What Is Risk Management That Can Fold Your Business

What Is Risk Management

What Is Risk Management That Can Fold Your Business

Your business is at risk if you don’t have preventative measures and risk management strategies in place. Whatever business you are in, small, medium or large, there are risks that apply across the board. Being aware of the common risks small businesses are faced with will help you to be better prepared and deal with any eventualities appropriately, bearing in mind that not all risks fit perfectly into the various risk category.

Planning for the risks that will occur in your business is critical. Ensuring the safety, security and survival of your business, and safety and security of your customers and your staff is of paramount importance, because your personal & business assets, personal safety, and inventory are at risk if you don’t have preventative measures and risk management strategies in place.

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Some of the more common risks that apply to small businesses are:

Reduced demand for your products and services, financial issues like cash-flow, accessible credit, interest rates & foreign exchange rates, reputation all risk, loss of staff, especially those with unique qualities, theft, increased competition, failure to comply with legislation and regulations, increased legislation & regulations, bad debts created by customers, natural disasters such as fires, floods and storms, issues related to internet connectivity, internet fraud and scams, insurance coverage, sheer bad management, lack of business skills & innovation and unforeseen events.

Not being aware of the risks your business faces is in itself a major threat to your survival, so as a small business owner, you need to be aware of, and have contingencies put in place to prevent and manage fraud, internet fraud & scams, new suppliers and customers, cheques & credit cards, internal theft, data security, burglary, fire and storm damage, and injury to staff & customers, competition, decreased demand for your products & services and general economic downturn.

What risks do you think may be applicable to your business? It would be a good idea if you could list and describe how these various risks will or could affect your business.

Each business has its own individual risks in addition to the general risks that apply to businesses in general, depending on the industry and the business model, so learning about your individual risk, and having a risk assessment conducted for your business is paramount. This will ensure your survival, growth and success.

Find out how you can manage your business risk here.

Throughout June and July we will be holding 1 Day Training Courses for Small Businesses at the Dugdale Centre in Enfield. Places are limited. Book your place now!

Risk Management – 15th June £197
Crisis Management – 22nd June £197
Business Forecasting – 29th June £197
Cash-flow Management – 6th July £197
Key Performance Indicators – 13th July £197

Good Luck with your business