Does Your Business Plan Include Risk Management?

Did your business plan really look at all your threats? Planning often glosses over the risks and emergencies and assumes they will never happen. Failure to cover some risks couls cause loss of the business and even the owners home

Discover how to identify and manage risk in your business because this always needs to be your first step in business planning. That is why traditional business plans start with a SWOT analysis which is great. Your assess your strengths, weaknesses, opportunities and threats.

I am always amazed at the way these plans typically gloss over those risks or threats that could cost you $250,000 and upwards, take your family home or even send you to jail but they emphasise the strengths and opportunities because they are written to impress the bank manager or investors rather than to be a basis for both protecting and growing your business

BUT

Getting it right and protecting yourself is so easy.

You need to look at what you actually do ? EVERYTHING YOU DO! You should look at every activity in your business and assess the risk and make sure that you include whether you or you staff can accidentally break the law and land you with big fines.

Take time to consider what the liklihood is that you or your staff could ?stuff up? and be realistic about the consequences. Your family would definately consider that losing their home because of a fine you or your business incurred rates at catastrophic.

No one is immune??

One multimillionaire client thought things were ?bullsh*t? until I pointed out that the consequence to him was probably jail ? he went white and got the proper licences and staff training that day.

A fishing company client of mine had implemented very good systems. They identified that a crew member on one boat could not swim so they bought him a self inflating life jacket. Even though he signed off that he would wear it at all times on deck, he didn?t want to get it dirty and refused to wear it. The skipper of the vessel was charged with manslaughter when the crew member fell overboard and drowned because he had not enforced the wearing of safety equipment. He had a $350,000 fine and is also being sued by the family under civil legislation.

The weeknesses and threats in your business plan should include all the risks that could potentially happen.

Planning to manage all those risks and threats is the secret to protecting your family home and your business. And you actually USE your plan and the feedback process really brings your staff on board to create a real team

Thankfully you can fix this easily when you build a management system with me.

You need to identify ALL your activities, threats and weaknesses you may choose to concentrate mainly on safety or just quality which is mainly that super important customer satisfaction so that you can get certification but I really encourage you to use the same management tools for marketing, financial, human resources and any other risk you have.

You need to carefully identify your problems then identify the resources you need to manage them, you are empowered to develop truly functional business planning.

AND it stays slimline if you only have controls where they are needed instead of the typical mountain of paper that people so often wrongly associate with having a good system in place

May I ask if you ever feel frustrated by the time than you currently spend sorting out things that go wrong or showing someone yet again how to do something the way you want it done?

You get rid of these petty irritations and you control your risk when you build a simple and effective plan and management system.

Setting up a simple and effective management system actually takes less time than most business owners lose with all those frustrating interruptions.

So protect your business and your family with straightforward, no jargon, low paper business planning.

Jean Cannon has spent the last 11 years actively helping small to medium businesses worldwide save costs, increase efficiency and employee loyalty and become a truly sustainable business. For more information go to http://www.enviroaction.com.au/fully-integrated-management-systems.html and grab Jean?s three top tips and receive a free CD and DVD

Further Reading:

1. Plan Your Business With A Project Management System
2. Risk Management Certifications for Health Care Professionals
3. Guide to Financial Risk Management
4. Preserve the Business with Helathcare Risk Management
5. Advanced Education And Expertise With Risk Management Courses
6. What Should You Include In Your Business Plan?
7. Hospital Needs For Healthcare Risk Management
8. Did You Fulfil Your New Year Resolutions?
9. What Is Healthcare Risk Management?
10. Four Criteria For A Successful Business Plan

Source: http://www.knowledgesocialnetwork.com/does-your-business-plan-include-risk-management/

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