Post by account_disabled on Mar 6, 2024 5:32:11 GMT -5
When it makes sales in France or Germany its revenue comes in euros and its UK sales come in pounds. The exchange rates are always fluctuating meaning that the amount the company receives in dollars will change. The company could make more sales next month for example but receive less money in dollars. into account. Advertisement 5. Reputational Risk There are many different kinds of business but they all have one thing in common no matter which industry youre in your reputation is everything. If your reputation is damaged youll see an immediate loss of revenue as customers become wary of doing business with you. But there are other effects.
Your employees may get demoralized and even decide to leave. You may find it hard to hire good replacements as potential candidates have Job Function Email List heard about your bad reputation and dont want to join your firm. Suppliers may start to offer you less favorable terms. Advertisers sponsors or other partners may decide that they no longer want to be associated with you. Reputational risk can take the form of a major lawsuit an embarrassing product recall negative publicity about you or your staff or highprofile criticism of your products or services.
And these days it doesnt even take a major event to cause reputational damage it could be a slow death by a thousand negative tweets and online product reviews. Next Steps So now you know about the main risks your business could face. Weve covered five types of business risk and given examples of how they can affect your business. This is the foundation of a risk management strategy for your business but of course theres much more work to be done. The next step is to look more deeply at each type of risk and identify specific things that could go wrong and the impact they could have. Its not much use for example.
Your employees may get demoralized and even decide to leave. You may find it hard to hire good replacements as potential candidates have Job Function Email List heard about your bad reputation and dont want to join your firm. Suppliers may start to offer you less favorable terms. Advertisers sponsors or other partners may decide that they no longer want to be associated with you. Reputational risk can take the form of a major lawsuit an embarrassing product recall negative publicity about you or your staff or highprofile criticism of your products or services.
And these days it doesnt even take a major event to cause reputational damage it could be a slow death by a thousand negative tweets and online product reviews. Next Steps So now you know about the main risks your business could face. Weve covered five types of business risk and given examples of how they can affect your business. This is the foundation of a risk management strategy for your business but of course theres much more work to be done. The next step is to look more deeply at each type of risk and identify specific things that could go wrong and the impact they could have. Its not much use for example.