- How to Start a Business
- Developing Your Business
- Managing finances and tax
- Employing & Managing
- When Things Go Wrong
- Moving On
Managing risk in your business
Running a business can present you with many different types of risk. Risks are events or circumstances which have a negative effect on your business. Some of these potential hazards can destroy a business, while others can cause serious damage that can be costly and time consuming to repair. Despite the risks implicit in doing business, and no matter the size of your business business you can prepare for these risks if you know what they are.
If and when risk becomes reality, if you are a well-prepared business you can moderate the risk's impact. Dollar losses, lost time and productivity and the negative impact on customers can all be minimized.
Four tips to manage risk in your business
- Learn how to identify, assess and manage risks
- Make risk management an active part of your business
- Learn how to deal with risks before and as they occur, so you can minimise losses
- Collect information about potential risks so you can make informed decisions.