TITLE:
Risks, Challenges and Countermeasures Faced by Beneco Futures since the Outbreak of COVID-19
AUTHORS:
Yining Wang
KEYWORDS:
Budget, Human Resources, Commission Rate
JOURNAL NAME:
iBusiness,
Vol.14 No.4,
December
1,
2022
ABSTRACT: Due to the financial uncertainty and business
development challenges after the outbreak of COVID-19, Beneco Futures is
seeking solutions to optimise its operating process and leverage its current
facilities and resources for financial sustainability. This report detailed
current problems encountered by Beneco Futures and proposes corresponding
countermeasures. This proposal also outlined and assessed the implementation
process, risks and challenges, and the social impact that may arise in the
process of implementation. The proposal analysed Beneco Futures’ core business
issues regarding human resources and financial constraints. The project development
process is conducted by design thinking and double diamond, which help identify
business challenges and outline solutions designed. The value proposition
canvas was designed to match recommendations with Beneco Futures’ pains, gains,
and jobs to be done. Recommendations were divided into three
sequent sections: find targeted candidates, entice those candidates, and
provide support to them. These recommendations aim to screen out the right
salesperson to help the company form a professional business development team
and streamline the operational process with rational budget planning and
potential funding suggestions. In the recommendation implementation process,
the enterprise can emphasise Environmental, Social, and Governance (ESG) to
covey a positive social impact, primarily the corporate social responsibility
to the public and attract attention from potential candidates and clients.
Besides value, Beneco Futures’ recruitment plan also has a social impact on
decreasing the unemployment rate and promoting economic growth. The potential
risks during the implementation include finding sales candidates, budget
overruns, fund shortages, and low retention rates. Corresponding risk
mitigation methods will be raised in the risk management assessment.