Hi! My name is Frank.
As a marketing professional, I understand more than most how essential it is to future-proof your business. Since risks can come out of anywhere, let’s take a look at some of the most common risks you should be aware of when it comes to future proofing your business.
Risk 1) Property and Equipment
Buildings and assets like vehicles and equipment can be damaged or break down. An electrical fire, burst water pipe or a break-in can cause thousands of dollars to repair, as well as days or weeks of disruption. To future-proof your business, keep a close eye on your property and equipment and have policies in place to avoid any damages.
Risk 2) Cash Flow Management
Running out of money presents a significant threat to your company’s survival. Cash flow management is particularly important to small businesses when financial risk usually comes in the form of bad debt and the bank refusing to extend credit. To future-proof your business, you should have comprehensive processes in place that will ensure proper cash flow management.
Risk 3) People
While employees drive your business forward, adding value, generating ideas and doing the legwork that leads to growth, they’re also a common source of risk for organizations. Even trusted staff can accidentally damage your business by using incompatible technology, approving fake invoices or allowing computer viruses into the network. To future-proof your business, make sure you have policies and procedures in place to address any human errors that will occur.
Risk 4) Cybercrime and Fraud
Many problems stem from technology, whether it’s the result of an IT breakdown or a malicious attack by cybercriminals. In fact, fraud is the most commonly experienced crime in England and Wales, with most of it taking place online. You can future-proof your business by taking cybercrime and fraud seriously and implementing policies to address these concerns.
Risk 5) Supply Chain
Your supply chain is only as strong as its weakest link, yet many businesses are unaware of just how far their supply chains stretch. The more complex the product, the larger the chain of supply and even though each business in the supply chain is affected by its own suite of risks, these are multiplied as the chain extends.
From brainstorming with your team to listing and categorizing risks, as well as roleplaying scenarios, there are many ways you can not only address risks to your business but implement best practices that will allow you to properly future-proof your organization.
If you want to learn more about the best practices to future-proof your business, click the below download link for more information.