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How can you effectively communicate business operations risks and opportunities to your peers?

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Business operations are the activities that enable a company to deliver value to its customers, stakeholders, and employees. They involve planning, executing, and monitoring the processes, systems, and resources that support the core functions of the business. However, business operations are not static or predictable. They face various risks and opportunities that can affect their performance, efficiency, and sustainability. Therefore, it is essential for business operations professionals to communicate these risks and opportunities effectively to their peers, as well as to other relevant parties, such as managers, clients, and suppliers. In this article, we will discuss some tips and strategies on how to do so.

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John Mc Hugh

Head of CIB Operations Control at The Standard Bank of South Africa

1 Identify the key risks and opportunities

Before you can communicate business operations risks and opportunities, you need to identify and prioritize them. This means analyzing the internal and external factors that can impact your business operations, such as market trends, customer demands, competitors, regulations, technology, and human resources. You also need to assess the likelihood and severity of each risk and opportunity, as well as the potential consequences and benefits for your business. You can use tools such as SWOT analysis, PESTLE analysis, risk matrix, or opportunity matrix to help you with this process.

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John Mc Hugh

Head of CIB Operations Control at The Standard Bank of South Africa
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When Identifying Risks and Opportunities: 1. Make use of pictures, graphs etc do not drown people in words or text. 2. Rather Point at something on the picture or graphs or model and ask a question - big Shout-out to Dr Julian Day for this insight!

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2 Choose the appropriate communication channels and formats

Once you have identified the key risks and opportunities, you need to choose the best way to communicate them to your peers. Depending on the nature, urgency, and complexity of the information, you may use different communication channels and formats, such as email, phone, video conference, report, presentation, dashboard, or infographic. You should consider the preferences and expectations of your audience, as well as the purpose and context of your communication. For example, if you want to inform your peers about a new opportunity that requires immediate action, you may use a phone call or a video conference. If you want to explain a risk that involves detailed data and analysis, you may use a report or a presentation.

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John Mc Hugh

Head of CIB Operations Control at The Standard Bank of South Africa
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Always remember the adage " A picture speaks a 1000 words". Secondly the picture/graph/model should not be over overcluttered and should be able to stand on its own. Your colleagues will remember the risk and/or opportunity far better.

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3 Use clear and concise language

When communicating business operations risks and opportunities, you should use clear and concise language that avoids jargon, ambiguity, and confusion. You should also use positive and constructive tone that conveys confidence and professionalism. You should avoid using vague or exaggerated words, such as "maybe", "probably", "very", or "huge". Instead, you should use specific and measurable words, such as "likely", "unlikely", "high", "low", "increase", or "decrease". You should also use examples, facts, and figures to support your claims and arguments.

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4 Highlight the implications and recommendations

Another important aspect of communicating business operations risks and opportunities is to highlight the implications and recommendations for your peers. This means explaining how the risks and opportunities affect your business operations goals, objectives, and strategies, as well as what actions or decisions are needed to address them. You should also provide clear and realistic options and alternatives, as well as the pros and cons of each one. You should also invite feedback and input from your peers, and acknowledge their concerns and questions.

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5 Follow up and update

Finally, after communicating business operations risks and opportunities, you should follow up and update your peers on the progress and outcomes of your communication. This means keeping them informed about the status, results, and changes of the risks and opportunities, as well as the actions or decisions taken to deal with them. You should also evaluate the effectiveness and impact of your communication, and seek feedback and suggestions for improvement. You should also document and archive your communication for future reference and learning.

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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How can you effectively communicate business operations risks and opportunities to your peers?

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3

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1 Identify the key risks and opportunities

2 Choose the appropriate communication channels and formats

3 Use clear and concise language

4 Highlight the implications and recommendations

5 Follow up and update

6 Here’s what else to consider

Business Operations

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How can you effectively communicate business operations risks and opportunities to your peers?

1

2

3

4

5

6

1 Identify the key risks and opportunities

2 Choose the appropriate communication channels and formats

3 Use clear and concise language

4 Highlight the implications and recommendations

5 Follow up and update

6 Here’s what else to consider

Business Operations

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