In today’s fast-paced and ever-changing business landscape, startups face numerous challenges that can make or break their success. With the world becoming increasingly interconnected, it is crucial for startups to risk-proof their businesses. Olatorera Balogun, an esteemed expert in International Business Innovation and Supply Chain, has emerged as a leading figure in helping startups minimize and mitigate emergencies.
As Partner/Global Operations and Supply Chain for Natavi Consulting and Investments, a renowned digital and business growth services provider, Olatorera Balogun has been instrumental in assisting organizations to identify and capitalize on new opportunities for growth and success. Her expertise lies in optimizing business operations to achieve maximum results while minimizing time, effort, expense, and risk.
The risks faced by startups can be formidable, often resulting from unpreparedness and preconceived assumptions. According to Olatorera Balogun, “The logic of assumption in every business must be tested against best practices and applicable industry standards. It requires not just planning for risks and their execution but doing so innovatively. The best risk planning is the one that is efficiently managed in terms of cost, manpower, and assets.”
One of the major challenges startups encounter is the lack of effective risk planning, which can jeopardize their continuity. Supply risk, demand risk, technology risk, financial risk, and cyber risk are prevalent during the introduction phase of a business and can have severe impacts if not adequately addressed.
Through Natavi Consulting and Investments, Olatorera Balogun aims to revolutionize the concept of risk planning for startups. By viewing risk planning as an investment, she helps clients establish cost-effective strategies to minimize potential risks based on predetermined actions. The focus is on creating preventive measures rather than relying solely on corrective actions. Olatorera Balogun states, “We seek to make organizations more preventive driven than corrective. I work with clients to establish a foundation based on an overall management system established to implement, monitor, review and improve organizational capacity to continue to deliver products or services even if faced with disruption. Our solutions are inexpensive, customizable and built for lasting impact.”
Emphasizing the evolving nature of risk planning, Olatorera Balogun notes that technology plays a pivotal role in this domain. She highlights the importance of integrating risk planning into the core competencies of organizations, stating, “Risks are blessings in disguise if a focused approach is used. The potentials therein could be harnessed. Risk appetite for startups should be systematized into a working plan, ensuring adaptability and efficiency are combined.”
One key aspect Olatorera Balogun highlights is the role of data in risk management. She asserts, “Data is a watchdog, not only for monitoring but also for highlighting potential risks and hidden unknowns. While organizations shall continue to invest in insurance policies to mitigate risks, data will continue to provide insights at much more cost-effective means.”
Olatorera Balogun stands out as a trusted advisor for startups. Her cost-effective risk-proofing strategies not only ensure business continuity but also empower organizations to navigate the challenges of a dynamic business landscape. By emphasizing preventive measures, Olatorera Balogun equips startups with the resilience and adaptability needed to thrive in the face of planned and unplanned challenges. As a trusted advisor, she paves the way for startups to achieve their full potential and secure a prosperous future.