It’s that time of year when each business is trying to capitalise on the fourth quarter trading and in parallel forecasting the next trading year with budget planning.
It’s not enough to be the market leader anymore. Companies have to be relentless in their quest for what’s next and How can they solve their problems in a new and better way?
To survive, Companies need to improve their resilience, and this means reducing exposure to volatile risks, as well as building protective measures into protecting their profits.
The formulae of driving Sales does not always equate to profit, especially if the operational losses continue to erode the bottom line. That is why businesses are turning to Risk Management consultants like New World Norm as they identify invisible losses to your business to enable mitigating the impacts to your profits.
The #1 Hack for the 2023/24 budgeting, is to set the direction of the business for success and ensure your budget and investment yields a ROI, otherwise the learnings of 2022 with many businesses downsizing workforce will face the same quandary in 2023
As we all know, be prepared, the world of business is constantly changing and evolving. One area that is often overlooked in budget planning is risk management. Be a forward-thinking company, and now is the time to invest in risk management consultants to protect your business from potential threats and capitalize on opportunities. By including risk management consultants in your 2023 budget, you will have access to expert advice and strategies to mitigate risks and maximize profits.
One of the biggest topics for 2023 is ‘Supply Chain’ and optimising operational excellence along the value chain, from manufacturing, shipping, in transit, delivery accuracy, stock holding accuracy through to reverse logistics each part of it impacts your business.
With corporate business returning to the office, there is an ever growing need to ensure you protect your people. Your disaster recovery and continuity plan are most likely to be out of date as the they refer back to pre-Jan 2020 before everyone left their office for COVID-19
The final part to the budget #1 Hack for the 2023/24 budgeting is to use outsource services as an ‘on demand service’ giving you control on the ROI and reducing your risk that impact your people, brand and profits.
Don’t wait for the ever-changing landscape of today’s economy, plan to succeed. #riskmanagement #budgetplanning #2023goals.