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Business Plan - Risk

Essay by   •  July 7, 2017  •  Course Note  •  252 Words (2 Pages)  •  603 Views

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Risk in a business can be defined at something happening that will impact upon the objectives of the company.

Preparing a business risk management plan will ensure that the uncertainty of OARS meeting its objectives will be avoided, reduced, removed or modified and/or retained.

The OARS risk management plan will be embedded within the overall strategic and operational policies and practices, and take into consideration internal and external relationships, accountabilities, resources, processes and activities.

Through a process of setting performance goals, measuring and then reviewing, seeking feedback and modifying processes as required, will form the basis of their approach.

There are many types of risk that may be encountered in the establishment, managing and expansion of OARS. Some will have minimal impact and will be easily managed, while others will threaten the long term opportunities of OARS.

Although we have identified some potential risks, I have highlighted three:

  1. A sound financial plan that identifies the potential growth of the business has been undertake. Full disclosure will highlight a very thorough and prudent approach.

  1. The founding partners have strong direct links with Catholic Schools. This connection is imperative for the success of the business and may be seen as a risk if not fully developed.
  1. With various firms already in the temp solution area, the competition could be a risk to the success of the business. OARS will be competitive through its specialised school administration approach.

Ensuring OARS always complies with local legislation and international rules will be an integral part of the daily business.



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