So far we know the risk one has to take in order to pull up his or her business. Constant evolution and innovation has made business quite complex. The latest trends, technology, and disrupted market are the major changes that one has to study about in order to grow his/her business.
The brand is your Story. It’s not about the logo or the product you sell, it’s beyond that. Branding is all about the service you provide to the customer, how well you are connected to your customer is what makes you a leading brand.
This year is not easy as the covid 19 pandemic has taught all of us lessons in risk and resilience. The widespread has stunned people around the world with a magnitude unparalleled in recent history.
‘’History doesn’t repeat itself, but it often rhymes.’’
Companies have to work hard and need to ask questions about their risk management strategies going forward. Are they financially stable? Do they rely too heavily on one supplier? Are they updated with the latest technologies? And most important, will they ensure the safety and hygiene practices of their customers and employees?
Let’s capture the top risk events foresee in 2021
THE VIRUS CAUSING COVID -19 MUTATES!
The biggest risk in 2021 is that virus that causes Covid 19 is mutating which is more dangerous and spread at a faster rate than the original virus. Although the vaccine is available and treatment is on good stage but will it be effective for mutates is still a big question. If the worst-case develops it could mean millions more dead globally along with almost certain devastations of the majority of small businesses. Another problem is that many countries like the USA have not adequately repaired the supply of chain infrastructure since the 1st wave of lockdown measures. If new strain covid 19 continue to repeat the contagion -it’s no wonder to see a complete disruption of what already exists. We can be in the second phase of then, The Great Depression.
POLITICAL RISK: US-CHINA, STABILIZATION WITHOUT NORMALIZATION!
We all know the ongoing war between the US and China and it will continue clashing over the current range of issues.
Notwithstanding the shadow of the US-China relationship, one can expect India to re-evaluate its relationship with Beijing following the worst border tensions in four decades last year. As China increasingly takes the Centre stage, such re-assessment and the accompanying policy choices regarding foreign policy and national security issues, as well as those in the business, economic, and investment domains will have a significant impact on the ability of Chinese capital and technology to participate in India's economy.
Catastrophic phenomena are extending into areas that were once considered safe. With rising sea levels, hurricanes, wildfires, and windstorms, no part of the country are immune from climate change resulting in glacier melting, land sliding, flood, and earthquake.
Climate change is a huge risk –not only for the people and the planet but also for businesses. It will have a profound impact on pricing. Companies will have to build strong and different strategies to compensate for the loss of weather events.
RISK OF GETTING DISRUPTED!
You get disrupted (Competitive risk). The risk of being disrupted since the pandemic arrived has only increased. Before the pandemic, major businesses—such as retailers—were under attack from digital counterparts. After the pandemic, they were essentially annihilated. Going into 2021, its doubtful consumer habits will return to normal, even if everything else does. For that reason, the market of disruptors will continually expand.
YOU CAN'T GROW (BUSINESS GROWTH)!
With the economy bouncing back, it’s characteristic for speculators and partners to request development. But development, like remarkable returns in contributing, takes more prominent risk-taking to achieve. However many companies, have doubled-down on temporary measures in order to alter the instability of the widespread and its consequence.
Plain vanilla competition comes along (Competitive risk).
Whereas numerous companies extended their forceful methodologies in 2020, 2021 seem to bring positive thinking back to numerous pioneers trusting to pick up market share or recapture balance. Playing as well forceful, as well early, seem to lead to over-exposure of the sort we examined. . However, playing too conservative, and waiting too late, could invite other companies to enter your space—or lead teams of rivals to gang up on you.
Missing the rebound
Opportunities in core sectors, such as infrastructure (including renewable energy), manufacturing, logistics, and agriculture will be further fuelled by the growing interest in technology-enabled segments, such as edtech, fintech, mobile gaming, and eCommerce. In any case, in the midst of these enormous openings, companies will need to react to issues, such as India's advancing administrative environment around information security, restorative investigates, money related markets, and numerous other divisions; increased arrangement and security vulnerability driven by activism and turmoil; uncertainty around the antibody, public-health measures, and disease control influencing estimation; chance of defaults and insolvency caused by the need of comprehensive managing an account change and approach move towards advancement of household national champions.
It's tough, we all need to stay together with positivity in order to fight back.