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Category: Business Risks


Action Plan: Revenue Too Dependent On New Products/Services

Here is a sample business action plan for addressing this risk:   Step 1: Diversify and Strengthen Existing Product/Service Portfolio Assess the performance and potential of your current offerings. Identify areas for improvement, such as product enhancements, feature additions, or packaging options. Invest in marketing and sales strategies to revitalize sales of existing products/services.   […]


Risk Overview: Revenue Too Dependent On New Products/Services

Always have something new to offer customers — sounds like a great strategy, right? It can be, if appropriate care is taken to achieve balance.   It is possible to go too far pursuing the new. Overreliance on new products or services can lead to something called an “innovation trap.” This phenomenon occurs when a […]


Action Plan: Poor Or Unknown Safety Record

Here is a sample business action plan for addressing this risk:   Step 1: Leadership Commitment and Communication Commit to the importance of safety and communicate your intentions to all employees. Establish a safety committee or designate a safety coordinator and hold regular safety meetings to involve leadership in safety discussions.   Step 2: Risk […]


Risk Overview: Poor Or Unknown Safety Record

Workplace safety incidents are no fun for anyone involved, and they can cause a lot of damage both to your workforce and your bottom line. Accidents happen, but what does it mean for you if accidents happen at your company more than average? How do you measure a safety record, and how can those metrics […]


Action Plan: Percentage Of Bad Debt To Sales Is Too High

Here is a sample business action plan for addressing this risk:   Step 1: Review and Update Credit Policies Assess and revise the existing credit policies to minimize bad debt risks. Set clear credit terms, credit limits, and payment expectations for customers. Conduct thorough credit checks on new customers and consider implementing stricter criteria for […]


Risk Overview: Percentage Of Bad Debt To Sales Is Too High

A high percentage of bad debt to sales directly affects a company’s cash flow. Considering 82% of businesses fail due to cash flow problems, it’s advantageous to resolve this issue whether you’re ready to sell your company or not.   Here’s what you need to know about this risk and how to address it.   […]


Action Plan: No History Of Successful Price Increases

Here is a sample business action plan for addressing this risk.   Step 1: Analyze and Understand the Root Causes Conduct a thorough analysis of the factors contributing to the unsuccessful price increases. Assess customer feedback, market dynamics, competitive landscape, and cost structures to identify underlying issues.   Step 2: Customer Value Assessment Evaluate the […]


Risk Overview: No History Of Successful Price Increases

It may seem counterintuitive that consistent pricing is a negative thing. But businesses that consistently fail to implement price increases could face a higher risk of financial distress or even failure.   Companies that do successfully increase their prices are well rewarded. According to Mckinsey & Company, a price rise of just 1% can yield […]