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Yearly Archives: 2021

Prioritising Risks During Risk Management Planning

In Risk Management Planning, you take 6 steps in order to prepare a Risk Management Plan for your organisation, to be prepared for the risks that face your organisation. The 6 steps are:
  1. Identify all the risks
  2. Assess the risks
  3. Map the risks into a Risk Matrix
  4. Create strategies to manage the risks
  5. Manage the Risk Management Plan itself
  6. Monitor, test and evaluate
However, when we identify all the risks, the list is likely to be a long list and potentially overwhelming. It is impossible to do everything at once, so there must be a method to prioritise the risks that you have identified and create suitable prioritised strategies. (more…)...
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Meet Disruptive Change Head On

Business today is in a disruptive phase and small business owners cannot avoid the disruption. Changes to business models and industries have been caused by technology (the move from the use of desktop PC's to mobile technology), the sharing economy (Uber and Air BNB), the platform model (Trip Advisor, Hotels.com), international trends like the Coronavirus pandemic and the rise and fall of new and old industrial giants. In a small business, for example, if you ignore mobile technology and focus your website to the PC, customers used to scrolling through sales sites on their phones will turn away from old-fashioned websites that don't respond to their phone screens. Even in a small business, if you are in a disrupted industry, you will have to act to meet disruptive change head-on, or risk becoming a minor competitor to leading businesses in your industry. (more…)...
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The Risk Management Planning Process

OTS Management has produced an online training/workshop for the use of Indigenous organisations in their Risk Management Planning. The video embedded into this article is an excerpt from the lesson introducing the process of Risk Management Planning and has been edited to under 10 minutes from the original 20-minute lesson. We use it in this article to help introduce the 6 steps in Risk Management Planning, that you can implement yourself. Risk Management Planning is all about "being prepared" so that when the worst-case scenario happens you have contingency plans. In the best-case, Risk Management Planning allows you to have managed the risk so that the impact when it happens has been reduced. (more…)...
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Managing Cashflow & Working Capital During Covid

Australia seems to have coped with the economic effects of Covid better than some other countries, but small businesses will still have a long haul to get back to where they were. This is especially true of some industries like the hospitality and tourism industries which suffer from a lack of demand, and the agricultural industries suffering from lack of supply (labour). Other industries may have fared better and are probably starting to look at new strategies and even opportunistically looking at merging or acquisition of another business. Whatever their situation there will soon be a need for more capital in Australian small businesses, and the need to manage cash flow and working capital. In this blog post, I will look at short-term cash and liquidity initiatives as well as cash flow forecasting. But before we start, I'd like to invite you to take a look at our revamped website at otsmanagement.com.au where we have clarified our focus on our two areas of service. Please take a look and explore our special focus areas of Small Business Advisory services and Managing Indigenous Organisations. We specialise in only these two client sectors and we invite you to take a look at what we...
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