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• eBook-Kapitel aus dem Buch Risk Management Practices of SMEs

  Questionnaire Results

  Thomas Henschel

  …95 4 Questionnaire Results 4.1 Introduction As pointed out in the literature review (see Chapter 2), there is little knowl- edge about the state… …the comparison of the results with what was reviewed in Chapter 2, the results are structured in the same way as the literature review. After that, the… …to 50m Euros) 71 28.5% 14 21.5% 85 27.1% Large (more than 50m Euros) 5 2.0% 2 3.1% 7 2.2% No statement 11 4.4% 10 15.4% 21 6.7% Total14 249 100.0% 65… …Time Horizon (Q 1.7b) Total Rank Components Budgeted profit statement 147 47.0% 1 Cash budget 100 31.9% 2 Budgeted balance sheet 42 13.4% 4 Master… …budget 88 28.1% 3 Other planning 17 5.4% 6 No statement 35 11.2% 5 Total 313 100.0% Time horizon 1 year 64 23.2% 2 2 to 3 years 146 52.9% 1 4 years or more… …budget was found only in 28% of the surveyed SMEs. The time horizon of long-term business planning is rather short (1 to 2 years), being typical for SMEs… …74 24.0% 2 Not planned 38 12.3% 3 Total 308 100.0% The number of enterprises having established an early warning system (or at least planning to… …. Total Rk. Components Budgeted profit statement 7 31.8% 78 43.8% 51 60.0% 3 42.9% 8 38.1% 147 47.0% 1 Cash budget 8 36.4% 57 32.0% 26 30.6% 2 28.6% 7… …33.3% 100 31.9% 2 Budgeted balance sheet 0 0.0% 28 15.7% 10 11.8% 1 14.3% 3 14.3% 42 13.4% 4 Master budget 5 22.7% 55 30.9% 21 24.7% 1 14.3% 6 28.6% 88… …28.1% 3 Other planning 1 4.5% 9 5.1% 5 5.9% 1 14.3% 1 4.8% 17 5.4% 6 No statement 6 27.3% 16 9.0% 8 9.4% 2 28.6% 3 14.3% 35 11.2% 5 Total 22 100.0% 178…

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• eBook-Kapitel aus dem Buch Risk Management Practices of SMEs

  Interview Results

  Thomas Henschel

  …249 employees) 10 26.3% Large (250 to 499 employees) 9 23.7% Very large (500 and more employees) 2 5.3% Total 38 100.0% Industrial sector (I 1.4)… …literature (De, 2005, p. 149). Class #1 (0–4 years) contains start-up firms. Classes #2 (5–9 years) and #3 (10–19 years) cover growing firms, while class #4… …Getting better 2 5.3% Static 16 42.1% Getting worse 20 52.6% Total 38 100.0% Relationship to competitors (I 2.1.2) Getting better 0 0.0% Static 19 50.0%… …technology (I 2.2.1) Is mature 29 76.3% Can be improved 7 18.4% Just introduced 2 5.3% Total 38 100.0% State of product (I 2.2.2) Is mature 25 65.8% Can be… …11 45.8% 11 78.6% 22 57.9% 2 Budgeted balance sheet 2 8.3% 6 42.9% 8 21.1% 3 Master budget 5 20.8% 3 21.4% 8 21.1% 3 Total 24 100.0% 14 100.0% 38… …100.0% Time horizon 1 year 13 54.2% 3 21.4% 16 42.1% 1 2 to 3 years 7 29.2% 5 35.7% 12 31.6% 2 4 years or more 3 12.5% 6 42.9% 9 23.7% 3 No statement 1… …positive pay-off.” Another owner-manager who faced scarce liquidity claimed: No. 2 (micro trade firm, master craftsman): “In the short term we could solve… …time horizon. We were asked to establish a more detailed business planning for the next 2 to 3 years.” 5.2 Analysis of Quantitative Results 157 One… …Forecasting methods 1 7.7% 4 66.7% 9 56.3% 3 100.0% 17 44.7% 2 What-if analysis 0 0.0% 2 33.3% 3 18.8% 2 66.7% 7 18.4% 3 Scenario analysis 3 23.1% 2 33.3% 11… …fixed. Eight weeks ago objectives have been fixed and derived from the company’s strategy. To implement the BSC we calculate with a duration of 1 to 2…

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• eBook-Kapitel aus dem Buch Risk Management Practices of SMEs

  Types of Risk Management Practices Derived from Questionnaire and Interview Scoring

  Thomas Henschel

  …Type Scoring Patterns Pattern 1 Low Low Low Low Low Pattern 2 Moderate Low Low Low Low Pattern 3 Low Low Moderate Low Low Pattern 4 Low Low Low Low… …Low Moderate Low Low Pattern 2 Moderate Low Moderate Moderate Low Pattern 3 Moderate Moderate Moderate Low Low Pattern 4 Moderate Low Moderate Low… …exist at all. The time horizon is generally between 2 and 3 years. Short-term (less than one year) business planning and liquidity planning is carried out… …project risk consolidation. Examples of Analyser Type Scoring Patterns Pattern 1 High Low Moderate Low Low Pattern 2 High Moderate Moderate Low Low Pattern… …once a month. The risk monitoring horizon concentrates on a period of up to 2 years. Analysers clearly have the longest risk forecast from all risk types… …40.2% 2 Defender/Prospector M M M L 24 11.0% 51.1% 3 Analyser H L M L 21 9.6% 60.7% 4 Defender/Prospector H L L L 13 5.9% 66.7% 5 Analyser H M M L 12 5.5%… …Defender/Prospector H M L L 3 1.4% 90.9% 12 Reactor L M M L 2 0.9% 91.8% 16 Analyser M M H M 2 0.9% 92.7% 16 Defender/Prospector M H M L 2 0.9% 93.6% 16 Analyser M H H… …L 2 0.9% 94.5% 16 Analyser H L H M 2 0.9% 95.4% 16 Analyser H M M M 2 0.9% 96.3% 16 Analyser H M H L 2 0.9% 97.3% 16 Pattern not evaluated 6*1 6*0.5%… …management organization has few for- mal regulations. Rank 2 with a share of 15.1% is occupied by the pattern (M, L, L, L) and also viewed as reactor type… …manage- ment Fre- quen- cy Percent- age Cumu- lative percent- age Rk. Defender/Prospector M L M L M 34 20.5% 20.5% 1 Reactor M L L L M 18 10.8% 31.3% 2…

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• eBook-Kapitel aus dem Buch Risk Management Practices of SMEs

  Research Methodology and Research Design

  Thomas Henschel

  …promising. On the one hand, the literature review (Chapter 2) has shown, that most published data concern rather large firms than SMEs. One the other hand… …. 3.2 Research Questions 71 3.2 Research Questions In a similar way to the structure of the literature review (Chapter 2), the re- search questions are… …influenced risk management practices in the main industries of German SMEs? 2. What are the methods and techniques used in the various steps of the risk… …factors 2. What are the methods and tech- niques used in the steps of the risk man- agement process? To inquire the formal techniques of risk management… …the risk management process been linked to the business plan- ning? Risk management process 2. What are the methods and techniques used in the steps of… …the risk management process? Part 2 (Questions 2.1 to 2.9): “Organization of risk management in your business” Risk management organization 3. How is… …business management faculty Germany 1 professor Ernst & Young LLP, Edinburgh business risk consulting UK 2 partner, manager Ernst & Young Deutsche… …Allgemeine Treuhand AG, Düsseldorf and Leipzig risk management services Germany 2 partner, senior manager Deutsche Gesellschaft für Mittelstandsberatung… …500,000 349,435 270,775 500,000 – 1 million 229,728 189,732 Micro (less than 2 million Euros) 1 – 2 million 139,597 2,766,120 119,197 1,963,638 2 – 5… …million 90,936 78,604 Small (from 2 to less than 10 million Euros) 5 – 10 million 32,958 123,894 28,809 107,413 10 – 25 million 20,990 18,525 Medium…

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• eBook-Kapitel aus dem Buch Risk Management Practices of SMEs

  Introduction

  Thomas Henschel

  …unemployment the employment function of Introduction 2 SMEs becomes one of the main supporting columns of the national economy. Over 80% of the dual… …internal control system, so that developments which put at risk the continuing existence of the company can be identified at an early date.” (§ 91 para. 2… …. 2 AktG, should a claim for damages arise any breach of this duty of organization can lead to a sharply increased situation of liability. If no… …their annual audit as to “whether the board of directors has fulfilled the measures incumbent upon them under § 91 para. 2 of the AktG in a suit- able… …. ___________________ 2 For a detailed summary and delimitation of the terms for risk applied in literature on management studies see Kessler (2000, p. 40)… …Subclass Number ofemployees Annual turnover (million Euros) Balance sheet total (million Euros) Micro firm < 10 � 2 � 2 Small firm < 50 � 10 � 10… …thresholds for annual turnover and balance sheet total is met. 2. The “legal independence criterion” must be fulfilled: A maximum of 25 percent is owned by… …2) was necessary. The literature analysis has indicated that a risk management being practicable for SMEs must give particular attention to the… …. Chapter 2: Literature Review The second chapter reviews the literature dealing with the topics that, in the author’s opinion, make up a holistic risk…

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• eBook-Kapitel aus dem Buch Risk Management Practices of SMEs

  Literature Review

  Thomas Henschel

  …21 2 Literature Review This chapter assembles literature on various aspects of risk management which together may constitute a comprehensive… …Research focus Key findings Management Techniques and Decision Tendencies 1. Frese et al. (2000) 2. van Gelderen et al. (2000) Action strategies and… …prior to failure. 2. Berens et al. (2005) 3. Flacke/Siemes (2005) 4. Dahms/Siemes (2005) Joint research project in managerial accounting practices of… …being suitable for enterprises of any size. 2. Geiger/Hermann (2003) Balanced Scorecard in SMEs: Research project with 15 SMEs to develop and to im-…

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• eBook-Kapitel aus dem Buch Risk Management Practices of SMEs

  Practical Implications

  Thomas Henschel

  …: worst case, base 1. Number 2. Risk description 3. Risk type: financial, operational, organizational and management risks; external/internal and… …assessment 1. Number 2. Risk description 3. Risk type: financial operational, organizational and management risks; external/internal and…