In times of economic uncertainty there is much to be said for the words “forewarned is forearmed”. The notion that if we are aware of a sinister event approaching, knowledge is our gift to being ready.
According to media outlets, Australia moved into recession on a 'Per capita basis' this week - a hazy statistic and no doubt one to sell more subscriptions. However now that we are seeing cracks in the impressive period of prosperity of the last 8 years, the question is - can we have a show of hands for those that are prepared please?
Risk management is key to everything we do. It keeps us from coming to harm and also aids us in making good decisions. Each of us do it every single day of our lives.
Some people and business owners are ‘just good’ at making effective risk based decisions and it shows in the accounting statements. They work out their own method of risk management and go with it, often with positive results. Others, not so much.
That is where ISO management systems (think 9001 quality, 45001 OHS, 14001 Environment) come to the fore. They provide a structured method of identifying and managing risks to your business. They take the ‘magical powers’ out of it and level the playing field for all who use the structured approach to make decisions.
There will always be those who have just got the knack, but they are the few and the rest are the many. And systems can give us the advantage we seek.
In the future there is every chance that this will separate the survivors from the casualties if we see another cyclical economic meltdown. In the meantime, it will separate the winners from the losers.
i40 is a risk management, ISO system and people consultancy helping Australian businesses navigate their operational headaches.
We make ISO systems accessible through our consulting services and our toolkits which are available at www.i-40.com.au/online-store