It's a fact that running a company is not easy, what with all the problems that you'll need to face. Acquiring the capital alone may already be a concern, and even finding the ideal location. It's a good thing that you can use a virtual office in Sydney, cutting down on a property cost significantly.
Whether you're a start-up or have been in the industry for a long time, risks will always be following you around. Some of these are...
Caused by human factors
If all your employees decide not to work, business operations will inevitably stop. A few hours or days of a strike or lock-outs can mean massive losses, which you may not be able to recoup. Staff's negligence and dishonesty can also lead to a chain reaction of events that will put your organisation in jeopardy. If suppliers or subcontractors also fail to deliver or do their job, your company will be affected.
There are many ways to mitigate the effects of human factors, regardless of the situation. One of them is to utilise the latest technology at your workspace. For instance, to prevent damages to the business from loss of critical documentation, accounting and financial documents during the circulation between departments. There should be a technology in place that replicates company's workflow (Enterprise Resource Planning - ERP) and uses digital document processing technology and storage with backups outside of the premises.
Caused by software and technological factors
Have you ever wondered why technological and software innovation matters? This helps a company stay current and keep up with the latest trends in business solutions, equipment and labour codes. If any of the tools or computers used are considered obsolete, your business is at risk of fading into obscurity as it can be efficient by not being able to utilise the latest software and mobile applications. It's also highly likely that you'll lose key personnel as they'll look for a more innovative workplace.
Embrace software and technological advancements that will benefit your enterprise. As a retailer, you should have an e-commerce website built and a business web and mobile application developed by a team of professionals specialising in these technologies. Nothing says innovative more than a website, web or mobile application do.
Caused by location factors
If the problem is just the distance, you can easily remedy this by using online to contact your software development service provider. However, at IPS we have offices located in both Melbourne and Sydney, major Australia cities to be able to meet and communicate with the clients on a regular basis during the software development planning or design stages. We also meet regularly to discuss software development challenges we meet when providing software development services to our clients.
To further mitigate the impact of business risks, you should develop a crisis management process, business continuity plan and a disaster recovery plan.