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Business Risks You Might Not Have Thought Of..

Last updated January 2, 2013

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
shirley-mansfield-CoachSME
Shirley Mansfield
Master Business Problem Solver

When you’re ready here are four ways I can help you build your business:

1. Follow me on Twitter / LinkedIn and let me know the business challenges keeping you awake at night that you want to solve. Click here to email. Connect with me, The Business Planning Coach on Facebook and Instagram

I host the Small Business Clinic on Clubhouse every Tuesday & Thursday at 8am. Drop in and ask me & my panel of experts a question.

2. Grab a copy of my book The Grown-Up Business (paperback and Kindle). Get the tools and inspiration you need to go to the next level of wealth.

3. Work with me on your growth business to overcome the blockages, hurdles & problems that are holding you back. Join the community, email me with Let’s Get Started in the subject line or book a 30 Discovery Meeting using Calendly

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