Small Businesses - Manage Risk Before It Manages You

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Small Businesses - Manage Risk Before It Manages You

Entrepreneurs are usually risk-takers, but many do not actively manage the risks to their business which leaves it at the mercy of whatever unfortunate circumstance chooses to befall the business. The difference, in times of adversity, between surviving and thriving or watching your business go under, all comes down to one thing - Risk Management Planning.

Adversity for business comes in many shapes in sizes. It is usually sudden, unexpected and loaded with various, and often competing, threats that need to be dealt with - fast. It can be as dramatic as a car crashing into your store, or thieves holding customers hostage, or it can be as boring as a key supplier going out of business or your I.T. systems crashing.

How well you are prepared for any eventuality and the plans you put in place for the risks that face your small business will determine how resilient your business proves to be in adverse circumstances. That preparation is encapsulated in the Risk Management Plan.


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