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flevyblog
The Flevy Blog covers Business Strategies, Business Theories, & Business Stories.
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Editor's Note: Take a look at our featured best practice, Risk Management SOPs (+600 KPIs) (1587-slide PowerPoint presentation). Curated by McKinsey-trained Executives Complete Risk Management Standard Operating Procedures (SOP) Business Toolkit: Comprehensive Guide to Risk Management In today's dynamic business environment, risk management is a critical area that ensures organizations can identify, assess, respond [read more]
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Unfortunately, businesses of all shapes and sizes are susceptible to a variety of potential threats each day. One wrong move and you could negatively impact your reputation, finances, and longevity.
While different companies will have their own set of challenges, there are some common problems that could seriously dent your organization’s success. To ensure you are prepared for every possible issue that might arise, read about the potential threats to your business.
Cybersecurity Risks
While you might not like to believe it, cybercrime is rising at a rapid rate and can have significant repercussions for your business. Sadly, hacking can happen to any company at any point. However, despite its growth throughout the years, only 14% of small businesses rate their ability to prevent a cyber attack as highly effective.
Thankfully, there are various ways to improve your company’s cybersecurity, as you should:
Financial Issues
Financial problems can quickly spiral out of control when running a business. For this reason, it is essential to tackle a problem as soon as it arrives, which will help you to stay on top of your cash flow.
If your company is struggling with its finances, it is a smart decision to talk to an experienced finance manager, who can help you to create a plan of action to gain tighter control of your budget. You might also need to find ways to lower your overheads, and carefully consider securing an investor or a business loan to inject cash into your business, who could ensure its growth and survival.
Increased Competition
Most industries are filled with many brands who are more than happy to steal your customers to ensure their company’s success. Unfortunately, battling it out with bigger and/or better industry rivals can be overwhelming, as you might struggle to retain or acquire customers as a result.
Rather than allowing your competitors to win, you must make it your mission to stay one step ahead in your industry. For example, you could:
Don’t wait for a competitor to push you out of an industry and make it your mission to think up the next best thing to grab your audience’s attention, boost your annual sales and grow your brand’s reputation.
You can download in-depth presentations on Risk Management and 100s of management topics from the FlevyPro Library. FlevyPro is trusted and utilized by 1000s of management consultants and corporate executives.
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