Business Partner Magazine - Issue 43 by Business Partner Magazine

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TABLE OF CONTENTS The Future of Work – Is the Office Really Finished?

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Sandra Hinshelwood EDITOR

Business Partner Magazine is issued bi-monthly by Sandra Hinshelwood of Effective Website Marketing

Five Reasons Why You Should Be Implementing Regular Training Sessions Within Your Business

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How Can You Cut Costs Without Sacrificing Productivity And Employee Morale?

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How to Look After Your Mental Health as an Entrepreneur

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Top 5 Benefits of Hiring a Virtual Assistant over a PA

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Now Is The Time To Reappraise, Recalibrate, and Reassess

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Aljon Sampaga LAYOUT/DESIGN

Using Risk Management When Planning Your Small Business

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MESSAGE FROM THE EDITOR What a year 2020 has been! The impact of Covid-19 on businesses and lives has been indescribable. Businesses have had to adapt in so many ways just to survive. The impact has not only been financial. There has been a lot of emotional stress too. It is hoped that the articles in this issue will support you in your plans for 2021. I wholeheartedly agree with Malik Muhammad where he mentions in his article that “This is probably the best time to reappraise your business, recalibrate your expectations and reassess the viability of the products and services you offer.” Review your costs. It is possible to cut them without sacrificing productivity and employee morale. When planned right, budget cuts can address major vulnerabilities and even save businesses from failure. When reviewing your costs take steps to mitigate business risks while staying profitable. Think about the medium- and longer-term plans of the business also and not just the immediate short term. Consider training your employees and keeping your own skills up to date. The future success of your business lies with your current team. Improving your employee’s skills will help them to be better at their job. With the shift to working from home we look at the benefits of hiring a virtual assistant over a PA and ask the question “Is the Office Really finished?” I would like to finish by reminding you to look after your physical and mental health. As a small business owner, it is likely that you are wearing many hats, and feel as if you are dealing with a never-ending list of issues. If you are not in good shape, it is unlikely that you will be able to deal with the increasing demands of your business. Self-care is essential. To your success, Sandra

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THE FUTURE OF WORK Is the Office Really Finished?

here are lots of questions facing business leaders these days, but the over-arching question is: what does “back to work” really look like? Will remote work be the new answer or is there a place in the near future for a physical office environment again? The answer is, there is no simple answer.

First, let’s start with what we mean by “back to work”

companies were forced to change where and how their teams worked, but their teams never actually stopped working. Video conferencing and collaboration tools became the primary means for maintaining productivity in the face of the pandemic. As a result of these tools and their increased acceptance by the corporate landscape, many companies have even reported seeing an increase in worker productivity, with some reporting a 47% increase (source: Forbes).

The concept of going back to work is actually a misnomer. First and foremost, people didn’t stop working. Overnight,

A second, and maybe even more impactful consideration is, there really is no true “back to work.” As the pandemic progresses and

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recedes, and local and state authorities continue to respond accordingly (a phenomenon referred to as “the hammer and the dance”), companies are forced to make plans for a flexible, balanced work environment. There is no clear path for dealing with the pandemic and therefore no clear path for when, where and how people are going to work. What that means is much like schools and the education system, companies are also coming to terms with flexible schedules and continued remote or distance working. This is the hybrid approach.

THE HYBRID WORKING MODEL

These hybrid models have now proven to be as effective (if not more) than officebased teams, plus companies are realizing they no longer need to hold onto and maintain such expensive real estate costs. In some cases, you will see office space move from traditional headquarters in big cities, to smaller offices located where their employees want to be or are already located. Why maintain class-A space in San Francisco or New York when you see your employees flocking to places like Truckee, California or Rochester, New York? Office space in those areas are less expensive, easier to maintain, and are more efficient for your employees to access. You can build remote outposts to give a headquartersfeel to those remote-teams.

THE OFFICE OF THE FUTURE

As a response to the pandemic, companies began offering hybrid working plans. But what does this look like going forward? For some employees who are deemed essential, they will return to the office full time. Others may opt for full-time remote work. And some may blend the two and operate under a flexible location model. In fact, in a recent Cisco survey, it was found that 64% of employees are expecting more work flexibility that encourages at-home work and adaptable schedules.

The “return to the office” concept is what represents the real evolution of going “back to work.” What I find interesting is that the concept of the “office,” no matter the size of the company, will no longer be defined by a singular building, but by a combination of a headquarters, remote offices, and home offices.

In all cases, tools like video conferencing have to be enabled for all employees because of the changing landscape. You cannot just offer video conferencing to remote workers – everyone will need these tools, as team collaboration will happen across both in-office and remote workers.

The connection between the variety of offices is crucial which is why I foresee companies investing in video conferencing and always-on devices that enable virtual huddle rooms and stand-ups for people in an inter-connected office environment.

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I also predict people will still balance home and remote office time in perpetuity, allowing for more flexibility as the needs of family and things like distance learning and homeschooling compete with the needs of the workplace. Virtual collaboration tools like document sharing, screen sharing and more also become valuable because they enable that flexible engagement model for the workplace while ensuring productivity is maintained at a high level.

CREATING A SAFER OFFICE SPACE With office space still a key part of the future of work, albeit at a lower capacity, that physical space will likely look and act a lot differently than before. The Cisco survey reports that 97% of employees want their employers to make changes to increase safety as they return to the office. In particular, these respondents seek changes for things like increased sanitation, enforcement of social distancing in shared spaces, more touchless equipment, less desk sharing, and mandatory temperature checks.

things like digital signage that can provide clear instructions to help workers and office visitors adhere to guidelines and prevent confusion. As well as automated meeting room tracking that helps manage occupation and utilization rates in real-time and provides insights back to the business to make informed decisions about the workplace. Perhaps the most important factor to success is ensuring your remote and hybrid workers feel supported, connected and part of the larger whole. After all, you want the whole to be more than just the sum of its parts. Make sure you are your teams are communicating with one another about these types of changes so they can properly embrace this new hybrid work model and be successful beyond the pandemic and into the years to come.

Intelligent workspace technology will play a big role in enabling a new, safer office environment. For example, implementing touchless controls for meeting rooms and devices and wireless screen-sharing, both of which minimize the amount of touching required to collaborate with others. Also,

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FIVE REASONS

Why You Should Be Implementing Regular Training Sessions Within Your Business

ith most workplaces now introducing a long-term work from home strategy, it is more important than ever for employers to ensure that their staff are staying skilled and engaged. Investing in regular training and professional development will not only help members of staff feel valued and appreciated, but it will provide them with the right skills to help them be the best at their job which will in turn, help drive the business forward. Here, one of the UK’s leading providers of driver CPC training, Driver Hire Training, advises why it is important for businesses to implement regular training sessions in the workplace, and the impact it has on both employee wellbeing and the future of the business.

RELEVANT AND RECEPTIVE Staying on top of training and upskilling is an effective way to ensure you are receptive and malleable as a business. Employees will inevitably face challenges and be presented with change on the job but having the right knowledge will help them to adapt effectively. Your employees will feel equipped to be able to make decisions confidently and with little supervision, which will in turn relieve strain from senior management.

DECREASED TURNOVER In the UK, the average employee replacement cost is £30,0001. By investing time in training and development, individuals will

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feel valued and therefore an obligation to be more loyal. This will result in longer standing careers and less turnover. Aside from investment in manpower for training and induction processes, an employee departing from a business can also have a negative impact on client relations, culture and even revenue.

ADVANTAGE OVER COMPETITORS No matter what sector you are operating in, your employees are your best assets, so you want to make sure you have the best in the business. As well as helping to keep hold of the talent you’ve already got, offering a thorough training and progression scheme will be attractive to prospective hires and may be the deciding factor between them choosing to work for you over a competitor.

IMPROVED PERFORMANCE Anyone that receives additional training in the workplace will inevitably be able to perform their job better. Whether it is physical training on the job, attending industry events or virtual webinars, having a stronger grasp of the work they are doing and understanding why they are doing it will make them work harder and more effectively. As well as improving their skill set, training may also improve an individual’s confidence as they have a stronger grasp of their roles and responsibilities which

again, relieves day-to-day strain from line managers.

COLLABORATIVE ENVIRONMENT For businesses that are made up of various different departments, you should not isolate training within these departments as opening education up to the wider business will create a more collaborative environment. Upon doing this, you may be surprised who shows an interest in attending and learning a more about an area of the business they weren’t previously involved in. This collaborative attitude means everyone is aligned with the company’s wider business goals and hopefully feel driven in the right direction to help achieve this. The future success of your business lies with your current team and it is inevitable that by improving your employee’s skills, they will be better at their job. Investing time and money into your workforce will not only improve their engagement and productivity, it will give them a clear path to progress and drive the business forward. This passion will help you stay ahead of the curve with competitors, offering the best service to customers and attracting the best talent for recruitment.

SOURCE1:

https://archive.acas.org.uk/index.

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HOW CAN YOU

CUT COSTS

WITHOUT SACRIFICING PRODUCTIVITY AND EMPLOYEE MORALE?

o one loves talking about budget cuts and making a list of where to cut spending is one of the hardest tasks to befall a business owner. And yet, more and more companies find themselves in the unpleasant situation of having to reduce costs, whether it’s because their industry was particularly affected by the COVID-19 crisis, the revenue hasn’t met their expectations, or because that’s what shareholders believe is best. When planned right, budget cuts can address major vulnerabilities and even save businesses from failure. Unfortunately, when you cut from the wrong area, you can accentuate the exact problems you were trying to solve and even cause new ones. No business is safe from financial difficulties, and the fact that you must reduce your budget doesn’t mean you’re headed for bankruptcy. However, you need to stay away from the “make cuts wherever you can” mentality; otherwise, productivity and employee morale will suffer.

Reconsider the workspace The COVID-19 pandemic had a major impact on the commercial real estate field and made many business owners realize just how much of their monthly budget goes to rent. Under normal circumstances, businesses renew their lease agreements without giving it a second thought, but now is a great time to reconsider the way you use the physical office space and see if you’re not wasting money unnecessarily. Forced by the lockdown, businesses have been forced to switch to remote work in the past few months, and, to the surprise of many, the results were better than expected: not only does remote work not

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high costs of maintaining an IT department, software outsourcing will remain the most outsourced function, but we’re also seeing growth in areas such as accounting, marketing, sales, and administrative tasks. On average, a company can cut costs by 30% by outsourcing part of its processes to an offshore freelancer or agency. So, if you can’t afford to scale up by recruiting inhouse personnel, outsourcing empowers you to innovate on a budget!

Go over your contracts.

affect productivity, but it also helps businesses save big on rent costs! If part of your employees can do their job remotely, you might not need so much space after all, and you can downsize to a smaller building in a better location.

Outsource processes What happens when you need to invest in something, but your budget simply doesn’t allow you to hire personnel? You turn to outsourcing, of course. The global market size for outsourcing had already reached $92 billion in 2019, and this year it’s expected to grow even more, as more and more businesses realize its cost-saving potential. Considering the transition towards digital transformation and the

Going over your contract is a recommended practice in general, but all the more so when you’re facing financial difficulties because your businesses may be bleeding hundreds of dollars every month without you realizing it. Make a list of all your suppliers and split them into two categories: essential and non-essential. For the non-essential category, see if there are some that simply don’t make sense to renew, because these can bring down overhead costs considerably. For example, with marketing moving online, it doesn’t make financial sense anymore to pay for branded merchandise. You can also cut down on some types of office supplies that cause waste, such as plastic coffee cup lids. As for the essential category, which includes things like energy suppliers, phone subscriptions, or office cleaning services, see if you can negotiate better terms or find a deal elsewhere.

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Review your online business tools Unfortunately, legacy systems are still part of many enterprises and hold them back both financially and digitally. According to a study by Computer Weekly, banks and companies from the public sector still rely on outdated software from suppliers such as IBM and HP, which not only hinders productivity, but also leads to financial losses. Of course, no one wants to lose money on purpose, and one of the reasons why so many legacy systems are still around is that they can be hard to identify. In general, these are the characteristics of legacy software: • It’s no longer supported by the vendor, so it doesn’t receive updates. This is more important than age itself because a business tool can be ten years old and still work perfectly if it receives automatic updates and security patches. • It’s based on old technology that’s no longer available. • It’s no longer compatible with your existing systems. • Its developer ran out of business. • It doesn’t follow the current needs and best practices. • It’s slow, inefficient, and crashes frequently. • It doesn’t have mobile support.

If you recognized one of the online business tools you use in this description, be it CRM, accounting, or project management, now is the time for an update. Legacy systems slow you down and they’re security breaches waiting to happen.

Get your employees involved. All discussions regarding budget cuts should involve the finance department and high-ranking executives and, ultimately, they’re the ones who decide what stays and what goes. However, that doesn’t mean that employees or team leaders shouldn’t be involved. On the contrary, their input matters for two reasons: 1. They can help you identify vulnerabilities that you didn’t know existed, and their suggestions can provide valuable insights into how to boost productivity. 2. By getting them involved, you boost transparency and morale. Whenever a company makes budget cuts without any explanation, employees are afraid of being laid off, which leads to anxiety, gossip, and tense management/staff relations

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Factor in lost time

When you’re trying to cut costs and save money, it’s easy to get fixated on numbers and forget that money isn’t your most valuable resource. Time is just as important. So, ask yourself: are all employees using their time in a way that helps the company? Keep in mind that a busy employee isn’t necessarily a productive one. If they spend eight hours a day doing redundant, repetitive tasks, it’s wiser to automate or outsource those tasks and free up that employee’s schedule for something that can generate more revenue.

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How to Look After Your Mental Health as an Entrepreneur

n average, 72% of entrepreneurs struggle with their mental health and studies have shown that entrepreneurs are twice as likely to experience symptoms of anxiety and depression in their lifetimes. Entrepreneurship is naturally associated with long hours, steely drive and constant hard work, all factors that if not managed properly, can contribute to poor mental health. Just as a business must have time set aside to grow and nurture it, so must the health of the leader at its helm.

As part of the entrepreneurial lifestyle, there is an added risk element. Every step on the ladder, deal signed, or employee contracted could present risk later on and in this regard, entrepreneurs are constantly faced with high pressure, adrenaline based gambles. To counteract the constant worrying about negative outcomes or bad decisions, entrepreneurs are encouraged to take a few minutes in their day to meditate. Meditation allows for entrepreneurs to

Here we list the top 5 ways that entrepreneurs can begin to look after their health, to better look after their business.

Accept negative feelings or outcomes

The key factors that make up entrepreneurial stress are financial worries, loneliness and uncertainty. Often when building their business, entrepreneurs live day to day and even when the business is established, still face pressures for the employees that come to depend on their jobs.

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refocus their thoughts, and accept any worries or anxieties they have, address them, and then work to let them go. This is a healthy cycle that prevents negative thoughts or feelings from hanging around and potentially exacerbating into bigger cycles of worry and stress.

Understand that you are not your business

For entrepreneurs, there is often the temptation to judge themselves by their business. If a business fails, they absorb full responsibility and deem themselves as failures in the process. Other times, entrepreneurs fail to switch off and often neglect time with their friends and family, fearing that they must dedicate

all their time to their work. Entrepreneurs and business owners should work to understand that they are separate entities from their business. Entrepreneurs deserve to relax and turn the Out of Office on, just as their employees do and should seek to actively maintain a balance between work and their personal lives. One recommended way to maintain this balance is to actively schedule their day. Keep work within working hours and ensure that once the evening comes, they have closed the laptop, switched the phone off and put their feet up to create the separation between their home and their business.

Create a support network

Just like an emerging business needs a viable support network to allow it to grow and be open to collaborative opportunities, entrepreneurs need support to help shoulder the highs and lows of the lifestyle. The entrepreneurial lifestyle can be lonely and isolating. Friends and family are often unable to relate to the troubles and stresses, leaving entrepreneurs with nowhere to turn for advice, support or a safe place to vent. An entrepreneurial ecosystem - as it is often referred to - is often comprised of fellow entrepreneurs and mentors, but can

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also extend out to suppliers and vendors, especially if your business is working with other startups. Attending networking events especially for startups and small businesses can also be great places to meet like-minded people and not only create good business relationships, but personal ones too. Being able to openly discuss issues, troubles and problems and get help and support, or even to just not feel isolated and alone can-do wonders for mental health.

Make sure your workplace is a healthy environment

If a business’s workplace is not a healthy environment, it will not promote good or healthy mental health for either its leader or its employees. Healthy business environments are those which are open, supportive, constructive and collaborative. On an aesthetic level, employee workspaces are comfortable, with plenty of fresh air and natural lighting.

An open forum acts as a mini entrepreneurial ecosystem, allowing for mental health to remain a key focus even in the wake of the initial hard work that is required to get a business off of the ground.

Remember to self-care

Most entrepreneurs are so busy rushing through their day that they forget to slow down and connect with themselves. Time out for ourselves is one of the best, free gifts we can ever give to ourselves and should be utilised as much as possible. Self-care could involve a hobby, like fishing or gardening, or even just exercise at the gym or at home. If time really is of the essence, even a brisk twenty-minute walk can be enough to detach from external responsibilities and connect with ourselves internally. When self-care is implemented into a daily, or regular, routine it can boost mental health by relaxing us through enjoying the things we love.

Meanwhile on a more personal level, good communication is maintained through having employees trained in mental health awareness. This creates an open forum for anyone that is struggling and ensures that any warning signs can be identified and addressed.

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TOP 5 BENEFITS

OF HIRING A

VIRTUAL ASSISTANT OVER A PA

he world has officially gone virtual. With this shift into the unknown, entrepreneurs and business owners have had to change their ways of working. Many have had to wake up to the fact that investing in a permanent Personal Assistant may no longer be practical. So, what’s the alternative? Enter: a Virtual Assistant. Virtual Assistants are expert remote freelancers who can carry out the duties of a Personal Assistant and more. If that has spiked your interest, here’s a whole host of reasons why a VA might just be the answer you’ve been looking for.

1. Flexibility First things first. Hiring a VA is a much more flexible way to grow your team. PAs and employees come with contracts, a long list of legal obligations and a

commitment that is difficult to get out of if your business changes. A VA can be part-time or full-time, depending on your requirements. Need 30 hours a month? No problem. Looking for more regular support at 20 hours a week? Done. Need to switch to ad hoc support? Send a quick email and it’s sorted.

2. Expand your

team’s expertise Next is the efficiency and expertise that a skilled, dedicated VA can bring to your company. Virtual Assistants have spent their entire careers supporting business owners and senior professionals, meaning they have developed a skill set which you would be hard pushed to compete with. If you have a wide range of tasks you need support with, you can hire several specialist Virtual Assistants for each separate task.

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Virtalent’s VAs have a wide range of expertise from project management, copywriting, social media management, HR and bookkeeping. You name it, they’ve probably done it. Our tailormade matchmaking service ensures each and every business owner is paired up with a suitable VA based on their experience and personality.

3. Cost savings It also makes a lot of financial sense. Unlike an employee you pay regardless of the output they really generate; VAs only ever bill you for time spent working on tasks. That means no money spent paying for someone to stand chatting at the office watercooler, having endless cigarette breaks or always running late. Oh, and you also don’t need to worry about National Insurance payments, pensions, holiday cover, sickness payments, training, performance reviews, desk space, laptops, payroll… and the long list of other tasks and costs generated by hiring internally. VAs can be paid an hourly pay as you go rate. Or they can charge a fixed fee per week or month.

4. Increased productivity

In a standard 8-hour working day, the average UK office worker does just under 3

hours of actual “productive” work. That’s pretty staggering when you add up the costs for business owners. Virtual Assistants are a different story. As self-employed business owners themselves, their number one goal is delivering above and beyond. They don’t have the traditional office distractions and they’re well attuned to hitting deadlines. Quite simply, if they don’t deliver, it’s highly unlikely they will be hired for future work.

5. Streamline your

business operations Every business needs well established and streamlined processes in place. If you don’t have them formed yet, a Virtual Assistant can get you up and running in no time at all. As VAs work remotely, this enables the business to focus on ensuring efficient processes and effective communication channels are in place for both sides, setting you up for success for many years to come. If you think you could benefit from a Virtual Assistant, visit Virtalent to find out more information.

About the Author Sam Wilson is the Co-Founder of Virtalent,

a fast-growing Virtual Assistant service in the UK.

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Now Is The Time To Reappraise, Recalibrate, and Reassess

his is probably the best time to reappraise your business, recalibrate your expectations and reassess the viability of the products and services you offer. It is understandable to be concerned about the impact of a global occurrence that could not be anticipated. It is also the nature of business to adapt to factors that are often beyond your control. The scale of this adaptation is major because the impact is equally as grand. Global Economic Prospects opined in its June 2020 edition that the baseline forecast predicts a 5.2% contraction in global domestic product (GDP) for this year. It is necessary to note that although this contraction is based on market exchange

rate weights; we are still experiencing the most intense global recession in many years. Your business must develop innovative ways to adjust despite the monetary policy support and other practical efforts of government. Businesses must deal with the immediate impact and the shock of navigating this new normal, the near-term recompense and the long-term damages to its growth prospects. It’s also reasonable to prepare for the supply issues in the fragmentation of global trade, the loss in production / training hours and the negative effects of potentially lower investment opportunities. Let us put this perspective in context with

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with effective coping strategies. One of the eight principles of the Empowerment Mastery System is flexibility. Being in business means expecting the unexpected and dealing with things as they occur. Effective leadership requires identifying and focusing on the overall vision then applying management skills to get it done. Leadership is the ‘what’ whilst management is the ‘how’. The Savoy in London would normally have about 600 people maintaining the luxurious and exemplary standards of its 130-year legacy. Every department had the right people sharing their expertise to enhance the special guest experience. A business is only as successful as the quality, skill, and expertise of its people. Another strategy to consider is collaborating with other businesses to enhance your customer experience because 30% of a lucrative deal is better than no deal at all. It also helps to establish relationships that may come in useful at a later date given the shift in global business we mentioned earlier. Adjusting to this new normal should also take into consideration the physical and psychological wellbeing of all concerned. The mind is a powerful tool in getting through any major change. It will also shape your perspectives on issues. Gut health, sufficient sleep and overall nutrition have their role as do quality time with loved

ones and continuously learning about your industry. Consistency is key. Rituals are necessary and systems shape progress. The culture within your business will feed the attitude towards your service or product which impacts the overall customer experience even in challenging times. There may well be a 5.2% contraction in GDP, but you still have a business to operate with your team. Lead, manage, have the right people, develop strategies, engage in joint ventures, and stay focused.

About the Author

Malik Muhammad was raised and educated in Jamaica and read law in London. He created The Empowerment Mastery System to influence, help and inspire businesses to cultivate their visions. Malik enjoys vegan cooking and quad biking. He is an after-dinner speaker, event host and convenes empowerment seminars internationally. His latest book COFFEE & CONTEMPLATION: a taste of empowerment is available on Amazon.

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Using Risk Management When Planning Your Small Business

t’s no secret that 90% of startups fail. Among the main reasons for this high failure rate is the poor risk management practices implemented by leaders. For your startup to succeed, you need to know how to balance risks and profitability. While you might want to keep risks at bay, being too risk-averse can stunt your business’ growth. On the flip side, being too profit-oriented and turning a blind eye to risks could come to bite you in the back. If you focus only on the expected profits, you might easily ignore risks that could bring your business down. With the right strategy, knowing how to approach your risk landscape becomes easy. Here are a few steps on how to mitigate business risks and remain profitable:

Identify Risks Risk management should always start with defining your risk landscape- making a list of the inherent business risks will be ideal. The risks can come in all forms, from compliance risks to operational risks. When defining your risk landscape, start by brainstorming the obvious risks that your business faces. The less obvious risks will call for a more intense approach. For instance, you could consult industry experts for ideas on the kind of risk within your line of business.

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shifting how you run your business. For instance, a cybersecurity risk can be much greater than having a single employee fail to come to work for a single day. There are two ways to assess and quantify risks; through the probability of them occurring and the impact they can have. Some risks might have a high probability of occurring but a low impact, and vice versa. Ideally, you should quantify both aspects of your risk, either by using a rating system or a percentage system.

If you have been running your startup for a while, you can assess your history to identify past risks you went through. Attending industry workshops and listening to podcasts and talk shows related to your industry could also help. The more comprehensive your list of risks is, the stronger your risk management will be.

Assess the Risks Not all risks will expose your business to the same threats. While some will barely make any changes, others can be monumental in

Once you quantify the impact and probability of each risk, you can proceed to create a risk matrix, which will help rank the risks. This matrix will typically need you to multiply the probability of a risk occurring with its potential impact. High severity risks will typically have larger figures n the risk matrix than the low severity ones. Ranking risks using the risk matrix helps you prioritize them, which can be beneficial in optimizing your scarce resources.

Choose Ideal Risk Mitigation Measures The ideal risk mitigation option for a specific risk will depend on your risk appetite. While your startup can easily absorb some risks, others might be too consequential to ignore. You can choose from four risk treatment options; risk mitigation, transfer, avoidance, or ignorance.

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● Risk Avoidance If a risk could be quite damaging to your business, and you have no way to mitigate it, you should avoid it completely. This includes staying away from anything that could encourage its occurrence.

● Risk Transfer For risks that can best be handled by a third party, transfer it to them. For instance, there is an inherent risk that comes with having in-house servers. You can transfer this risk to cloud vendors by using their services.

● Risk Mitigation If you can easily handle a risk in-house, you should look for ways to mitigate it. For instance, cybersecurity risks can easily be mitigated by investing in the right tools and training employees accordingly. You need to assess the different risk mitigation options to pick one that will reduce the risk best.

● Risk Ignorance If a risk is too small to have an impact on your business, you don’t have to give it any attention. Simply ignoring the risk might be enough. For instance, you should ignore the entry of a new competitor into your market who poses no threat to your

business. However, you should closely assess any risk before deciding to ignore it to avoid leaving your business exposed to the threat it poses.

Monitor the Risk Control Measure Risk landscapes change all the time. While a risk might barely shift how you do business today, it can pose a monumental threat tomorrow. For instance, a new entrant into your market might come up with a product that might be more attractive to your customers. Risk management isn’t a one-time process; it needs to be done continuously. You need to go back to assessing the risks your business faces and the control measures you have in place. You should only be satisfied if the control measure can help you handle the risks effectively. Take your time also assessing any new risks that might be emerging in your industry. Ideally, delegating risk monitoring roles to specific employees makes monitoring risks much easier. A great risk management process requires you to involve your employees throughout, from the onset of risk identification to risk monitoring. Make sure that you also educate employees on the different risk control measures to improve their effectiveness.

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