Risk Management

By: A Staff Writer

Updated on: Oct 23, 2024

Play the ‘What If?’ Game 🔮

Hoping for the best isn’t a strategy. Smart businesses identify and mitigate risks BEFORE disaster strikes.

• Brainstorm the Bad Stuff: Economic downturn, supply chain woes, competitor moves…get creative!
• Likelihood AND Impact: Not all risks are equal. Prioritize those most damaging, even if less probable.
• Prevention is Cheaper Than Cure: Investing in cybersecurity is wise, but so is staff training to avoid breaches.
• Insurance Matters: Professional liability, business interruption…a good broker is vital, especially in niche industries.
• Have a Plan B: Documented response protocols minimize chaos and bad decisions if a crisis DOES hit.
• Evolve as You Do: Revisit your risk assessment as your business grows, new threats will emerge.

Proactive risk management builds resilience and protects all you’ve worked so hard to build.