Does your business have some strong risk management policies and frameworks in place? Doing business is a risky affair and you can’t avoid risk. So it’s really important to have a risk mitigation framework in place. There are certain key parameters that you need to focus on while trying to deploy an appropriate risk mitigation framework. In this article, we discuss particular aspects that you cannot possibly ignore as this may otherwise derail your growth. In fact, all the things that you’re working so hard for can be derailed.
Strong Governance Forms The Foundation Of An Effective Risk Management Strategy
Start off by setting up a strong corporate governance mechanism. If you’re going to get external lending and funding, then it’s important to have strong governance in place. Here, you’ve got to look at not only statutory compliance but you should also make sure that everything is done and reported in a transparent way. (more…)
An often neglected but very important area that impacts the growth of emerging businesses is risk management. Risk management remains a non-priority until disaster strikes or a big opportunity is missed. Sustainability of a business depends heavily on how well possible risks are managed.
Entrepreneurs who have realized the importance of enterprise-wide risk management have set up a strong corporate governance (CG) structure and used technology heavily to mitigate risks. As a result, they have been able to increase their readiness to manage risks and improved their credibility in the eyes of investors/lenders. 50% of companies that have set up a strong corporate governance structure have managed to attract external investors vis-à-vis ~10% of the companies that have not.
Technology can help mitigate risks
All the companies that are confident of their readiness to mitigate risks have heavily invested in technology to manage risks and focus more on teamwork according to a recent EY report.
In this video we look at:
1. How to set up a strong corporate governance framework.
2. How to identify risks to your business.
3. How technology can mitigate risk
What business risk are you going to address?
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#Risk #Manangement #Technology #BusinessGrowth
Here are the links to all the 7 Business Growth Drivers:
Business Growth Driver #1: Be customer centric
Business Growth Driver #2: Leadership
Business Growth Driver #3: Employee Engagement
Business Growth Driver #4: Segregate core and non-core business activities
Business Growth Driver #5: Finance
Business Growth Driver #6: Risk Management
Business Growth Driver #7: Technology
One of my keys to success is having an annual goal getting system. I share a simple framework to set SMARTER goals and some of the common mistakes in goal setting and what you should do instead. I share a vital distinction between 2 different types of goals you should have – habit goals and achievement goals. Finally, I share a video of a 7 step-by-step annual goal-getting process to create unstoppable momentum for your goals in 2020. Read the blog first and then watch the video. Clarity is power. Clear goals lead to a happier and more meaningful life. (more…)
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What are the best teams like? This has been a question for years. Many companies have done years of the research to see what contributes to a successful team. Over the years, Google has made this attempt to understand its people. Google wanted to know why some teams excelled over the others. Before this research, the executives believed that building the best teams meant compiling the best people. Julia Rozovsky, Google’s people analytics manager says “we were dead wrong”. (more…)
One of my keys to success is having an annual goal setting system. I share a simple framework to set SMARTER goals and some of the common mistakes in goal setting and what you should do instead. I share a vital distinction between 2 different type of goals you should have – habit goals and achievement goals. Finally, I share a video of a 7 step-by-step annual goal-setting process to create unstoppable momentum for your goals in 2018. Read the blog first and then watch the video. Clarity is power. Clear goals lead to a happier and more meaningful life. (more…)
We all live for happiness and that should be the ultimate goal for every one of us. It would make our life more meaningful and worth living. For entrepreneurs, this can be one of the factors that can lead to the success of their venture. (more…)
Managing finance is one of the crucial factors for survival in business. A strong financial structure is required to stay credible and be profitable. Scarcity of funds or mismanagement of finance remains one of the major contributors to business failure and can have your dream come to an end. Here are 6 tips to help you manage your company’s finances. (more…)
One of my keys to success is to constantly learn from the best. Robin Sharma has been an inspiration in my life ever since I read his bestseller – “The Monk Who Sold His Ferrari.” I have had an opportunity to see him live in Mumbai. I recently completed his online course on the Mindvalley Quest platform: Think Like a Hero. Perform Like a Genius. Live Like a Legend. It was an awesome 66-day course and I’d like to share one of my favorite parts:
Robin Sharma’s 19 Rules For Being Amazing:
- Risk more than is required.
- Learn more than is normal.
- Be Strong! Show Courage, Breathe, Excel, Love, Lead!
- Speak your TRUTH.
- Live your VALUES.
- Laugh. Cry. Innovate. Simplify.
- Adore mastery. Release mediocrity.
- Aim for Genius.
- Stay humble.
- Be kinder than expected.
- Deliver more than is needed.
- Exude Passion.
- Shatter your Limits!
- Transcend your fears.
- Inspire others by your Bigness.
- Dream Big, but start small.
- ACT NOW!
- Don’t STOP!
- Change the WORLD!
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Technological changes have always reshaped business models. However, what is strikingly different now is the pace at which technology is changing and in turn disrupting all areas of doing business. But, are business models keeping pace with technological changes?
Technology Drives Business Growth In Competitive Markets
Companies that utilize technology to power their business model see a 3x higher growth rate than companies that don’t. Companies that use data for decision making compared to companies that do not have 20% higher employee productivity.
An EY report indicates that, since 2000, digital disruption has affected around 52% of Fortune 500 companies and businesses are failing to use ~80% of their customer data. Notably, by 2018, the top 20 firms in most sectors are most likely to face disruptions that may be caused by sector-specific data platforms.
The survey reveals that although most entrepreneurs acknowledge the impact of technological changes on their business, they either are not ready or have not made it a priority to take necessary steps to transform their business model to stay relevant. First generation entrepreneurs who have prior corporate experience are more open to adopting technology than the older generation entrepreneurs.
Technology Is Changing Business Models
Companies like Uber and Airbnb are disrupting industries with their business models. What are some of the things that you can do? Re-look at your business model. What are the key trends in your industry? What are the key disruptions? How can you leverage new technologies? There’s cloud computing, there’s mobile computing, there are the apps. Can you utilize any of these technologies to actually help you scale up your business that much better? Here are 4 specific strategies to help you use technology to grow your business: