Small Business, Smart Business: Risk Management Strategies 

Key areas of Risk - Don't get shut down because of a foreseeable event! What is Risk Management? Ultimately, Risk Management is the process of identifying and mitigating risk to ensure that the business meets expected outcomes. "No surprises!" Understanding two key areas of Risk; Financial and Non-Financial. 

How is it applicable to small business?

• As a small business, spend time in the early years thinking about risk in a structured way - don't dismiss it!
• It’s a good business practice - don't get shut down because of a foreseeable event!
• Thinking through a risk management process (Risk Management cycle - Identify, Analyze/Assess, Mitigate, Monitor & Re-Assess)
• Recording events (spreadsheet for small businesses is fine), Post Incident reviews, Root Cause Analysis