Risk Management for Business Expansion of NatureCare Products

This article discusses the risks involved in the project of establishing retail outlets in Brisbane, Sydney and Melbourne by NatureCare Products. It identifies potential risk treatment options for risks and explains how to invite team members through sending email for meeting purpose. It also covers conducting team meeting and writing minutes of meeting.

TASK 2

Table of Contents
TASK 2............................................................................................................................................1
Research about the risks involved in the project by using range of sources...............................1
Identifying potential risk treatment options for risks..................................................................1
Inviting team members through sending email for meeting purpose..........................................1
Conducting team meeting and writing minutes of meeting.........................................................2
REFERENCES................................................................................................................................4

TASK 2
Research about the risks involved in the project by using range of sources
The project being taken for establishing retail outlets in the location of Brisbane, Sydney
and Melbourne involves risk for NatureCare Products. It requires ascertaining risks and then
initiating mitigating options so that risk may be handled in a better manner (Kara & Fırat, 2018).
With regards to PESTLE analysis conducted, there are five risks that have been identified. These
are Disaster Recovery Plan, Lack of Quality Manpower, Service Quality, Lack of Operational
Infrastructure, and Cost Escalation.
These risks are being identified and need to be reduced by taking treatment options. With
political and economic factors, cost escalation may take place. Furthermore, disaster recovery
plan and service quality and operational infrastructure and manpower deficiency may be affected
by other factors (Silvius, 2018). Thus, it can be said that these risks are highlighted from range of
sources and need to be considered by NatureCare Products so that business may not face any
issue in business expansion to various locations.
Identifying potential risk treatment options for risks
Risks identified in the project of business expansion by NatureCare Products may be
reduced up to a certain extent by using initiating treatment options. Disaster recovery plan is to
be mitigated. This is required as skincare products may get harmed because storm had hit
Australia. For overcoming it, weather updates from Australia’s Bureau of Meteorology will be
taken. It will help to reinforce plans and move inventory to safer places in effective manner.
On the other hand, lack of quality manpower will be treated by offering referral incentives to
current employees to motivate them to hire desirable candidates (Schwertner, 2017). For, service
quality, agent feedback and customer feedback will be taken. While, for mitigating operational
infrastructure, re-validating of business model of NatureCare Products will be done. Lastly, cost
escalation is another risk which will be mitigated or treated by approaching to venture capitalists
and preparing budgets as well.
Inviting team members through sending email for meeting purpose
September 13, 2019
The Marketing Manager, Marketing Assistant, Sales Manager
1

NatureCare Products
Brisbane
Respected Personnel
NatureCare Products have performed well over the years. Now, it is the time for expanding to
more locations of Australia such as Brisbane, Melbourne and Sydney. It will provide large
customer base, increased profits and wide product range.
The meeting has been scheduled at our main office in Brisbane on September 18, 2019 at 10
AM. Seeking you ‘all at aforesaid date at the earliest for enhancing enterprise objectives.
Thanks All,
Yours’ Sincerely,
Operations Manager
NatureCare Products
Conducting team meeting and writing minutes of meeting
Minutes of Team Meeting, 2019, NatureCare Products
The team meeting was held on scheduled date at the main office branch in Brisbane. Meeting
was chaired by Operations Manager and there were three members in attendance.
Updates
Risk management process can be defined as identifying risks, measuring them, examine
solutions, implementing them and then monitoring results in effective manner.
Risk identified
The risks being identified by NatureCare Products are of five types. These are disaster
recovery plan, lack of quality manpower, service quality, lack of operational infrastructure and
cost escalation.
Ideas for business expansion
The ideas had been received from dignitaries and business expansion to these locations will be
fruitful for NatureCare Products for accomplishing goals.
Potential risk treatments
These are measured and examined through various aspects and treatment options will be
implemented and monitored.
Communication Skills
2

Adequate communication will be made to overcome risks in a better manner. In addition to
this, no overlapping of work will be done as proper coordination will be entertained.
3

REFERENCES
Kara, M. E., & Fırat, S. Ü. O. (2018). Sustainability, risk, and business intelligence in supply
chains. In Global Business Expansion: Concepts, Methodologies, Tools, and
Applications (pp. 1424-1461). IGI Global.
Schwertner, K. (2017). Digital transformation of business. Trakia Journal of Sciences, 15(1),
388-393.
Silvius, G. (2018). Integrating sustainability into project risk management. In Global Business
Expansion: Concepts, Methodologies, Tools, and Applications (pp. 330-352). IGI Global.
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