Risk assessment
A risk assessment enables an organisation, or a group of organisations, to identify risks, the severity of each risk, and to explore solutions to reduce the impact of risks. Conducting a risk assessment will also give you the chance to ensure that the benefits of the project merit the risk incurred. In some cases the risks may be too high and the consortium development will be stopped.
While risks vary according to the work of particular consortium there are some frequent risks you should consider include:
- Failure to win contracts or fund the consortium
- Poor performance against contract requirements
- Damage to credibility of individual organisations or the local sector as a whole
- Lack of cohesion between members
- Lack of commitment from members
- Failure to meet members’ expectations, for example, insufficient returns for the time invested
Business plan
Your Business Plan should explain where the consortium is now, where it wants to be in the future and how it plans to get there in the future. It will bring all of your planning together into a single document.
Support for business planning
If you’re not sure how to create a business plan, our group support team is here to help.