Running a small business carries with it a lot of risks and rewards. The best way to mitigate those risks is by identifying what they are so you can tackle them head-on. An infographic by bizprac points out 10 ways your business could be at risk — so take a look at each below.
In the bizprac infographic titled, “10 Ways Your Business Could be at Risk,” the company says, “There are various factors that could have adverse effects on a business’ profitability, security, and stability and it should be the goal of every business owner to identify these risks.”
One way to make the identification of said risk easier it to have a risk management system in place. Whether you are embarking on a new venture or you have an established business, risk management is essential to ensure the long-term viability of your enterprise.
As part of your overall plan, risk management must be included in order to understand the potential risks your business might/will eventually face. When you understand what the risks are, you give your business the best chance to succeed.
Top Small Business Risks
The 2018 data (PDF) by the Small Business Administration…
