In today's economy, there are many risks and threats to your business. Some of these risks and threats include:
- Employee engagement
- Employee productivity
- Attracting the right employees
- Retaining the right employes
- Compliance issues
- Health Care Reform
- The economy itself
- Storms, hurricanes, earthquakes, etc.
There are literally hundreds of issues. These risks and threats create complexity in businesses. And complexity can lead to chaos.
Well stop the chaos! How do you do that? Identify the biggest risks and threats that are facing your business. Prioritize them in the order in which you want to deal with them. Then create a strategic plan to either prevent, mitigate, or transfer the risks and threats.
We think there are two ways to do business. One way is to show up every day and not have a plan or a sytematic way of dealing with the chaos and complexity. This type of response is all reactive. In this case, a company would be trying to out-produce it's problems.
The second way is to implement a proactive plan to identify the risks to your business, prioritize them and then create a systematic plan for controlling or eliminating the biggest issues...and then keep score.
We think you'll agree. Having a proactive plan in place to deal with risks and threats that are either costing you money now, or that could cost you money in the future is the right way to do business.
Blog Authored by: Garry Watts, CPCU