10 business risks to consider
The one-year anniversary of the first attack on the U.S. Capitol in two centuries passed in silence Thursday as differences between congressional Democrats and Republicans about the deadly riot were on stark display.VOA January 6
As we settle back behind our desks or don smart shirts for Zoom meetings, what do the business soothsayers see as the biggest risks for 2022? Tom Standage, editor of The Economist’s The World Ahead and Forbes have identified the key ones. Have you downloaded your free, 21-day trial of Forecast 5, the best budgeting and forecasting program, so you can crunch the numbers, swiftly and accurately, while you read on?
What’s in your crystal ball?
Democracy vs autocracy
Whose system works best: America’s or China’s? As President Joe Biden tries to rally the free world under the flag of democracy, his dysfunctional, divided country is a poor advertisement for its merits.
Pandemic
New antiviral pills, improved antibody treatments and more vaccines are coming. Will Covid-19 become another endemic diseases that afflicts the poor but not the rich? South Africa’s superb analytical skills say omnicron is significantly less severe.
Inflation
Central bankers say it’s temporary, but not everyone believes them. Britain is at particular risk of stagflation, due to post-Brexit labour shortages and its dependence on expensive natural gas.
Work
More people are likely to spend more days working from home. How many days, and which ones? Will women, keener to stay home, lose out at work? How to tax and monitor remote workers.
Tech. giants
The West has failed to rein them in: China wants them to focus on “deep tech” that provides geostrategic advantage, not frivolities like games and shopping.
Data breaches
Spirion CEO Kevin Coppins said that “The biggest risk companies will face in the coming year is the risk of having their data breached. Organizations for years have said ‘it’s not if you’ll be breached, it’s when’.”
Crypto
Like all disruptive technologies, cryptocurrencies are being domesticated as regulators tighten rules. And rates are fluctuating right now.
Skills’ shortage
According to Kim Pope, CEO of WilsonHCG, a talent acquisition company, severe skills shortages aren’t reserved for certain industries – almost all sectors are experiencing them. And changing candidate and employee expectations, rising inflation and a record number of job openings are only exacerbating the situation.
Travel
Business travel, which subsidises cheap leisure travel, looks to halve. And Covid restrictions are putting people off.
No innovation
Harel Tayeb, CEO of Kryon, a robotic process automation company. said, “The biggest risk companies face in 2022 is failure to keep innovating. Even the most successful company that owns the market share in its industry will run into problems if it coasts on its achievements.
While (track)suits breeze through budgets and 2022 forecasts with Forecast 5, Johnny and Juliet Kipps are sailing across the Atlantic on Invictus, part of the 35-boat January ARC, the owner-skippered rally from Las Palmas to La Lucia. On Friday they were lying 9th overall and 7th in the cruiser category and had sailed 86 nautical miles the previous day. While they are on the ocean wave, the Forecast 5 team are standing by to do webinars, answer questions and solve problems at support@forecast5.com.