decisions.
2. Thinking Through Different Possible Scenarios
To decide on what steps to take to mitigate risks, you will need to have 100% information on the risk. Your goal should be to manage the risks by making calculated decisions. Hence, you will need to think through different scenarios to get an idea of the potentiality of the risks.
A good way to think and plan is to assess through – the best case, the likely case, and the worst case. This will help you to bring out possible outcomes.
3. Seek Feedback From Employees
Every employee has a different perspective of the organization and the variety of risks that can negatively affect the business. Since employees are the most valuable resources of the organization, letting them identify the risks will go a long way.
Employees and various other key stakeholders can provide useful insights into the risks that they encounter on a daily basis. This is because they are the ones who are fully involved in the day-to-day business practices that others are not involved in. Hence, it will be really helpful for you to get employee feedback. You can try one-on-one interviews or do group meetings with each team.
4. Take Signals From Various Customer Feedback
Believe it or not, customers always try to send signals about disparate situations in the business. These can enhance the business risks and can negatively affect the business processes. As a business manager/ CEO, you must feed signals from various functions across your organization to find potential risks.
According to ClearRisk.com,
“This strategy is most useful for organizations where customers visit a physical location, such as a storefront. However, even solely digital customers may provide valuable feedback that can help identify and mitigate against reputational risks.”
5. Conduct Both Internal And External Research
Conducting internal research in the organization is one of the major things that you can do to ensure the identification of risks. While observing the internal situation of the organization, you will be able to recognize those areas where processes are not properly carried out. You can use data and trend analysis to identify those problems.
As for external research, you will need to find common trends in other businesses in the same industry. To do that, you must look through reports of professional organizations and access industry research and trend reports. This way, you will be able to highlight common risks for your idea.
Read More: 10 Must-Have Entrepreneurial Characteristics
Wrapping Up
A business risk is an exposure that a company or an organization needs to factor, which can further lower the company’s profits, or make it go out of business. There are a variety of sources for a business risk, which can be both internal and external.
No business, despite its size and market, can avoid business risks. Hence, businesses employ risk management strategies in place so as to properly identify, manage, and reduce them. If you want to do the same, follow the recommendations of this article. Do you have any further recommendations? Share them with us in the comments section below.
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Functional Organizational Structure – What Is It, And How Does It Work?
A functional organizational structure is a team structure within an organization where the organization groups its employees into various departments based on the expertise of the employee. This is one of the most common types of organizational structure in business and is mostly seen in larger companies. Here, the company groups its employees based on their performance, functions, and capabilities. In this article, you will also learn about what a functional organizational structure is and how it works in a business organization. Next up, we will elaborate on this using a simple example based on this organizational structure. Finally, we will discuss the major pros and cons of having such an organizational structure for business. Hence, to learn more about this structure, read on through to the end of the article. What Is A Functional Organizational Structure? According to Indeed.com, “A functional organizational structure is a common type of business structure that organizes a company into different departments based on areas of expertise, grouping employees by specialty, skill or related roles. It’s based on levels of hierarchy that include different departments, under the direction of designated leaders.” Most businesses operate with the use of the functional organizational structure. This is because this organizational structure groups the employees of the organization based on their expertise, capabilities, and knowledge. This helps companies achieve their goals in an efficient manner when they use this structure within a team environment. A major example of a functional organizational structure includes different departments in an organization, where the employees are grouped based on their skills and capabilities. Some examples of such departments include the marketing department, sales department, production department, HR department, etc. This type of structure is a vertical management structure. Here, if you take each department and observe, you will find out that the employees of each of these departments communicate only with each other and their respective leaders. Subsequently, the leaders of these departments will report to their respective managers, who then will report to the company’s top management. Read More: What Is Social Entrepreneurship? – Steps To Become A Successful Social Entrepreneur How Does A Functional Organizational Structure Work? - Example Regarding this organizational structure, the Human Capital Hub states - “Businesses typically utilize functional structures because it groups individuals with comparable knowledge and, when used in a team setting, helps organizations achieve their goals. It is a sort of organizational structure in which the organization is divided into smaller units based on specific functional areas such as information technology, finance, human resources, or marketing.” This structure basically recognizes individual employees based on their skills, qualifications, expertise, and related roles. The business is organized as per layers of hierarchy. In each of these hierarchical structures, you will find several departments with authorized leaders leading them. Since individuals with different abilities and expertise come together in each of these functional organization structures, the structure itself allows a higher efficiency of operation. However, one of the major problems of this organizational structure is that the functional groups of this organization might not interact with each other. This leads to negative competition and a lack of communication between departments. In this case, the matrix organizational structure comes to the rescue. The following are some of the major characteristics of a functional organizational structure: This deals with a vertical management structure. The business organization divides itself into different functional departments. In each of these departments, there are employees who are specialized in specific tasks. Each of the functional departments works in silos, as each of these has their own management structures. Employees report to their respective leaders, who, in turn, report to their managers in the department. Employees typically communicate within their respective departments rather than interacting with employees of other departments. The managers of each department report to a higher management in another functional leadership structure. In some cases, managers of different departments interact with each other at times of need. Functional Organizational Structure - Major Pros And Cons According to AccountingTools.com, “The functional organizational structure is the dominant mode of organization in larger companies, since these entities deal with such large sales and production volumes that no other form of organizational structure would be nearly as efficient.” However, like every organizational structure, the functional organizational structure has its own pros and cons, which a business must have a full idea of. Here are they: Pros Of A Functional Organizational Structure The following are the major pros of a functional organizational structure that benefits organizations a lot: Since the structure contains groups of individuals by duties and capabilities. There is autonomy for groups, but the management works as a point of contact between functional structures. People are groups as per their specialization. Hence, this assures the specialty of departments. Due to specialty and expertise in departments, along with good intra-departmental communication, the speed of operation is high. It ensures clarity and accountability within each of the departments within the organization. Hence, there is better utilization of time and resources. It helps in lightening the workload of the senior members of the organization. This structure helps in developing executives. There is more scope for expansion of the organization, as the competencies are high. There is better control and oversight of the enterprise due to the presence of expertise and specialized knowledge. Cons Of A Functional Organizational Structure Here are some cons of the functional organizational structure, which you must be aware of while you implement it: Team silos are created, and hence there is less interaction between departments. Common bonds weaken. Inter-departmental coordination weakens. Limited perspectives. There can be territorial conflicts. Delays in decision-making, as things are too structured. Final Thoughts You will need to implement the functional organizational structure as your business grows. Having separate departments for your IT Staffing and other areas will become a need. The functional manager(s) will need to work with the managers of all the departments so as to coordinate the tasks. The command chain is clear both within the departments and outside them. The management structure frequently utilizes specialized resources and standardized processes. However, there can be departmental silos and slowdown of decision-making due to the presence of hierarchy. What is your opinion regarding this management structure? Share your thoughts and opinions with us in the comments section below. Read Also: Entrepreneur: Who Coined The Term ‘Entrepreneur’? What Is Continuity In Business, And Why Is It Important? Business Continuity Plan – What Is It, And How Does It Work?
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Essential Office Equipment For Boosting Productivity In The Modern Workplace
Efficient workflow and optimal output are necessities for companies aiming to stay ahead. The key to attaining these goals lies in selecting the right office equipment, which fosters productivity and innovation. This article explores essential office equipment that significantly enhances productivity in the contemporary workplace. Ergonomic Furniture Customize your workspace with lumbar support in chairs and sit-stand desks to reduce discomfort and prevent fatigue. Enjoy better posture and a healthier work environment. On the other hand, height-adjustable desks help in transitioning between sitting and standing positions seamlessly. They minimize work-related injuries, fostering your consistent presence and productivity. When you buy office equipment online, you enjoy the convenience of browsing through an extensive product catalog, including ergonomic furniture. High-Quality Computers and Laptops High-quality computers and laptops are vital for modern offices, ensuring efficient operations and productivity. These devices reduce downtime and enable swift task completion. Advanced security features enhance data protection, while the devices' longevity and compatibility with software updates contribute to cost savings. Ergonomic designs and connectivity options enhance the user experience, fostering higher employee satisfaction. Noise-Canceling Headphones Noise-canceling headphones are essential in open-plan offices, creating a focused and quiet workspace amid ambient noise. They excel in reducing distractions, promoting concentration, and enhancing overall productivity. When choosing these headphones, key considerations include effective noise reduction, comfort for extended use, battery life, wireless connectivity, intuitive controls, durability, and compatibility with various devices. 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Additionally, these backup power solutions help you avoid financial losses, ensure compliance with regulations, and contribute to the longevity of your electronic equipment by reducing wear and tear due to power fluctuations. Personal Productivity Tools Digital calendars, to-do lists, and physical notebooks can help you manage time, prioritize tasks, and collaborate effectively. That way, you can easily set and track goals, reducing the stress of remembering everything. They also give you a break from constant screen time, improving focus. Whether jotting down notes or using a digital calendar, these tools help you stay organized and productive. Think of them as your assistants, making work less overwhelming. Conclusion Choosing the right office equipment, including cutting-edge computers and ergonomic furniture, is crucial for optimizing efficiency, fostering collaboration, and empowering employees. 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Frosty Efficiency: Best Practices In Refrigerated Order Fulfillment
The worldwide market for frozen and refrigerated products is at a high. Meanwhile, as the global market for perishable goods is on the rise, efficient cold storage management becomes essential. Effective cold chain management maintains the freshness of plants, flowers, and perishable food products, such as meats, fruits, fish, and vegetables. Moreover, distributors and manufacturers of specific chemicals, medicines, and vaccines usually store them in temperature-controlled facilities. However, operating a cold storage warehouse can be quite challenging due to the need to maintain a constant temperature for storage, yet ensure the people and equipment are ready and comfortable to perform at their best. Likewise, the cost of labor, land, and energy keeps on increasing. As a result, operators of cold storage warehouses are on the lookout for automation to keep costs in line. In this article are the best practices you can adopt for efficient refrigerated order fulfillment. Best Practices In Refrigerated Order Fulfillment In this section, we discuss some of the best practices in refrigerated order fulfillment. Employ Automation The space for cold storage is more expensive than the remaining kinds of warehouses, mainly as a result of the expenses associated with maintaining a consistently low temperature in the space. Meanwhile, the more the cost of labor, energy, and land increases, users of cold storage are also increasingly looking for automation to restrain the cost. Thus, automation is capable of optimizing the space available by enhancing cube utilization. Also, adopting pallet racking systems (of high density) with Automated Storage and Retrieval Systems (ASRS) and pallet shuttles will help optimize the vertical space. Additionally, automation can minimize the requirement for human labor, resulting in substantial savings. This is because the usage of Autonomous Guided Vehicles (AGVs) for shuttling products along the warehouse with automated depalletizers and palletizers ensures the cold storage infrastructure to function with less number of workers. Maintain Range of Temperature Usually, one cold storage warehouse does not hold one type of product. Rather, it simultaneously keeps different products that need various temperatures. For instance, milk and other dairy products are preserved just above the freezing point at 1°C, ice cream is typically stored at -23°C, vegetables are preserved below 12°C, and meat products are kept just below the freezing point at -2°C. It is essential that temperatures are well-regulated throughout the cold storage units. Also, they ought to be within their designated ranges. For instance, refrigerated products must be refrigerated, while frozen goods must remain the same way. However, the difficulty attached to storing all these products in the same cold storage can be handled by creating a barrier between the temperature zones. Therefore, for warehouses that require various temperature zones or wherever the kinds of products being stored periodically change, there is an option that is flexible and of low risk. The option is a curtain wall system (modular insulated) that can be developed and transported to different buildings, according to the requirement. Reduce Heat Loss After ensuring that various ranges of temperature are set in these cold storage units, it turns out to be essential that those static temperatures are well maintained without heat loss. Minimizing heat loss is critical, not just to achieve more energy savings but also to prevent content spoilage of cold storage. Furthermore, one must carefully restrict the transfer of the head to stop its flow from high-temperature regions to lower ones. It is a difficult task in a warehouse as new goods are often going into storage. Moreover, the warehouse may require routine reconfiguration. Effective solutions to this problem are strip doors and rapid or high-speed doors. This is because they have high-efficiency refrigerated air. At the same time, they give room for unrestricted access to people and cars in all the areas of the site. Use Appropriate Equipment Several tools, equipment, and machines are usually used in cold storage, such as forklifts, pallet jacks, barcode scanners, computer sensors, etc. To carry out these functions, such equipment needs to be modified based on the low temperatures they should function in. For instance, it may be hard to use touchscreen technology with thick gloves. As a result, touchscreens on this equipment are designed to be sensitive enough. It can easily respond to the touch of the gloves. The buttons that you get on scanning devices are also made big enough to be felt with the help of these work gloves. In addition, the condensation that forms with the change or shift from one to another shuts out electrical equipment like scanners. Not only this, but handheld equipment and electronic forklifts are designed with seals that are built to withstand such fluctuations in their temperature. Furthermore, being consistently exposed to the cold has a negative impact on the life of the battery. It leads to degrading battery life. Thus, batteries with high voltage must be used to extend their use cycle. Manage Demand of Energy Energy savings are an important consideration in cold storage. This is because cooling air is cost-intensive. However, there are building designs and suitable automation system selection that can reduce consumption in a cold storage unit, and managing demand can also help to save. Cost control of energy during exigency decreases the effect of rising prices. Also, it can bring down the costs on a per-kilowatt-hour basis. Nevertheless, the difficulty is that costs and consumption are at their highest on days of high temperature when the thermal load is at its peak. The key is to adopt improved control of sensors and algorithms that enable management of energy. The cold areas are over-cooled during the time of low demand. It is like, thereby, setting up a thermal buffer that reduces the requirements of cooling during the peak seasons. Finally, Frosty Efficiency Cold storage is increasingly becoming a vital part of the supply chain. When effectively managed and maintained, it provides numerous advantages, from increased product life to cost savings. Efficient refrigerated order fulfillment practices are improvements in steps and equipment that can result in appreciable savings and higher profits in the long run. To ensure frosty efficiency, every party involved should cultivate an effective partnership and have a great working knowledge of the best of practices for cold chain handling and transportation. Read Also: 6 Tips For Growing Your Small Business And Boosting Your Bottom Line The Importance Of In-Home Product Testing For Product Development What Is A Rotary Vane Vacuum Pump And How Does It Work?
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Mastering Plastics Manufacturing: Key Tactics For Success
The plastics manufacturing industry is pivotal in various sectors, from packaging to automotive and electronics. As demand for plastic products continues to rise, manufacturers must employ strategic tactics to remain competitive and ensure sustainable growth. Understanding The Current Plastics Manufacturing Landscape One must first have a comprehensive grasp of the industry landscape before attempting to innovate or disrupt the status quo. Market Trends And Shifts The plastics manufacturing sector is experiencing a notable shift towards sustainable and environmentally conscious practices. Consumers and businesses alike are increasingly favoring products that are ecologically responsible. For instance, the demand for bioplastics, derived from renewable sources, has surged, reflecting a growing preference for greener alternatives. Identification Of Key Competitors In this competitive field, big and experienced companies are important, but so are new startups. These emerging players are innovating with products like compostable packaging, which shows how new ideas can be game changers. To excel, manufacturers must identify their competitors and analyze their strengths and weaknesses. This knowledge helps in positioning and differentiating the brand effectively. Customer Preferences And Evolving Market Needs Customers are the compass guiding any kind of industry, and the same is true for plastics manufacturing. Knowing what customers want is important. There is a rising focus on eco-friendliness among consumers, so products like biodegradable packaging are gaining traction. Adapting to the market’s changing preferences and addressing emerging needs is essential for survival. Key Tactics For Success Let’s delve into essential tactics that can amplify your competitive edge and ensure a thriving presence in the industry. Innovation And Research And Development (R&D) Innovation is the heartbeat of progress. By consistently developing novel materials and embracing cutting-edge manufacturing technologies, you can pave the way for groundbreaking solutions. That’s on top of enhancing the quality and performance of your pre-existing products, which is equally important. For example, integrating precise temperature controllers into your processes ensures optimal conditions, further elevating product consistency and overall efficiency. Sustainability And Environmentally-Friendly Practices Your business can align with the growing demand for eco-friendly products by taking stock of how your product is manufactured. Review the credentials of your suppliers, waste management, and energy use policies. Initiatives like reducing waste and minimizing carbon footprint not only resonate with environmentally conscious consumers but also contribute to a positive brand image. Streamlined Supply Chain Management Efficient supply chain management minimizes delays and optimizes resource utilization. Collaborative partnerships with suppliers foster reliability and agility, both crucial factors in meeting consumer demands promptly. A well-oiled supply chain ensures timely delivery and cost control. Skilled Workforce And Talent Development Behind every successful operation are skilled professionals. Nurturing talent through training and development programs fosters a capable workforce. This is especially important to ensure that your business remains adaptable in a rapidly evolving landscape. Market Diversification And Expansion The adage “don’t put all your eggs in one basket” rings true even in plastics manufacturing. Diversifying your market reach by exploring new industry verticals and applications spreads risk and opens doors to fresh revenue streams. Expanding globally through calculated market penetration strategies enables your business to tap into uncharted territories of growth. Consider partnering with a skilled Google Ads agency to amplify your market expansion efforts, leveraging digital advertising expertise to reach a wider and more targeted audience. Successful Implementation Of Strategies Here are some companies that have effectively navigated the competitive waters of the plastics manufacturing industry, showcasing tangible successes through strategic implementation. NaturePlast Based in France, NaturePlast has emerged as a trailblazer in sustainable plastics. By investing heavily in research and development, they successfully created a range of bio-based plastics derived from renewable sources like cornstarch and sugarcane. These not only meet the stringent demands of various industries but also address the growing consumer preference for eco-friendly alternatives. Novatec This plastics manufacturing company in the United States embraced lean manufacturing principles to optimize its operations. By streamlining processes, reducing waste, and enhancing production efficiency, Novatec achieved remarkable cost savings while maintaining product quality. This strategic approach not only boosted their competitiveness but also allowed them to offer more competitive pricing to customers. Greiner Packaging Greiner Packaging, an Austrian-based company, leveraged collaborative partnerships to expand its market reach. By strategically forming alliances with brands across various industries, they gained access to new markets and diversified their product portfolio. This approach enabled them to offer specialized packaging solutions tailored to different sectors, from food and beverage to healthcare. Overcoming Challenges In The Competitive Landscape In any industry, challenges inevitably emerge, but they also present opportunities for growth and resilience. Here are some strategies to get past some of these hurdles. Pricing Pressures And Cost Management Balancing quality and cost-effectiveness are key. The pressure to offer good prices while staying profitable is real. Smartly managing resources, fine-tuning production, and using smart pricing strategies can help you find the right balance. Regulatory Compliance And Quality Assurance Stringent regulations require adherence. Adapting quickly to changing standards means having strong quality checks. By making rule-following part of how you work, you can build trust with customers and show your industry expertise. Technological Disruptions And Adaptation Technology is changing fast, and that can be a challenge. Industry 4.0 brings automation, data analysis, and AI. Embracing these changes and teaching your team new skills helps your business run better. By turning tech challenges into opportunities, you can stay strong even as things evolve. Anticipating Future Trends As the plastics manufacturing landscape continues to evolve, keeping an eye on upcoming trends is pivotal for staying ahead of the curve. Continued Emphasis On Sustainability Sustainability will remain a cornerstone of the industry, driving demand for eco-friendly materials and processes. Businesses that embrace and innovate in this realm will not only meet market expectations but also contribute to a healthier planet. Integration Of Digital Technologies And Data Insights In the future, AI and data analytics will play more pivotal roles. Smart factories and data-driven insights will optimize production, enhance decision-making, and uncover new avenues for efficiency and growth. Embracing these technologies will be pivotal in maintaining a competitive edge. Evolution Of Customer Expectations As consumers become more conscious and discerning, their expectations will continue to evolve. Customization, personalization, and ethical practices will become even more critical. Adapting to these shifts and aligning your offerings with evolving customer values will be essential for long-term success. Takeaway In the dynamic world of plastics manufacturing, success hinges on a combination of innovation, efficiency, and strategic thinking. By embracing technological advancements; focusing on quality, sustainability, and customer-centricity; and staying adaptable in the face of change, manufacturers can navigate the competitive landscape and secure their position as industry leaders. Read Also: boxed packaged goods: the right guide to uplift your business how to ensure your warehouse is safe to work in how to boost warehouse productivity
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