COVID-19 has taken a great blow to stock markets worldwide. This is because leaders have opted for lockdowns and a shut down of non-essential businesses.
Many people have lost their jobs and the unemployment rate surged in just a few days. The economy is looking very uncertain and unclear for the future.
Ironically, this is a great time to invest in the stock market. Recessions are a great opportunity to buy value stocks at discount prices. Keep reading to check out these recession proof stocks that you can catch on sale.
What Stocks You Should Be Looking For
To make the best investments during a stock market crash, look out for companies that have a great management history. These companies are often undervalued during recessions so you can buy their stocks at a discount. In the long term, their value will rise again.
Also, look at buying recession proof stocks from companies that make indispensable products. These include food, energy and communications companies.
Other stocks that do well in recession include liquor companies, companies that sell cheap merchandise, liquor companies and gambling companies. Look into investing in discount supermarkets, discount clothing stores or online gambling companies.
Read on for 9 best recessions stocks that you should invest in now when the economy is down.
1. Walmart (WMT)
Walmart is one of the best recession stocks that you can buy. First of all, it sells products at discount prices hence it will do well during a recession. A big percentage of Walmart’s sales come from groceries and human beings can’t survive without food. So even during a recession, Walmart will not go out of business.
Investors know the value of Walmart and its stock has remained stable during the COVID-19 pandemic. But the year started with Walmart selling at $119 and the current price has dropped as low as $109. So you can still buy it at a discount.
2. Microsoft (MSFT)
Microsoft is a huge software company that will not be going anywhere anytime soon. It is one of the best recession proof stocks that you can buy during this period. Its prices are at the lowest they may ever be.
As a blue-chip company, Microsoft will be one of the winners of the coronavirus pandemic. Many people are purchasing Microsoft products to assist them while they are working from home.
3. McDonald’s (MCD)
McDonald’s is one of the companies that has taken a hit from the coronavirus pandemic. Store sales have gone down as more Americans stay at home to reduce infection rates of the virus.
But McDonald’s is an established company with a solid management history so we can expect its stock to go back up once the crisis ends. McDonald’s stock price has fallen by about 10% since the beginning of the year. So you could get a bargain if you buy stocks in the company now.
4. DollarTree (DLTR)
This is another recession proof stock because it sells discounted goods. DollarTree has had to hire more employees to deal with the rise in demand for its goods and services.
Its stock price has also fallen 22% since the beginning of the year. So it is a solid stock to invest in now.
5. Kellogg’s (K)
Kellogg’s manufactures a variety of dry goods. Sales of Kellogg’s products have soared as consumers worldwide stockpile food items. Its stock price has also been rising during the pandemic.
You may not get a discounted price on the stock but it is still a good recession proof stock for your portfolio.
6. Disney (DIS)
The coronavirus has forced Disney to close its theme parks. This has caused Disney stock prices to plunge. But this is a solid company that will continue growing in the coming years.
Buying Disney stocks while the prices are low means you will reap the benefits when the pandemic ends and the prices go back up. They recently rolled out their Disney+ platform and streaming rates are up so this could keep them in good standing.
7. Intuit (INTU)
Intuit owns two of the biggest accounting applications? Quickbooks and TurboTax. Businesses still need to balance their books and file their tax returns, recession or not.
While some businesses may close, the economy will still recover and Intuit will be able to ride the downturn. So investing in Intuit stock is a good bet.
8. Brown Forman (BF.B)
Liquor companies often survive recessions because many Americans look for a way to manage their stress. Brown Forman sells whiskey and Jack Daniels is its most famous brand. This article might give more insight into reasons for even higher stress levels.
It will likely have increased sales during this pandemic although the trade war with China might affect its overseas sales. Still, this is a good stock for your portfolio if you don’t have a moral issue with alcohol sales.
9. Visa
Visa is a global company that has one of the most valuable brands worldwide. They also have a product that Americans cannot do without, which is a debit and credit card system. Visa is good at leveraging technology to maintain its market share despite threats from newer companies.
The current pandemic has also led many people to shop online and avoid handling cash which will be great for Visa’s revenues. Visa can survive recessions because as a payment platform it isn’t affected by consumer debt. Despite reduced spending during recessions consumers still have to buy essential goods.
Luckily for you, Visa’s stock prices have fallen due to the CoronaVirus so this is a great chance to get this valuable stock at a lower price than its value.
A Recession Is the Best Time to Buy Recession Proof Stocks
If you are looking to buy some stocks this is the best time to add recession proof stocks to your portfolio. The economy might not be in the best condition. Yet if you play your cards right, you can come out better on the other side.
For more investment tips read the rest of our blog.
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America is built on the spirit of entrepreneurship. There are over 28 million small businesses nationwide, and a further 22 million that are solely operated. That’s a large number of businesses that contribute to the country’s economy. However, the number of businesses that fail within the first four years is a significant 50%, and out of the survivors, only a third will reach a decade.
Running your own business is a challenge no matter what industry you are in or the products and services that you provide, and there is no singular reason for these failure rates.
Common Reasons for Business Failure
Failing to plan
For your business to be a success, you need to make both short and long-term plans. You need to identify your goals and define objectives that will help you reach them, from the next few months through to the following years. Your goals will shape every business decision you make and give you direction. They need to be quantifiable so that you can assess how successful the actions that you take are. This is important; how will you know what is working and what isn’t if you have nothing to measure?
Ignoring customer needs
The customer is always right. That’s a correct statement, surely. Not always, but it has you relate to your customers that will affect the success of your business. In the digital age that we live in, there has never been a better time to truly understand your customers’ and clients’ needs and wants. Always keep an eye on what your customers want and tell you about your business; their perception of your business may be very different from what you intend. They are fickle, and your business needs to be able to respond to emerging trends, feedback and correspondence. It requires flexibility and patience, but if you not only listen but hear to what your customers say, you will reap the rewards.
Lack of profit
Lack of profit is very different to lack of revenue. Your business turnover may be high, but that does not mean that it is a profitable business. For your business to grow, the profit needs to flow. There are several reasons for a lack of profit: poor management decisions, cash flow problems and premature scaling; all can be related back to a failure for adequate planning. Only 40% of small businesses are profitable – the others either break even or lose money. If your business is not making a profit, you need to assess every aspect of your business so that you can identify why you are not.
How to Boost Your Business Profits
The quandary you have is how to generate more sales while reducing your expenditure. While your current efforts have been successful to some extent, you must maximize the opportunity to turn a profit.
Modify your strategy
You need to implement a new strategy to do this. Research online about how other successful businesses in your niche have succeeded. The chances are high that they have switched to a more relationship-based model that uses technology to improve their customer experience and loyalty. Here is an example of how this change in strategy has been used to grow a law form, check it out.
Increase the product selection
To increase sales, identify which products you can cross-sell to existing clients and customers. You already know that they are interested in your niche, but are there other relating products that your customers will buy from elsewhere? An example of this is for a yoga clothing company to sell yoga mats. The key to making this cross-selling strategy work is to comprehensively understand who your current and target customers are. Know what they want and what they need. You can incentivize your customers to buy more from you by offering bundles and discounts.
Review operational procedures
There will always be aspects of your operational functions that can be improved upon. The Japanese word ‘kaizen’ translates as improvement, and is the name given to a strategy that works on the principle that all employees work together to improve process incrementally. Kaizen is a valuable mindset to adopt and can dramatically reduce waste and improve a business’s profitability. It is imperative that you get all staff members on board and seek their feedback on how to improve your business’s function.
For example, a sub-total column on an invoice can help speed up the efficiency of your accounts department; introducing cloud-based technology so that your teams can collaborate easier, or even something as simple as moving the printer’s location to be nearer to the receptionist can help to make working more efficient. Kaizen is not a one-off experience, consistently aim to improve efficiency. Ask your employees for their recommendations and act upon the information that they give you.
Regularly review expenditure
You may just have been focusing on the income and profit columns of your account reports; however, you need to pay equal attention to your costs. Businesses evolve over time, and so you need to make sure that your regular outgoings are still relevant to your business today, and not based on historical data.
Review your running costs and identify areas that you could save money. Rolling contracts are a great way of controlling cash flow as you know how much money is leaving your account and when, but they can also make you complacent to other deals that are currently up for grabs and can save you money.
Are there routine tasks that you can outsource? Or, would it be more cost-effective to hire someone on a part-time or freelance basis to complete jobs that you currently pay for a full-time member of staff or do yourself? Outsourcing can be a great solution to boosting efficiency and profits; you only pay for the project that you need completing.
You should also review your suppliers. There may be better market deals that you can access that may not have been available when you started out. It can be risky, as there is potential to damage the relationship you have with your current supplier, but it is worth opening the conversation up, just tread carefully.
While it can seem daunting to undertake such a thorough review of your business, it is critical for your business to be a success. You need to adjust your business to the changing times and embrace technology to help your customer’s user experience and increase the efficiency of your organization.
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Bottom-line performance is a vital aspect of any business. Managers and people in higher positions, in general, are always looking for ways to improve bottom-line operations and minimize the risks. Risk management helps them stay on top of the market challenges and trends in the relevant industry.
However, markets and industries are dynamic concepts. To answer the latest challenges, risk analysis has to be active as well.
More Precise Risk Models
Predominantly relying on the human workforce makes risk models way too complicated. Risk management cannot be efficiently applied to risk models that have too many factors to account for. It’s one of the most significant areas for change in risk analysis in the coming years.
To assess the risk, companies will be advised to simplify the risk models and thus help themselves. With simpler risk models assessing risks and delivering relevant strategies to mitigate them will become significantly more comfortable than today.
Some of the strategies we will see are process automation and streamlined communication, both internally and externally.
Digitization
Risk management, as we know, it will definitely change in the coming years. Scanning is an ongoing process most businesses are exposed to. Some of them directly, others indirectly. Anyhow, the digitization itself offers away too many benefits for companies to leave it behind because it brings new risks.
The digital era has also brought to light new business models facing brand new risks, which makes digitization a leading area for change in risk analysis. People in the risk management industry will have to identify these emerging and evolving risk types and integrate them into the existing risk models.
Interconnectedness and Collective Risk Management
Businesses across the world have become an integral part of the networked economy. Interconnectedness comes with a great many benefits – quickly penetrating new markets and growing customer base, being just a few of them. Meanwhile, supply chains have become more complex.
Businesses actively engage on different levels with different external stakeholders. All of this, at the same time, creates a network of risks. Market risk analysis slowly shifts toward a joint effort.
All businesses in this network will have to rely on their partners that they can identify, manage, and reduce risks. It will definitely change risk management in the days to come.
Risk Management in Real-Time
The digitization and interconnectedness allow for new risks that some organizations don’t have experience with. All this calls for a pervasive approach to risk management.
Being able to assess and minimize the risks in-house and outside will become a leading practice in many industries. It will push risk analysis toward the use of technology and software solutions.
How will the risk assessment field answer to these new challenges? One of the possible answers is pursuing opportunities to monitor and manage risk in real-time. The technology is already here. There are different types of sensors and tracking and monitoring solutions that can help streamline manage risks and mitigate it before there is a need for damage control.
Risk Transfer Instruments
The most common risk transfer instruments are contracts and insurance. They are widely used across verticals to cushion the blow of unforeseen circumstances and allow businesses to continue their operations. Two main factors driving change in risk analysis are financial institutions and risk events with potentially the most significant impact on business.
The financial industry is always working on coming up with new financial instruments to help businesses monetize and transfer risk. It will be a great challenge to assess whether or not to invest in these instruments.
On the other hand, risk events that could potentially have a high impact on operations are imminent. The climate change, cyberattacks, and the global pandemic are just a couple of them.
Feasible Level of Risk-Taking
Markets are becoming saturated and more volatile as we speak. The competition is harsh out there, and that creates a frame of reference in which businesses can do little without intentionally taking risks. At the same time, deliberately taking risks drives change in risk analysis.
Finding new ways to accurately identify, assess, and measure risks are becoming more important as we speak. Organizations will turn to calculate the accurate upside value for a chance to be able to decide whether it is feasible to continue operations while taking risks intentionally.
Enabling sustainable risk-taking is potentially the area that’s going to change the risk analysis the most. Managing risk will start drifting away from only identifying the risks that have to be avoided towards taking risks to drive value, performance, and productivity.
AI To Help Human-led Risk Management
AI, machine learning, and big data are driving changes across verticals. Risk analysis is not an exception. The formulas, knowledge, and experience risk managers leverage to stay on top of managing risks are simply not enough. The landscape has become way too dynamic to identify and assess all the risks.
The technologies mentioned above will help businesses extend their market risk analysis practices and make them error-free. Smart tools can detect, predict, and prevent risks the very moment they become a real threat. The best thing about it is that these are fully autonomous systems capable of self-managing risks entirely on their own.
Risk Insights and Behavioral Science
The human factor is a crucial piece for solving the risk puzzle. Risky behavior is the subject of many new studies in the fields of social, psychology, neuroscience, and cognitive sciences. The findings can’t be ignored. Thanks to the systematic approach, the studies have identified the factors and personality traits correlated with risky behavior.
The results of these studies are already changing the risk analysis landscape. We can already see some organizations having a Chief Behavioral Officer on the payroll. At this point, it’s safe to assume that the results of these studies are going to drive at least some new changes in risk management practices.
To answer the new threats, risk management will have to move closer to a model based on proactive, real-time, and technology-powered practices. These eight areas have the most impact on market risk analysis and risk management, in general, and will most definitely change it in the coming years.
About the Author
Gracie Myers is a content writer at Research Optimus. She enjoys writing on various topics mainly associated with Research. Her famous articles are on the topic of Business Research, Market Research, Business Analytics and many more.
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There’s a lot of potential when it comes to running a dental clinic. After all, people will always want to look after their teeth, and that means that the dental industry is one of the most future-proof and robust industries out there. However, it’s not as if success will automatically come your way. There will be competition, and that means that you have to ensure that you’re delivering the best level of service that you can. If you’re looking for some ways to improve your dental practice, then take a look at some of the useful tips that we’ve outlined below.
Serve the Community
All dentists are offering the same essential services, but how they offer it will be dependent on where they’re located. If you’re looking to improve your dental practice, then the first place you should look is at your community. Who are the people living there, and what do they need? The answer will be one thing if you live in an area populated by young families, another if it’s a student-heavy area. Possible ways to serve them include extending your opening hours, offering at-home services and expanding the product range to suit their needs. If your customers are looking for EZ Smile aligners, then provide it for them.
Invest in Your Staff
A dental practice can only be as good as the staff that are working there. For that reason, it’s essential that you’re bringing the right kind of staff on board. This isn’t one of those things where you can cut corners and try to save money. If you bring the best talent to your dental clinic, then you’ll notice a difference. Note that this doesn’t just apply to dentists, but all the positions in your clinic. If you’ve assembled a fantastic team, then you’ll find that everything runs much smoother, patients are happier, and so on.
Get the Right Systems
We’ve come a long way in recent years, and today there are plenty of systems that you can integrate into your clinic that will help to push things in the right direction. They’ll save time, make your clinic more consistent, and all-around help your team to work better. There’s any number of software and services that can help. There are databases that can provide a safety data sheet for dental office, software that’ll help streamline your appointment process, and so on. Have a look at any current problems that you have, and there’ll surely be a solution available to help you.
The Dental Look
While the success of your dental practice will ultimately come down to the strength of your treatments and services, keep in mind that the overall look of your clinic is also important. It’ll help to make your space look more professional, and can go a long way when it comes to building trust with patients. If your site is looking a little worse for wear, then look at giving it an update.
New Treatments
Finally, be sure to stay on top of new treatments that are available. If you’re always on the cutting edge of trends, then your patients will have no reason to look elsewhere.
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In San Diego, California, in 1953, a new startup set its sights on the Space Age. The Rocket Chemical Company had a small lab and just three people, but they could see a major opportunity in front of them. The aerospace industry was producing incredible new technology – missiles and rockets that could fly farther than any had before – but that technology had a major weakness: it was all made of metal, and metal rusts.
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About the Author Whitney Johnson is the CEO of WLJ Advisors and one of the 50 leading business thinkers in the world as named by Thinkers50. She is an expert on helping high-growth organizations develop high-growth individuals.
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9 Recession Proof Stocks to Invest in When the Economy is Down
/in Practices for Professionals/by StrategyDrivenMany people have lost their jobs and the unemployment rate surged in just a few days. The economy is looking very uncertain and unclear for the future.
Ironically, this is a great time to invest in the stock market. Recessions are a great opportunity to buy value stocks at discount prices. Keep reading to check out these recession proof stocks that you can catch on sale.
What Stocks You Should Be Looking For
To make the best investments during a stock market crash, look out for companies that have a great management history. These companies are often undervalued during recessions so you can buy their stocks at a discount. In the long term, their value will rise again.
Also, look at buying recession proof stocks from companies that make indispensable products. These include food, energy and communications companies.
Other stocks that do well in recession include liquor companies, companies that sell cheap merchandise, liquor companies and gambling companies. Look into investing in discount supermarkets, discount clothing stores or online gambling companies.
Read on for 9 best recessions stocks that you should invest in now when the economy is down.
1. Walmart (WMT)
Walmart is one of the best recession stocks that you can buy. First of all, it sells products at discount prices hence it will do well during a recession. A big percentage of Walmart’s sales come from groceries and human beings can’t survive without food. So even during a recession, Walmart will not go out of business.
Investors know the value of Walmart and its stock has remained stable during the COVID-19 pandemic. But the year started with Walmart selling at $119 and the current price has dropped as low as $109. So you can still buy it at a discount.
2. Microsoft (MSFT)
Microsoft is a huge software company that will not be going anywhere anytime soon. It is one of the best recession proof stocks that you can buy during this period. Its prices are at the lowest they may ever be.
As a blue-chip company, Microsoft will be one of the winners of the coronavirus pandemic. Many people are purchasing Microsoft products to assist them while they are working from home.
3. McDonald’s (MCD)
McDonald’s is one of the companies that has taken a hit from the coronavirus pandemic. Store sales have gone down as more Americans stay at home to reduce infection rates of the virus.
But McDonald’s is an established company with a solid management history so we can expect its stock to go back up once the crisis ends. McDonald’s stock price has fallen by about 10% since the beginning of the year. So you could get a bargain if you buy stocks in the company now.
4. DollarTree (DLTR)
This is another recession proof stock because it sells discounted goods. DollarTree has had to hire more employees to deal with the rise in demand for its goods and services.
Its stock price has also fallen 22% since the beginning of the year. So it is a solid stock to invest in now.
5. Kellogg’s (K)
Kellogg’s manufactures a variety of dry goods. Sales of Kellogg’s products have soared as consumers worldwide stockpile food items. Its stock price has also been rising during the pandemic.
You may not get a discounted price on the stock but it is still a good recession proof stock for your portfolio.
6. Disney (DIS)
The coronavirus has forced Disney to close its theme parks. This has caused Disney stock prices to plunge. But this is a solid company that will continue growing in the coming years.
Buying Disney stocks while the prices are low means you will reap the benefits when the pandemic ends and the prices go back up. They recently rolled out their Disney+ platform and streaming rates are up so this could keep them in good standing.
7. Intuit (INTU)
Intuit owns two of the biggest accounting applications? Quickbooks and TurboTax. Businesses still need to balance their books and file their tax returns, recession or not.
While some businesses may close, the economy will still recover and Intuit will be able to ride the downturn. So investing in Intuit stock is a good bet.
8. Brown Forman (BF.B)
Liquor companies often survive recessions because many Americans look for a way to manage their stress. Brown Forman sells whiskey and Jack Daniels is its most famous brand. This article might give more insight into reasons for even higher stress levels.
It will likely have increased sales during this pandemic although the trade war with China might affect its overseas sales. Still, this is a good stock for your portfolio if you don’t have a moral issue with alcohol sales.
9. Visa
Visa is a global company that has one of the most valuable brands worldwide. They also have a product that Americans cannot do without, which is a debit and credit card system. Visa is good at leveraging technology to maintain its market share despite threats from newer companies.
The current pandemic has also led many people to shop online and avoid handling cash which will be great for Visa’s revenues. Visa can survive recessions because as a payment platform it isn’t affected by consumer debt. Despite reduced spending during recessions consumers still have to buy essential goods.
Luckily for you, Visa’s stock prices have fallen due to the CoronaVirus so this is a great chance to get this valuable stock at a lower price than its value.
A Recession Is the Best Time to Buy Recession Proof Stocks
If you are looking to buy some stocks this is the best time to add recession proof stocks to your portfolio. The economy might not be in the best condition. Yet if you play your cards right, you can come out better on the other side.
For more investment tips read the rest of our blog.
How to Boost Your Profits
/in Managing Your Business, Managing Your Finances/by StrategyDrivenRunning your own business is a challenge no matter what industry you are in or the products and services that you provide, and there is no singular reason for these failure rates.
Common Reasons for Business Failure
Failing to plan
For your business to be a success, you need to make both short and long-term plans. You need to identify your goals and define objectives that will help you reach them, from the next few months through to the following years. Your goals will shape every business decision you make and give you direction. They need to be quantifiable so that you can assess how successful the actions that you take are. This is important; how will you know what is working and what isn’t if you have nothing to measure?
Ignoring customer needs
The customer is always right. That’s a correct statement, surely. Not always, but it has you relate to your customers that will affect the success of your business. In the digital age that we live in, there has never been a better time to truly understand your customers’ and clients’ needs and wants. Always keep an eye on what your customers want and tell you about your business; their perception of your business may be very different from what you intend. They are fickle, and your business needs to be able to respond to emerging trends, feedback and correspondence. It requires flexibility and patience, but if you not only listen but hear to what your customers say, you will reap the rewards.
Lack of profit
Lack of profit is very different to lack of revenue. Your business turnover may be high, but that does not mean that it is a profitable business. For your business to grow, the profit needs to flow. There are several reasons for a lack of profit: poor management decisions, cash flow problems and premature scaling; all can be related back to a failure for adequate planning. Only 40% of small businesses are profitable – the others either break even or lose money. If your business is not making a profit, you need to assess every aspect of your business so that you can identify why you are not.
How to Boost Your Business Profits
The quandary you have is how to generate more sales while reducing your expenditure. While your current efforts have been successful to some extent, you must maximize the opportunity to turn a profit.
Modify your strategy
You need to implement a new strategy to do this. Research online about how other successful businesses in your niche have succeeded. The chances are high that they have switched to a more relationship-based model that uses technology to improve their customer experience and loyalty. Here is an example of how this change in strategy has been used to grow a law form, check it out.
Increase the product selection
To increase sales, identify which products you can cross-sell to existing clients and customers. You already know that they are interested in your niche, but are there other relating products that your customers will buy from elsewhere? An example of this is for a yoga clothing company to sell yoga mats. The key to making this cross-selling strategy work is to comprehensively understand who your current and target customers are. Know what they want and what they need. You can incentivize your customers to buy more from you by offering bundles and discounts.
Review operational procedures
There will always be aspects of your operational functions that can be improved upon. The Japanese word ‘kaizen’ translates as improvement, and is the name given to a strategy that works on the principle that all employees work together to improve process incrementally. Kaizen is a valuable mindset to adopt and can dramatically reduce waste and improve a business’s profitability. It is imperative that you get all staff members on board and seek their feedback on how to improve your business’s function.
For example, a sub-total column on an invoice can help speed up the efficiency of your accounts department; introducing cloud-based technology so that your teams can collaborate easier, or even something as simple as moving the printer’s location to be nearer to the receptionist can help to make working more efficient. Kaizen is not a one-off experience, consistently aim to improve efficiency. Ask your employees for their recommendations and act upon the information that they give you.
Regularly review expenditure
You may just have been focusing on the income and profit columns of your account reports; however, you need to pay equal attention to your costs. Businesses evolve over time, and so you need to make sure that your regular outgoings are still relevant to your business today, and not based on historical data.
Review your running costs and identify areas that you could save money. Rolling contracts are a great way of controlling cash flow as you know how much money is leaving your account and when, but they can also make you complacent to other deals that are currently up for grabs and can save you money.
Are there routine tasks that you can outsource? Or, would it be more cost-effective to hire someone on a part-time or freelance basis to complete jobs that you currently pay for a full-time member of staff or do yourself? Outsourcing can be a great solution to boosting efficiency and profits; you only pay for the project that you need completing.
You should also review your suppliers. There may be better market deals that you can access that may not have been available when you started out. It can be risky, as there is potential to damage the relationship you have with your current supplier, but it is worth opening the conversation up, just tread carefully.
While it can seem daunting to undertake such a thorough review of your business, it is critical for your business to be a success. You need to adjust your business to the changing times and embrace technology to help your customer’s user experience and increase the efficiency of your organization.
8 Leading Areas for Change In Risk Management/Analysis In The Coming Years
/in Risk Management/by Gracie MyersHowever, markets and industries are dynamic concepts. To answer the latest challenges, risk analysis has to be active as well.
More Precise Risk Models
Predominantly relying on the human workforce makes risk models way too complicated. Risk management cannot be efficiently applied to risk models that have too many factors to account for. It’s one of the most significant areas for change in risk analysis in the coming years.
To assess the risk, companies will be advised to simplify the risk models and thus help themselves. With simpler risk models assessing risks and delivering relevant strategies to mitigate them will become significantly more comfortable than today.
Some of the strategies we will see are process automation and streamlined communication, both internally and externally.
Digitization
Risk management, as we know, it will definitely change in the coming years. Scanning is an ongoing process most businesses are exposed to. Some of them directly, others indirectly. Anyhow, the digitization itself offers away too many benefits for companies to leave it behind because it brings new risks.
The digital era has also brought to light new business models facing brand new risks, which makes digitization a leading area for change in risk analysis. People in the risk management industry will have to identify these emerging and evolving risk types and integrate them into the existing risk models.
Interconnectedness and Collective Risk Management
Businesses across the world have become an integral part of the networked economy. Interconnectedness comes with a great many benefits – quickly penetrating new markets and growing customer base, being just a few of them. Meanwhile, supply chains have become more complex.
Businesses actively engage on different levels with different external stakeholders. All of this, at the same time, creates a network of risks. Market risk analysis slowly shifts toward a joint effort.
All businesses in this network will have to rely on their partners that they can identify, manage, and reduce risks. It will definitely change risk management in the days to come.
The digitization and interconnectedness allow for new risks that some organizations don’t have experience with. All this calls for a pervasive approach to risk management.
Being able to assess and minimize the risks in-house and outside will become a leading practice in many industries. It will push risk analysis toward the use of technology and software solutions.
How will the risk assessment field answer to these new challenges? One of the possible answers is pursuing opportunities to monitor and manage risk in real-time. The technology is already here. There are different types of sensors and tracking and monitoring solutions that can help streamline manage risks and mitigate it before there is a need for damage control.
Risk Transfer Instruments
The most common risk transfer instruments are contracts and insurance. They are widely used across verticals to cushion the blow of unforeseen circumstances and allow businesses to continue their operations. Two main factors driving change in risk analysis are financial institutions and risk events with potentially the most significant impact on business.
The financial industry is always working on coming up with new financial instruments to help businesses monetize and transfer risk. It will be a great challenge to assess whether or not to invest in these instruments.
On the other hand, risk events that could potentially have a high impact on operations are imminent. The climate change, cyberattacks, and the global pandemic are just a couple of them.
Markets are becoming saturated and more volatile as we speak. The competition is harsh out there, and that creates a frame of reference in which businesses can do little without intentionally taking risks. At the same time, deliberately taking risks drives change in risk analysis.
Finding new ways to accurately identify, assess, and measure risks are becoming more important as we speak. Organizations will turn to calculate the accurate upside value for a chance to be able to decide whether it is feasible to continue operations while taking risks intentionally.
Enabling sustainable risk-taking is potentially the area that’s going to change the risk analysis the most. Managing risk will start drifting away from only identifying the risks that have to be avoided towards taking risks to drive value, performance, and productivity.
AI To Help Human-led Risk Management
AI, machine learning, and big data are driving changes across verticals. Risk analysis is not an exception. The formulas, knowledge, and experience risk managers leverage to stay on top of managing risks are simply not enough. The landscape has become way too dynamic to identify and assess all the risks.
The technologies mentioned above will help businesses extend their market risk analysis practices and make them error-free. Smart tools can detect, predict, and prevent risks the very moment they become a real threat. The best thing about it is that these are fully autonomous systems capable of self-managing risks entirely on their own.
Risk Insights and Behavioral Science
The human factor is a crucial piece for solving the risk puzzle. Risky behavior is the subject of many new studies in the fields of social, psychology, neuroscience, and cognitive sciences. The findings can’t be ignored. Thanks to the systematic approach, the studies have identified the factors and personality traits correlated with risky behavior.
The results of these studies are already changing the risk analysis landscape. We can already see some organizations having a Chief Behavioral Officer on the payroll. At this point, it’s safe to assume that the results of these studies are going to drive at least some new changes in risk management practices.
To answer the new threats, risk management will have to move closer to a model based on proactive, real-time, and technology-powered practices. These eight areas have the most impact on market risk analysis and risk management, in general, and will most definitely change it in the coming years.
About the Author
5 Ways to Improve Your Dental Clinic
/in Managing Your Business/by StrategyDrivenServe the Community
All dentists are offering the same essential services, but how they offer it will be dependent on where they’re located. If you’re looking to improve your dental practice, then the first place you should look is at your community. Who are the people living there, and what do they need? The answer will be one thing if you live in an area populated by young families, another if it’s a student-heavy area. Possible ways to serve them include extending your opening hours, offering at-home services and expanding the product range to suit their needs. If your customers are looking for EZ Smile aligners, then provide it for them.
Invest in Your Staff
A dental practice can only be as good as the staff that are working there. For that reason, it’s essential that you’re bringing the right kind of staff on board. This isn’t one of those things where you can cut corners and try to save money. If you bring the best talent to your dental clinic, then you’ll notice a difference. Note that this doesn’t just apply to dentists, but all the positions in your clinic. If you’ve assembled a fantastic team, then you’ll find that everything runs much smoother, patients are happier, and so on.
Get the Right Systems
We’ve come a long way in recent years, and today there are plenty of systems that you can integrate into your clinic that will help to push things in the right direction. They’ll save time, make your clinic more consistent, and all-around help your team to work better. There’s any number of software and services that can help. There are databases that can provide a safety data sheet for dental office, software that’ll help streamline your appointment process, and so on. Have a look at any current problems that you have, and there’ll surely be a solution available to help you.
The Dental Look
While the success of your dental practice will ultimately come down to the strength of your treatments and services, keep in mind that the overall look of your clinic is also important. It’ll help to make your space look more professional, and can go a long way when it comes to building trust with patients. If your site is looking a little worse for wear, then look at giving it an update.
New Treatments
Finally, be sure to stay on top of new treatments that are available. If you’re always on the cutting edge of trends, then your patients will have no reason to look elsewhere.
BUILD AN A-TEAM: Introduction, Being the Kind of Boss People Love to Work For
/in Management & Leadership/by Whitney JohnsonHi there! Gain access to this article with a FREE StrategyDriven Insights Library – Sample Subscription. It’s FREE Forever with No Credit Card Required.
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Reprinted by permission of Harvard Business Review Press. Excerpted from Build an A-Team: Play to Their Strengths and Lead Them Up the Learning Curve by Whitney Johnson. Copyright 2018 Whitney Johnson. All rights reserved.
About the Author
Whitney Johnson is the CEO of WLJ Advisors and one of the 50 leading business thinkers in the world as named by Thinkers50. She is an expert on helping high-growth organizations develop high-growth individuals.
Photo credit: Macy Robison
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