Small business owners and organisations take risks every day. But if you put too much at stake, your business bottom line could suffer.
What is a risk analysis in business?
A risk is a situation that can either have huge benefits or cause serious damage to a business’s financial health. Sometimes a risk can result in the closure of a business. Before taking risks at your business, you should conduct a risk analysis.
A risk assessment for small business is a strategy that measures the potential outcomes of a risk. The assessment helps you make smart business decisions and avoid financial issues.
Conducting a business risk assessment will provide a business, organisation, or a group of organisations, with an understanding of the risks, including the severity of each risk, and they will explore solutions to reduce the impact of these risks which include..
- What is the current structure of your business?
- What systems are you using? What does the industry use?
- Key markers for employees and staff
- EBIIT/ EBITDA /Earnings, Are you profitable
- Evaluation of Business Risk
- Timing. Is your business sale ready
To make sure your decisions are sound, conduct a risk analysis for your small business contact Tim McCauley for a complementary 1 hour consultation.
