In business “any goal worth achieving involves an element of risk” (Karnazes n.d.) and without risks comes no reward. Previously, several solutions to Precision Chem-Dry’s management problem have been identified, such as implementing professional development for all staff, hiring a small business accountant and investing in growing social capital. All of these solutions have been identified as being beneficial to the organization, but before Precision Chem-Dry can make a choice of whether or not to implement them; they must first have a better understanding of the associated risks and rewards of each solution. The best way to understand if the reward is worth the risk for Precision Chem-Dry is to examine each solution and determine both
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Let’s start with the negatives, which include the issue of one size does not fit all, feelings of isolation, technical issues and the associated lack of management control. One major problem of professional development through e-learning is that it does not take into consideration the many different learning styles of individuals, some learn better by reading or watching while others may learn better from hands on training, hence some may find that e-learning is just taking them through the motions instead of allowing them to apply lessons to real scenarios ultimately leading them to feel isolated (Friedman, n.d.). E-learning may also bring with it technical issues, even though many may use electronic devices on a regular basis they may find the software hard to grasp and may face other issues such as slow internet speeds, and lack of device compatibility. Finally, one last risk, is that management has a lack of control over e-learning since employees are able to complete training at their own pace meaning some could fall behind, while others may skip through without paying attention (Friedman, n.d.). Despite these few risks, the benefits of implementing professional development may …show more content…
Over the last few years, business’s using social media has become a very popular way to attract new clients, but is not without its risks, these risks can include being very time consuming, attracting unwanted negative users and the possibility of losing control. On average, industry reports say that an estimated 64% of businesses spend 6hrs on growing social capital a day, meaning that other task often become neglected overtime (Gregorio, 2014). With this much time spent growing social capital organizations are bound to generate negative users who are up to no good, ultimately seeking to harm a business’s online reputation just because they can and this could make an organization lose control because anything that is published online can spread in a matter of minutes, leading to erroneous information, which can ultimately damage the reputation of the organization (Gregorio, 2014). Some may get scared away by these types of risks, but if Precision Chem-Dry can look past them they can benefit from social media’s low cost, big audience, and fast results. Most social media sites are free to join meaning that the organization will incur only the cost of its time spent spreading the word of their business which means the return on investment can pay off quite well. Since most social
Let’s start with the negatives, which include the issue of one size does not fit all, feelings of isolation, technical issues and the associated lack of management control. One major problem of professional development through e-learning is that it does not take into consideration the many different learning styles of individuals, some learn better by reading or watching while others may learn better from hands on training, hence some may find that e-learning is just taking them through the motions instead of allowing them to apply lessons to real scenarios ultimately leading them to feel isolated (Friedman, n.d.). E-learning may also bring with it technical issues, even though many may use electronic devices on a regular basis they may find the software hard to grasp and may face other issues such as slow internet speeds, and lack of device compatibility. Finally, one last risk, is that management has a lack of control over e-learning since employees are able to complete training at their own pace meaning some could fall behind, while others may skip through without paying attention (Friedman, n.d.). Despite these few risks, the benefits of implementing professional development may …show more content…
Over the last few years, business’s using social media has become a very popular way to attract new clients, but is not without its risks, these risks can include being very time consuming, attracting unwanted negative users and the possibility of losing control. On average, industry reports say that an estimated 64% of businesses spend 6hrs on growing social capital a day, meaning that other task often become neglected overtime (Gregorio, 2014). With this much time spent growing social capital organizations are bound to generate negative users who are up to no good, ultimately seeking to harm a business’s online reputation just because they can and this could make an organization lose control because anything that is published online can spread in a matter of minutes, leading to erroneous information, which can ultimately damage the reputation of the organization (Gregorio, 2014). Some may get scared away by these types of risks, but if Precision Chem-Dry can look past them they can benefit from social media’s low cost, big audience, and fast results. Most social media sites are free to join meaning that the organization will incur only the cost of its time spent spreading the word of their business which means the return on investment can pay off quite well. Since most social