Know Your Market
Minimising risk can involve many actions but are essential in a globalised economy. Financial risk is often easily quantified but reputational risk can be more enduring. Ill-judged practices or products can damage your company and the harm can reverberate around all media with serious consequences for the brand. There are key actions which any corporation must take to minimise these risks, these are set out below:
- Environmental sustainability is risk-free and consistent with reducing business exposure
- Initial start up costs will show longer-term cost savings, especially in energy
- Offers a competitive edge in attracting new customers and investment supporting growth
- Opportunity for business differentiation on the basis of sustainable environment offering
Tips for Achieving Sustainable Growth:
- Make the most of big data analytics to develop your market awareness either by developing in-house capacity or purchasing third party analysis.
- Know your suppliers by conducting rigorous supply chain mapping throughout your supply network.
- Build capacity for innovation by spending money on succession planning through research or staff development. This will keep your organisation ahead of the pack.
07 December 2018
26 October 2018
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