The tools that are available to assess and analyze risks in an organization

Whoever said that risks can be totally eliminated has never been disillusioned ever. Risks are imminent whether we are talking about our personal lives or professional ones. It is easy to say that a life without risks would even be boring because then we would have no fun in conquering our weaknesses and proving ourselves each time.

There are a lot of tools that are devised to assess risks in management as well as the personal setting. The most popular one is called the SWOT test. The acronym stands for Strength, Weaknesses, Opportunities, and threats.

A detailed analysis of your corporate status according to the SWOT matrix can tell you a lot about your company. It is a real test but a lot depends on the way the test is approached. Because the test is a self-approached, there are chances that some of the strengths and opportunities are overbearingly given importance and the weaknesses and the threats are not properly addressed. With time and practice, the skill to assess according to the SWOT format also improves.

It is important to be realistic rather than be an escapist:

There is no point really in having a flattering SWOT analysis because it defeats the purpose of actually taking this exercise. The test is to determine not just how good the strength of the company is but also to determine its weaknesses and the threats.

Albert S Humphrey is universally believed to be the father of this test. The test is also widely used as an ice-breaking tool in any organization or meeting and is a way to warm up the members of a group. At the corporate level, this is a serious strategizing tool to assess the risks that are prevalent in a particular industry.

SWOT can also help become better than competitors:

Identifying the company’s strengths and weaknesses is a natural progression towards self-awareness and can help in eliminating competitors. It is a powerful tool to distinguish yourself from other competitors and helping you gain a foothold in the areas where they lack.

Apart from this test, there is also another test called the PEST analysis which stands for the political, economic, social and technological analysis. This is more analytical than SWOT however it has not surpassed the former in popularity.

The SWOT test is sometimes referred to as the internal-external test also because the strength and the weaknesses are more often the internal factors whereas the opportunities and threats are mostly the external ones. For this reason, the SWOT matrix is also referred to as the IE matrix.



Payment Platform And Its Business Implications

When we are associated with a business and we have taken it to the online level there are many challenges we may face every day. One important such challenge can be the way we regulate the payment dealings. Making them safe and authorized is the best way to deal in online cash transfers.

But, how do we choose the best such company which can be our secure and convenient financial partner? There are a number of financial services which are readily available as these days this feature has become very popular. We can closely take a look at the functionalities of a payment gateway and choose from it.

The considerations to choose the best payment gateway are:

  1. Encryption standards: when a customer uses your online cash transfer method, he will have to disclose his bank credentials without any problem, and your payment mode should ensure encryption of data so that this information is not breached out at any time. The first important thing to be considered is the safety of the customer.
  2. Modern or classic. You need to decide if you need a modern or classic payment gateway. The classic one requires you to have a direct merchant account but a modern one doesn’t require this method. Both are beneficial and you can choose upon your need.
  3. Speed: different options of payment gateways have different speed of operation. Some follow many steps to get the transaction complete and take up to 2 days, but some are quicker. So choose the one which best suits your business the best way
  4. Compatibility: some payment gateways require some unique technology improvement to your entire website but some may be easily compatible, choose the one which is more economical and suits your business dealings.
  5. Fraud detection and security: there is a basic check of authenticity required which is very crucial in any business contract. Go to the providers with this facility.
  6. Reporting features: getting a clear and detailed review of your transaction history when required by the merchants should be possible. A payment gateway in such manner is essential for our business to be clear in all ways.
  7. Costs and fees: a feature which suits our business well and also doesn’t involve huge fees and costs can be considered a very effective and helpful one. And most importantly they should have a free set up options and complete trial run facility so that we can be assured of an easy service throughout the use of such systems.

The above guidelines can be very easy to follow and to be kept in mind while choosing the best payment gateway as required by you.