ILO:
H1 Business skills
Consideration of all key factors and alternative approaches.
Consideration of risk (legal, reputation, financial) when making final recommendations/judgements.
H1 Business skills
Consideration of all key factors and alternative approaches.
Consideration of risk (legal, reputation, financial) when making final recommendations/judgements.
Measuring and Analysis of Risks
Legal - a business would need to meet any legislation, regardless of the implications if it wishes to operate in the UK. Failure to do so can harm the firms reputation and the business may face fines, or owners even jail.
Reputation - this is needed to support the brand image and broad differentiation. How the business develops its 7P's in response to its external environment will determine the quality of a firms reputation among customers. This is often needed for L/T success.
Financial - there are numerous laws associated to VAT, wages, pensions, NIC, corporation tax etc. These can all add to the costs of a business which they need to be aware of. For any business taking on a new venture, the associated start up costs can put a strain on cash flow and lead to liquidity problems if finance is not appropriately secured prior to the investment and various 'what if' scenarios not considered.
Reputation - this is needed to support the brand image and broad differentiation. How the business develops its 7P's in response to its external environment will determine the quality of a firms reputation among customers. This is often needed for L/T success.
Financial - there are numerous laws associated to VAT, wages, pensions, NIC, corporation tax etc. These can all add to the costs of a business which they need to be aware of. For any business taking on a new venture, the associated start up costs can put a strain on cash flow and lead to liquidity problems if finance is not appropriately secured prior to the investment and various 'what if' scenarios not considered.
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