Archive for March, 2017

WHY DEVELOPING RISK AWARENESS WITHIN YOUR SMALL TO MEDIUM BUSINESS IS AN ABSOLUTE MUST

Friday, March 3rd, 2017

risk

Running a business is like navigating in an ocean where your ship may face strong storms that can knock out your sail. Like the ocean, the business world is full of uncertainties and risks. That is why businesses put an effort to risk management awareness among employees.

Fortunately for large companies, they are able to designate risk management departments to monitor threats to the business both internal and external. But for small to medium-sized businesses, it is also very important to develop risk awareness. Otherwise, you will not know what to do whenever problems occur such as natural disasters, fire, water, theft, or even physical risks like work health and safety hazards.

Business risk management is not only for big businesses. Even small businesses need to know their risk appetite and find mitigation strategies. Business management teams have to fulfil their mandate of ensuring that their departments put in place risk management policies that identify, address and mitigate risks.

The best approach towards small business risk management is thinking ahead. You should also need to become innovative and consult from experts on risk treatment and assessment. This way you will have strategies that improve multiple risk response decisions, cross business risks, seizing business opportunities and improving capital deployment strategies.

For more on the reasons why your small business needs risk awareness, read this blog post from Dynamic Business Australia: http://www.dynamicbusiness.com.au/featured/why-developing-risk-awareness-within-your-small-to-medium-business-is-an-absolute-must.html