Category, Managing Risk

We are facing another sustained recession and to ensure that your business not only survives but thrives through this difficult time it is vital that you have strong foundations.

Having strong foundations in place will provide more opportunities for your business and sets you up better for times of change. Our recent podcasts Making A Successful Exit Starts Earlier Than You Think with Paul Netto of Equifino, and Helping Owners Meet The Challenges of Struggling Companies When They Hit Their Lowest Point with Sam Talby from undebt, provide practical advice to help business owners understand their objectives, lay foundations, and get the best possible outcomes.

All businesses face risk, whether it is an internal decision that could either lead to huge success or a major loss, or an external influence such as politics, the economy, or even Mother Nature herself. Business owners need to learn and understand how to mitigate risk in the day to day running of the business and when working towards completing your objectives. To help make better decisions, we have created some tips for leaders on how to manage risk within your business.

In collaboration with Matt West at Metro Bank, hgkc hosted a roundtable looking at the true impact of leaving the EU on businesses in the UK. Marcus Broix from Trade with Europe spoke on the lasting effects of the trade deal and what is likely to happen in the future.

The future is unpredictable. Even if we were not struggling through a pandemic that hasn’t been seen in living memory, we cannot predict what will happen tomorrow. There are many potential futures that could unfold, and we could make assumptions based on past experience and probabilities. However, when we have not lived through something before, relying on your gut feeling is not enough. In the HBR webinar: Learning from the Future, J. Peter Scoblic discusses the problems of relying on past events to understand the future: instead, he suggests we must turn towards an imagined future.

In the first entry of our two-part series on crisis management, we covered the approach your business needs to take to deal with heightened circumstances and survive. This second part details how to draw up an action plan during times of trouble.

As the entire world reels from the COVID-19 pandemic, businesses across the globe are contending with challenges that have appeared almost overnight and endanger their very existence. Crisis management is now more important than ever and not just in the immediate shockwave of the pandemic and worldwide lockdowns; the long term economic impacts of coronavirus will be felt for years and these aftershocks will inevitably see more businesses go under than in these initial weeks and months.