66.8% of Surveyees Face Financial Risks in their Business: Reports GoodFirms’ Latest Survey

“SWOT and PESTEL Analysis are top tools for strategic planning and risk identification”

GoodFirms, a globally renowned research, ratings, and reviews platform, recently released its new research report- titled: “Turning a Loss Into a Strategic Gain – Top Tips from Top B2B Experts” that attempts to collect the top tips from B2B industry experts to help businesses turn their losses into gains.

The research highlights how business owners can overcome the challenges of financial instability, recover the losses and revitalize their businesses by restructuring and adapting strategic innovations. Businesses can fortify their own business models by attempting root-cause analysis, crafting strategic plans to thrive in the future.

The survey identifies the types of strategic risks faced by businesses. 66.8% organizations reported facing financial risks currently. Other risks reported by surveyees include: competitive risks (53.6%), technological risks (47.5%), employee turnover risks (31.2%), economic risks (29.3%) , operational risks (18.4%), regulatory risks (17.7%), etc.

Further, the research survey focused on finding the strategic planning methods and risk identification tools that they utilize. SWOT analysis (77.8%), PESTEL analysis (53.8%), scenario planning (35.4%), porter’s five forces analysis (24.8%), growth-share matrix (16.3%) emerged as the top tools for strategic planning and risk identification.

Losses are ubiquitous and, many times, unavoidable. However, with strategic plans and tools, businesses can lower the intensity of losses and setbacks, says GoodFirms.

The survey also reveals that financial loss (41.5%) and loss in the market share (37.5%) are the most common types of losses that businesses face apart from supplier-related losses, theft/frauds, cybercrime, broken deals/agreements, loss of skilled employees, reputational loss and legal setback.

“While losses are inevitable and are part of business life, many organizations have shown tremendous resilience to losses and have recovered from their lows in an exemplary manner”(GoodFirms)

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GoodFirms research further unlocks the top tips from B2B experts to turn losses into gains. Accurate budget planning, maintaining operating costs, learning from mistakes, implementing B2B sales technologies, focusing on lead generation and conversion, hiring the right employees, adaptability and perseverance, boosting vendor relationships, choosing effective digital marketing channels, analyzing outcomes, etc. are the top tips provided by various business leaders and B2B experts.

Research also highlights the other measures that can expedite strategic turnarounds: strategy planning, using KPIs/benchmarks for performance levels, keeping an eye on the rivals, practicing corporate social responsibilities (CSR), reducing waste generation, hosting social media marketing and advertising etc.

GoodFirms concludes that businesses can overcome crises by having a clear mission, vision, and values. Furthermore, businesses should have a plan in place to handle the unpredictable situations and adapt to changes in the market to enhance efficiency and profitability. The tips mentioned in the research may sound familiar but the best results may only be accomplished by combining, applying, and experimenting with them.

Key Findings:

• The best ally for business is technology; with changes like machine learning and AI, the B2B environment is becoming customer-centric.
• Evaluating the strategic plan regularly to know the outcomes correspond to the intended business objectives.
• The key to keeping all of the expenses restrained is a budget.
• To maximize revenues, business executives must analyze all cost-cutting measures and comprehend in order to do it.
• Building team members’ collaboration to achieve business goals is one of the first steps in enhancing profitability.
• Businesses and teams can enhance productivity and overall performance when often observing and working to improve the outcomes of B2B sales KPIs.

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