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Risk Management Planning for your business
Risk is inherent in every business. Having a risk mitigation plan and procedures in place to mitigate risk is essential for your business success.
We work with you to identify the risks inherent to your industry and business and develop a tailored and highly practical risk management plan.
Businesses who recognise and understand their risk profile can make informed decisions and adequately plan for (and predict) incidents which could potentially cripple their business.
Developing your risk management plan
Our approach is based on sound risk management practices that we’ve fine-tuned over many years of experience working with both large corporates and small-to-medium businesses.
Your risk mitigation plan can be simple or complex depending on your business type, size and circumstances, but will typically cover these four key areas of risk management:
Benefits of risk management planning to your business
- Improved business planning and decision making
- Fewer unwelcome surprises and shocks
- Less money spent fixing problems
- Confident stakeholders and customers
- More effective use of resources
- Confidence and ability to grasp new opportunities
Many of our clients find that embedding a risk plan into their operational processes actually increases efficiencies and productivity.
Contact us today to learn more about our risk management planning approach and services.
When businesses fail to predict and plan for risks
Examples of businesses who fail to predict and plan for risk:
- A profession service firm missed the renewal of a critical membership, which meant that it was no longer able to submit transactions to its key suppliers. The issue was sorted out, but in the 7 days this took it lost a number of clients. Estimated revenue lost was $130K.
- A manufacturing firm where the maintenance program for a high volume production machine was allowed to slide, with required maintenance not completed on time or by the required service staff. A subsequent breakdown was disallowed under the manufacturer’s warranty - causing both delays for its repair as well as having the cost for the repair rest with the business. The replacement part came from Germany, the specialist repair engineer from interstate and 12 days of loss of production - total cost $380K.
- A wholesaler did not run the "normal" induction program for some new employees because "they were busy". Unfortunately this meant that the new employees were not aware of the warehouse processes used by the company, resulting in a serious injury to one of the employees when they got too close to some loose stock. Direct medical costs were approx $90K, with legal action still pending for a 6 digit claim for pain & suffering and permanent injury.
A risk mitigation plan could have prevented these incidents.
Furthermore, with a strong foundation in place, business owners have the ability to focus on growth and success.