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Business risk simulator... “For years entrepreneurs and companies have been making profit by only focusing, in their business plans, on selling their products and services... the more, the better. “The focus was entirely on increasing profit by increasing sales. Easy enough during good economic times with thousands of customers with pockets full of credit... No wonder that when the credit crunch hit, businesses went bankrupt. “The economic climate has changed and for years we won't be able to generate these huge sales and profits - by just selling to millions of customers... “Entrepreneurs won't have a choice - they will have to stop the profit erosion holes in their businesses (i.e. minimize their risks). They won't be able to survive, as in the past, by just increasing sales so as to increase profits. “For the first time in decades the focus will be on the sound management of your business again. Cutting expenses won't be enough - and surely not the cutting of essential expenses like marketing. You will have to enforce risk management - i.e. to increase profit by eliminating profit erosion (i.e. your business risks or pitfalls). There are simply not enough customers with available credit to increase our profits and to help us surviving. “Would risk management be the only solution? No, of course not. Yet, it should play its destined role to safeguard a business. You still need business opportunities to profit from (even though the potential customers are less), BUT you will have to learn to profit from your business risks TOO (i.e. by safeguarding the money you have already made, your profits won't deteriorate)” - Michiel Jonker Message: This cartoon illustrates the need for risk assessments in organizations. Carrying out profit protection planning (risk management) sessions is almost the same as getting into an airplane simulator. Before any pilot challenges the sky, he must have received thorough training in all possible worst-case scenarios. Much of this training takes place in a simulator; a machine simulating all possible scenarios. Similarly, you need to simulate (i.e. identify and assess) your business’ current and potential risks. You also need to identify and assess controls to counteract the occurrence and/or impact of current and potential risks so that you can protect your profits. If you cannot open the full image: Please check your pop-up and firewall settings - these settings might prevent your browser from opening the full image. Type: JPG
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