Risk Management for Business Expansion of NatureCare Products

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