6 June 2011

Risk Management Blog!

06 June 2011
Risk management is the identification, assessment, and prioritization of risks followed by coordinated and economical application of resources to minimize, monitor, and control the probability and/or impact of unfortunate events or to maximize the realization of opportunities. Risks can come from uncertainty in financial markets, project failures, legal liabilities or credit risk.

The etymology of “business” relates to the state of being busy either as an individual or society as a whole, doing commercially viable and profitable work. The term “business” has at least three usages, depending on the scope — the singular usage to mean a particular organization; the generalized usage to refer to a particular market sector, “the music business” and compound forms such as agribusiness; and the broadest meaning, which encompasses all activity by the community of suppliers of goods and services.
In today’s business environment is is almost certain that companies will experience some form of risk in there day to day business activities from perhaps not finding the right candidate for a position in your organization to expanding in a particular sector of the market which might be changing rapidly because of technological advancements in that particular sector. This is why it is becoming more and more important for companies to do proper due diligence when it comes to growth and expansion. Google is a great example of how business have changed their approach to marketing.

Years ago companies would only develop goods and services that could be developed and brought to the market place followed by an elaborate marketing campaign however today all one has to do is do a Google search and see what people are looking for online and if there is alot of demand for a particular product or service but few players offering that product or service then perhaps this might be a sector of the market place that your company should expand in. Long gone are the day’s when the corporations dictated what the consumer should consume, today companies would be wise to pay attention to what the consumer is looking for in order to make their lives more comfortable.

While it is clear that it will be a little while until we get out of this economic tail spin, judging from alot of social indicators it is clear that the family unit is once again becoming very important. Given the fact that appreciation for family is what got western society to such an advanced state of prosperity it is no secret that this same focus will lead us to make better economic decisions for the good of the family unit as well as the communtiy as a whole. Once quality of family life takes importance over wealth accumulation then we can once again be on the path to economic growth once more. Today there is a certain degree of risk in any business for large and small companies but unlike 50 years ago things change quickly and the biggest risk that alot of companies can take today is by standing still and not taking any risk at all.

Nexonta Technologies Inc