Identifying Risks

Before a business can make a decision about risks, the company must identify those risks. The sources of these risks can be from the outside, such as weather events or market fluctuations, or they can be internal, such as capital acquisitions and training expenses. Companies must identify where those risks can occur, the conditions that can bring those risks into reality and the potential damage to the business for ignoring those risks.

Developing Strategies

Another aspect of the decision-making process lies in the development of a strategic plan. This plan can give businesses the tools they need to prevent the risks that they can avoid and reduce the damage of those they cannot stop. A strategic plan also prevents the business owners from being caught by surprise by the consequences of foreseeable risks. This preparation eases much of the decision-making process and gives business owners the tools they need to make the right calls.

Measuring Progress

References

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