Business Risks You Might Not Have Thought Of..

Your business is running risks every day.

But the majority of business owner paid only passing attention to identifying or managing business risks.

Businesses should have a risk log which details:

1. What is the business risk
2. The likelihood of it happening
3. The scale of impact on the business when it happens and
4. What you will do to mitigate the risk.

Once you have assessed and completed the risk audit and log – don’t throw it in a draw and forget about it. The risk log requires a regular review and updating. It’s one of your directorial responsibilities.

Along with the normal ‘the factory burns down’ here are 10 business risks that you might not have thought of.

1. A lottery win by a key member of staff or worse still a syndicate of employees
2. You forget to renew your domain name and some else buys it
3. Your telephone company digs up the phone and broadband lines
4. Your supplier’s factory burns down so you can’t get stock
5. Your accountant forgets to file your year-end accounts
6. You are overwhelmed with new business
7. Several clients go bust owing you money in the same month
8. You are ‘hacked’
9. Birds or bats nesting in a crucial place in the premises
10. Commodities prices or exchange rates move against you