Assignment: Rewards, Risks & Contingency Planning
Introduction: Every business will incur certain risks and rewards. So far, we have reviewed various business risks such as unlimited liability, losses for sole proprietors, conflicts between partners, ethical issues, employee conflicts, and government restrictions, as well as a host of business rewards such as tax deductions, freedom from government control in partnerships, and full control of businesses by sole proprietors. In the current module, we have explored ‘Planning” as a function of management, along with the phrase ‘contingency planning’. As managers, it is our goal to capitalize on the rewards while reducing and managing the risks. Step #1 in managing risks is to develop an awareness of potential risks, which then allows us to create contingency plans to overcome the risks should they occur. In Part I, let’s start by focusing on business rewards, then we will move on to Part II where we can identify major potential risk categories such as: market-place, financial, security, and employee-related. Finally, we will add two additional risk examples and correlating contingency plans.
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Part I Directions: Through self-guided internet research, the intellectually curious mind can find many examples of potential rewards in business. Add two (2) or more examples of Business Rewards to this list:
|A deep sense of satisfaction|
|Being the one in control|
|Providing sustainable jobs and income for others|
|The opportunity to give back / community responsibility|
|The satisfaction of excellent customer feedback|
|After conducting additional research, what other business rewards can you add here?|
Part II Directions: In this section, begin by reviewing the chart below. Then, through self-guided internet research (using key words and phrases such as “business risks”, “business financial risks”, “security related business risks”, “ethical misconduct”, etc.), fill in the blank rows on the bottom with two or more examples. Be sure to save your resources (the web sites where you research information) as you will be required to include these with your assignment.
|Cash Flow||Financial||+Maintain 3-month Emergency Cash Reserve|
|Availability of Working Capital||Financial||+Maintain Open line of business credit
+Maintain zero debt tolerance
|Suppliers raising prices||Financial||+Maintain a working relationship with more than one supplier|
|Poor Management||Employee-related||+Careful and informed selection process
+Management Mentoring program
+Advanced Management Training
+Carefully set and monitor goals
+360-degree performance evaluations
|Loss of Key personnel to competition||Employee-related||+Maintain excellent employee relations
+Keep abreast of industry trends in employee benefits to stay ahead of competition
|Labor problems||Employee-related||+Open communication
+Frequently review wages, benefits and working conditions
|Data-base breaches||Security||+Cyber Insurance Coverage
+Encrypted and Hidden Wi-Fi
+Ensure Credit Card Payment technology meets legal standards
|Product Injuries resulting in lawsuit||Market Place||+Use of focus groups for new product testing
+Invest in Research & Development
|Changes in desires and wants of customers in the market place||Market Place||+Invest time in industry related professional development and market place awareness|
|Competitors introducing a lower cost item with same value||Market Place||+Keep abreast of market trends and current R&D (research & development)
After conducting research – fill in the two rows below:
|Excellent (25 points)||Fair (15)||Needs Improvement (5)|
|Critical Thinking & Overall Contribution||Submits factually correct, reflective and substantive contributions that address all aspects of the task||Some information is correct. Information lacks critical thinking. Possibly some information missing||Factually incorrect or missing information|
|Depth of Thought||Demonstrates depth of thought; supports ideas with outside readings and resources||May mention information from another source but lacks credit to other author||Little or no connection to readings or resources|
|Writing Mechanics & Clarity||Contributes clear, concise comments formatted in an easy to read style that are free of grammatical or spelling errors||Lacks clarity, fragmented or misleading statements, may include some writing errors||Lacks clarity and/or 4 or more writing errors|
|2 or more APA formatted resources||Includes 2 or more APA formatted references (other than textbook) to literature and readings to support comments. Cites sources using correct APA style format||Source is mentioned, but citations are either not included – or not correctly formatted in APA style. Possibility of plagiarism||Does not include resources; possibility of plagiarism exists|
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