Several experts have expressed concerns about an increase in insolvency risk in 2012, even in the Asian Pacific region, which is experiencing a GDP growth almost twice as high as the global average. This needs to serve as a warning to all directors and managers even if they are reasonably safe from a potential insolvency situation. Great losses in revenue can be incurred by not having appropriate risk management and due diligence strategies.
Dr Kathleen Taylor is a world-renowned professor and speaker with a specialty in adult learning. At a recent event organized by the Australian Institute of Company Directors, she made the following simple but true statement:
-The brain cannot imagine what it has never experienced or seen.
The Asian Pacific region is experiencing some very rapid changes and business leaders are now frequently faced with situations that they could not imagine, having ever experienced or seen before. In my experience, this applies to leaders of all ages and to organisations of all different sizes says Peter Karlsson. The Asian Pacific region will continue to undergo rapid change and see a dramatic increase in competition in the years to come. This is why there is a need for better risk management and due diligence strategies asserts Peter Karlsson.
A deeper and broader analysis of potential risks needs to be carried out before any important new project is carried out. It is very important to involve people with the right experience and skill set in this analysis according to Peter Karlsson. Simple things such as doing a deeper competitor or market analysis can now make or break a project that would have definitely succeeded previously. Performing a much deeper analysis of people that you are about to do business with is also becoming much more important in the Asian Pacific region.
Peter Karlsson is the Managing Director of Sydney based consulting firm Profits And People and is a member of the Australian Institute of Company Directors. He has been involved with risk management, market expansion and business growth projects in the Asian Pacific region for 23 years.
Profits And People is a boutique Business Growth and Market Expansion Consulting firm supporting organisations to increase their growth and profitability in Australia and Asia. We are based in Sydney and have 23 years experience in the Asian pacific region working across several different industries from IT and Manufacturing to Medtech / Pharma and Healthcare. Profits And People work with large Multinational Organisations as well as SMEs. We support organisations through their entire lifecycle providing dynamic and innovative consulting solutions in a world that is constantly changing. Profits And People help organisations taking advantage of global changes rather than being a victim of them through a strong understanding of People, Culture Process and Systems.