Hey! It’s a great pleasure connecting once again through this blog platform.
In my most recent blog I talked about tips to make startups successful. Today I’m taking a totally different direction altogether. I would like to write something about business risks. We can look at business risks very broadly, but I will try and remain within certain limits. By risks I mean anything or situation that threatens your business and could result into business failure, loss of resources, assets, profits etc. I mean exposures to dangers that could act adversely against your business, or threaten the health, well being and survival of the enterprise. Now, the list could be endless but I guess you can easily identify the main or critical ones without losing your head. Ok?
Some people have come up with broad classifications of business risks such as strategic, financial, operational, reputational, compliance and others. These risks affect almost all types of businesses whether small or large. It is therefore advisable to have a good look at the full scope of risks that your enterprise could face. Don’t you think so? It’s better to be fully aware and covered than have regrets when you are hit by a risk you had brushed aside as relevant to only the big players or a particular industry. Isn’t it? Again, the risks could be preventable or not, internal and external, related to revenues, expenditures, quality, staffs etc. I think you are now beginning to see that this is indeed a very broad topic!
My duty now is not to write an extremely long article or a book on business risks. I will try to KISS (Keep It Short and Sweet) the subject. I will focus on the basic principles that you can use for managing any kind of business risk that you can imagine or that comes across. These are very solid principles and you can challenge me if you like. So, what are some of the best approaches or best practices in managing business risks? What are the top tips in managing business risks? What are the golden rules in enterprise risk management? How do you effectively control and manage risk in an enterprise? How do you eliminate and minimize risk in your enterprise? Let’s take a look.
In conclusion, the above are the top tips for managing business risks I thought I should share with you today. These are golden rules to effectively manage enterprise risk, and you do well to adopt them if you are not already using them. If you are already on top of all these, you could share these risk management principles with someone you know needs them. So, take care!
The Wise Entrepreneur