Understand the hidden risks in your business
Helping you manage and reduce risk.
A large part of managing and growing a business is managing the risks that surface. As a consequence they can come in many forms and affect all parts of your business. Some are more obvious than others which is why we have a process we take businesses through to make sure they know what risks are associated with their business, and how they should deal with them:
1. Identify risks: What could adversely affect your business?
2. Prioritise risks: Which risks would have the greatest impact? Which risks have a higher likelihood of occurrence?
3. Document risks: Clearly document your risk management priorities
4. Decide on actions required: Define the strategies to reduce and mitigate your risks
5. Implement strategies: Assist in the implementation of risk mitigation strategies
6. Monitor risks: Review your Management Plan with you each year
We’ll review your business and identify not only the pain points and perceived risks, but our process will also uncovers blind spots that had not yet been identified that could put the business at risk or even failure.
Common risks faced by business include:
- Poor cash flow management processes
- Unable to attract enough good quality staff
- Changing family or relationship status of key people (e.g. divorces requiring liquidation of assets)
- Poor data management
- The use (or lack of use) of contracts with suppliers
- Foreign exchange rates and global markets
- A lack of good governance and financial controls
- Lack of a shareholders agreement
You can’t plan for the unexpected but you can prepare for it. Even so, do you have a disaster recovery plan? Because it could help you access systems, data and continue business operations in the event of a disaster? Think also about what your current insurance policies cover you for?
As part of our risk assessment we’ll look at the strength of your business’s operations to ensure that your business is not under any undue risk. Having a risk management strategy in place not only gives you peace of mind, it also makes your business more attractive to buyers, thereby increasing its value.
Contact us if you want to assess how well prepared your business is to managing your business risks.