Whether you are a large corporation or a small business shop, one thing that is constant in any business is the implementation of strategies and planning. Good planning is needed in every new problem faced by a business requires management to modify the strategy, as well as in every new growth step needs execution. Every strategy or plan is implemented with the confidence that it will take the business forward. But unfortunately, even if you have planned everything well, problems still occur and disasters still happen. In other words, our business is always “at risk.”
At some point, your small business faces the issue of risk. First of all, what is risk? Risk is inherent in almost everything we do in this fallen world in which we live.
Some owners seek for small business advice so that will do well to consider business risk and its effect. That’s because in addressing our potential to fail we can minimize the likelihood of such failure. However, stalling over the presence of risk can be as deadly as ignoring risks. Therefore, it is the balanced approach that wins.
Like any small business entity, arguably your biggest risk is the financial risk. That is the reason why financial risk assessment is so important for your business.