How to identify and manage risks in your business

  • 18 Jun 2020
  • By Alan Jones
  • Read in 5 Minutes

Tags: business advice, risk assessment, risk planning

How to identify and manage risks in your business

We’re arriving at the first post-lockdown scenario in living history. Was your business prepared for such a crisis?

Whether you were or not, we imagine a number of questions are now rushing through your mind. Including:

  • Can we stay as we were, or do we need a partial or full restructure? 
  • Is our offering still relevant, or is it time to make changes in these changed times? 
  • Speaking of changes, how efficient are our change management systems?  
  • zAre we reactive or are we proactive? In either case are our people and our systems ready?  
  • How can we prepare in these uncertain times? 

Although these times definitely bring feelings of uncertainty, there’s still a lot you can do to encourage your business’ success. It’s time to take control, to identify and manage the risks that arise for your business. With a little help, hope and vision, your business can continue to adapt and thrive. 

It’s time to look back to guide your future. By learning from past experiences (both your own and from other businesses) you can make changes and predictions about future risks, that’ll lead you to the decisions that are necessary for success.

At Mustard, we help our clients to work through questions in order for them to grasp a deeper understanding of their products and operations in the pre and post Covid 19 landscape. Using a range of unique services and tools, our expert advisers provide a totally personalised experience of analysis and strategy building that’ll help your business to thrive.

Identifying risk 

What we can say with certainty, is that standing still or being inflexible is the biggest risk to your business right now. Consider the importance of implementing change in your organisation in the following areas: 

  • growing the business 
  • streamlining/changing the nature/provision of the business 
  • staffing 

Our online library is a great place to start. Home to a range of up-to-date resources collated here at Mustard, all information is kept right on target, to support your knowledge and decision making.  

Using the Mustard Diagnostic Tool  to streamline and grow your business  

The questions and answers you have in these challenging times are unique to your business– both as they were before the lockdown and as they’ll be moving beyond it. You’ll need to be strong in accepting that your business as it once was may need some dramatic adjustments – temporary and long term.

Some ideas from the past will be worth maintaining, and some may now be best left in the past. This selection can be a very confronting – even emotional process. But with the attention of your Mustard adviser, the task will be structured, and decisions based on sound business principles will be made. 

Your adviser will assist you in working through this journey of identifying, analysing and selecting different strategies. We designed and perfected our Mustard Diagnostic Tool so that we can support you and identify structured ways to streamline and grow your business.  

You and your people are your greatest assets 

A clear awareness of yourself and your people has never been more crucial than it is right now. You need to know that your team is ahead of the game in terms of behaviours, motivators, acumen, competencies and emotional intelligence.

At Mustard, we use research based, validated assessment tools from TTI Insights. This will not only increase your understanding of your team’s strengths but will also give you evidence and data to convince your team. You’ll increase your shared understanding of how to exploit your team’s existing capabilities and motivate people to develop and grow further strengths moving forward. Using this information you can create a flexible roadmap to apply to your varying projects and situations. 

Who are Mustard, and who do we work with? 

Mustard is a team of trusted business advisers pooling decades of experience. We work with clients aiming to elevate, franchise or licence their business, or take on other businesses. We also deal with trade, sale, succession planning, buy out or buy in for those looking to exit their business.

We love to enable owner-managed businesses to realise their potential, so that they have more time, more money and more fun. Get in touch today, to discover how we can help your business to thrive.

Curious to know how Mustard could help your business?

Contact us today for more information. Our initial consultation is free.

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