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A Valuable Lesson All Executives Can Learn From The Service Industry


{#/pub/images/RiskManagement.jpg}How do we manage risk while pushing our organization to maximize performance without any significant impact on customer service and product quality?  This is a common concern voiced by executives and business leaders across all industries.  Essentially, how do we put systems and specifications in place to supply consistent deliverables, at a controlled cost. The Service Industry, however, is one industry where this concern is greatly magnified because “deliverable” is tied to milestone completion rather than the delivery of a specific product; budget and resource management become the primary risk management variables.  This article identifies fundamental risk management strategies used in the service industry that can be implemented across other industries as well. 


Why are these risk management strategies important to all executives? 

Because they broaden the view of risk beyond traditional areas that have standards and controls.  Executives who can manage multi-variable risk increase their ability to innovate, move forward quickly &  overcome business challenges because they are able to manage the componenets of risk within their investments, not only the consistency of the end result.  Interestingly, managing risk variables is addressed by investment firms as they evaluate target companies or consider additional investment in existing portfolios.  But company leaders often neglect to manage risk outside of traditional product deliverables.  Consider invesments in your own organziation.  Initial strategies and payback calcutions may tell a compelling story to invest, but are you doing everything you can to manage your investment risk throughout the progressive milestone process?  The service industry uses risk management processes that take this into account.  The more you learn about them, the more you can expect from your team, and the more confidence you will have in your ongoing investement decisions.


A Valuable Lesson All Executives Can Lean From the Service Industry (read full story)


{#/pub/images/DavidShafferPhoto.jpg}Written by David Shaffer, Business Advisor & Executive Coach, David Shaffer Consulting LLC   Recognized for his ability to effectively integrate all aspects of business including financial management, information systems, infrastructure, sales management, sales strategies and operations. David assists companies from executive strategic planning through operational and business process improvement opportunities to the selection and integration of Management Information Systems solutions. He also supports Private Equity firms in due diligence activities extending from strategic planning into leadership development and CEO mentoring. His range of company support includes start up through fortune 500.


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