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Risk in business can be rewarded with huge financial benefits or it can result in incredible losses. An analysis can give you a better idea of the different outcomes that may occur, but there is no way to completely mitigate the possibility of loss. Business owners often speak with a professional about their risk financing needs before proceeding. It is important to use a good assessment strategy.
Types of Risk
A risk typically takes place internally or externally to business operations. Internal risks include marketing, workforce and financial risks which are factors that the business can somewhat control. External risks include natural disasters, government regulations, changes in the economy and other factors that are not within the power of the company to control.
Risk Assessment
Every business should conduct a risk assessment. Identify the areas of potential risk in your company and list the potential positive and negative outcomes. Weigh the outcomes of the possible gains vs. losses of each risk. Identify your company’s goals and objectives and consider the rewards that may result from the risk. Assess the ability to financially recover possible losses. Set plans in place as a backup in case of loss.
Team Effort
You may need help from others on your team. Have a meeting to discuss goals and objectives along with risk and loss mitigation. Select someone with a keen eye for detail that can help to monitor risks. This person should have expert level research and analysis skills, and should be a trustworthy individual that can be counted on. Give clear instructions on the process for recording and documentation. Clear processes and procedures will help the team to deal with issues that may arise.
Review of Impact
Schedule a yearly review for the impact of risks that have occurred in the company. Analyze the impact of risks that have taken place and examine financial patterns that have occurred. Determine if there are methods that can be used to reduce risks in the following year based on the outcome of the previous year.
Risk assessments are a vital component of running a company. After a thorough analysis, you will have a better idea of how to reduce the probability of loss and you will be able to make more informed financial decisions for your business. You will have a clear picture of the situations that need to be avoided or dealt with and you will be better equipped to make the right decisions to protect your company.
