Understanding BIZ202 the business environment enables the identification of threats to a business. Fundamentally, the various internal and external factors that directly or indirectly influence the operations of a business form the business environment. Some of these factors may be within the control of a business. However, most of these factors are not within the control of a business. Therefore, a business needs to adapt to minimize the impact of changes in these factors. Additionally, the business environment helps in acquiring useful resources, planning, and improving the overall profitability of a business.
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IMPORTANCE OF UNDERSTANDING BIZ202 THE BUSINESS ENVIRONMENT
Primarily, understanding BIZ202 the business environment enables a business to know its advantages and limitations. Consequently, this makes it easier to choose a better positioning and plan for the long-term operations of a business. Moreover, understanding the business environment helps to identify the threats to a business. This allows the business to determine the direction that it should head towards to remain relevant in the market. Similarly, it allows a company to identify and explore new opportunities. Resultantly, this enables a company to adapt accordingly and grow.
WAYS OF MANAGING THE THREATS TO A BUSINESS
Various strategies help to manage the threats to a business. A company should select the right business insurance that matches the weight of its risk factors. This allows the company to focus on its business affairs and transfer some of its risk to the insurance company. Additionally, a company needs to train its employees. This ensures efficiency in the operations of a business and ensures quality service. Moreover, employees need to learn how to anticipate and mitigate risks to the business. Through understanding BIZ202 the business environment, a company should come up with a business structure that limits liability.
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