Small Business Risk Management

Risk management is essential for small businesses to protect their assets, finances, and operations. Small businesses are more vulnerable to risks than larger businesses, and have fewer resources to fall back on if something goes wrong. Here are some risk management strategies for small businesses:
Risk identification
A systematic process that involves identifying the sources, likelihood, and consequences of different types of risks

Risk mitigation
A plan that seeks to limit the financial impact on the company if something goes wrong
Monitoring
An essential part of risk management, often handled manually in smaller organizations
Business continuity planning
A formal system and structure that helps reduce the risks to your business, and provides a defined path for recovering from potential threats