Managing Risk for Better Business
A key objective of a Business Centre like Living Workspace must be to provide business owners and executives with options to minimise risk, where risk can have many dimensions. Such dimensions might include threatening financial reserves, through excessive expenditure on non revenue producing activities (eg office accommodation) or long duration financial commitment contracts, where circumstances may change well before the contract term expires. Another may flow from over allocation of time to non revenue producing activities, rather than core business activies – an opportunity cost of time and effort not spent productively. Hence the potential benefit of utilising a Business Centre to provide office or meeting room facilities only when actually needed. Or perhaps making do with a Virtual Office facility for business address registration. A Virtual Office address may even enable a more prestigious address for the business than would otherwise be financially sensible. A little time devoted to risk minimisation may be smart business.