Twollow
  • Tech
    internet provider

    Bravo Telecom: How Montreal’s Internet Providers Ensure Resilient Telecom Services

    How Does OCR Technology Ease Data Entry Work

    How Does OCR Technology Ease Data Entry Work?

    Social Media APIs

    Harnessing Social Media APIs to Unlock the Power of Digital Connections

    medical call center

    Essential Tips to Improve Engagement for Private Podcasts

    How to Transfer Photos From iPhone to Mac Without USB

    6 Ways How to Transfer Photos From iPhone to Mac Without USB

    Best Camera Accessories You Should Get

    Best Camera Accessories You Should Get

    AC filter

    4 reasons to change your AC filters regularly

    HOS ELD Mandate

    What is an ELD? What is a HOS ELD Mandate? 

    UX designers

    Which Tech Career is Right for You?

  • Apps
    Why Should You Buy Views for Instagram

    Why Should You Buy Views for Instagram | Top Advantages

    News Mobile App

    Best Practices For Creating Engaging News Mobile App

    app development

    InsiderTech No:1 Web Application Development

    Efficient Hosting Solutions

    Why Businesses Should Use Highly Efficient Hosting Solutions for Their Sites

    How To Build Android Apps With Node JS Using Android JS

    How To Build Android Apps With Node JS Using Android JS

    Is Powerapps Service The Future Of App Development?

    How To Make Night In Little Alchemy

    How To Make Night In Little Alchemy?

    How To Make Light In Little Alchemy

    How To Make Light In Little Alchemy?

    How To Make Glass In Little Alchemy

    How To Make Glass In Little Alchemy?

  • How To
    unit trusts

    How to Invest in Singapore Unit Trusts

    How To Unlock All Gun Skins in free Fire With Lulubox

    How To Unlock All Gun Skins in free Fire With Lulubox

    solar panels

    Common Solar Panel Concerns and How to Deal With Them

    imei number

    How to Check IMEI Number?

    bong

    How do you manufacture a bong?

    Central heating

    DIY Guide: How To Install A Designer Radiator

    website

    Things That Might Be Wrong With Your Website And How To Fix Them

    design a business logo

    How to Design a Successful Business Logo

    How Live Streaming works

    How Live Streaming works – Everything You Need to Know

  • Business
    • All
    • Finance
    Invest In Precious Metals

    Understanding Payment Challenges in the Produce Industry

    Ecommerce Platform for Your Business

    How to Choose the Right Ecommerce Platform for Your Business

    Successful Online Business

    What Are The Basic Requirements For A Successful Online Business?

    bitcoin

    Experience the Convenience of a Bitcoin Wallet App!‍

    Close up of a young woman working from home

    The Benefits of RMM Software for IT Managed Services

    Physical Gold

    Can You Hold Physical Gold in an IRA?

    Resources To Help Black-Owned Small Businesses

    5 Resources To Help Black-Owned Small Businesses

    Tips to Keep Your Chicago Business Secure

    Tips to Keep Your Chicago Business Secure

    right web development team

    How to Build the Right Web Development Team for the Next Project?

  • Marketing
    Key Tips for Creating a Strong Brand for your Business

    15 Key Tips for Creating a Strong Brand for your Business

    Strategies for Surviving the Ups and Downs of the Market

    Strategies for Surviving the Ups and Downs of the Market!

    Types of Content to Post on Instagram

    Types of Content to Post on Instagram

    SMM Panel

    Why Groom Insta is the Best SMM Panel Worldwide for Social Media Marketers

    How Technology Helps Companies Sales Department

    How Technology Helps Companies Sales Department

    Free Templates

    The Trap of Free Templates: Are Cookie-Cutter WordPress Websites Really Enough?

    Create a Twitter Marketing Strategy

    Get Seen: A 7-Step Plan on How to Create a Twitter Marketing Strategy

    How to Successfully Market a Medical Device

    How to Successfully Market a Medical Device

    video making

    How to use Stock Videos in Commercial Projects?

  • General
    Taupe Color

    How To Use Taupe Color And Why You Need It Now

    Construction Management

    The Nitty Gritty of Construction Management: What You Need to Know Before Applying

    What Is Early Interceptive Orthodontic Treatment

    What Is Early Interceptive Orthodontic Treatment

    Unblocked Games WTF

    Unblocked Games WTF – Slope, Drift Hunters, Minecraft and 1v1 lol

    Yamaha Motorcycle OEM Engine Parts

    3 Key Yamaha Motorcycle OEM Engine Parts

    lawsuit against Tylenol

    The class action lawsuit against Tylenol

    wearing motorcycle jacket while riding

    5 Types Of Motorcycle Jackets For Riding

    AI

    5 Benefits of Intelligent Construction Sequencing

    people in the world are on the edge of hunger

    47 million people in the world are on the edge of hunger

  • Reviews
    Development of Cryptocurrency

    A Crypto.com Overview

    Ophthalmology eyesight examination

    Red Light Therapy Devices for Eyes: Where to Buy

    text to speech

    Best Text to Speech Converters Reviewed

    air purifier

    Where Can You Find the Best Air Cleaner Pro Reviews?

    How to Choose a Cheap Hosting

    Liquid Web Reviews: A Look At A Reliable Hosting Company

    Ionic Training

    Get Ionic Training and Improve Your Career Options

    Learning Experience

    Salesforce DX myTrailhead to Customize the Learning Experience

    Best Web Hosting Services

    10 Best Web Hosting Services 2018

    Honey Chrome Extension Review

    Honey Chrome Extension Review – Is It Scam Or Real?

  • Featured
No Result
View All Result
  • Tech
    internet provider

    Bravo Telecom: How Montreal’s Internet Providers Ensure Resilient Telecom Services

    How Does OCR Technology Ease Data Entry Work

    How Does OCR Technology Ease Data Entry Work?

    Social Media APIs

    Harnessing Social Media APIs to Unlock the Power of Digital Connections

    medical call center

    Essential Tips to Improve Engagement for Private Podcasts

    How to Transfer Photos From iPhone to Mac Without USB

    6 Ways How to Transfer Photos From iPhone to Mac Without USB

    Best Camera Accessories You Should Get

    Best Camera Accessories You Should Get

    AC filter

    4 reasons to change your AC filters regularly

    HOS ELD Mandate

    What is an ELD? What is a HOS ELD Mandate? 

    UX designers

    Which Tech Career is Right for You?

  • Apps
    Why Should You Buy Views for Instagram

    Why Should You Buy Views for Instagram | Top Advantages

    News Mobile App

    Best Practices For Creating Engaging News Mobile App

    app development

    InsiderTech No:1 Web Application Development

    Efficient Hosting Solutions

    Why Businesses Should Use Highly Efficient Hosting Solutions for Their Sites

    How To Build Android Apps With Node JS Using Android JS

    How To Build Android Apps With Node JS Using Android JS

    Is Powerapps Service The Future Of App Development?

    How To Make Night In Little Alchemy

    How To Make Night In Little Alchemy?

    How To Make Light In Little Alchemy

    How To Make Light In Little Alchemy?

    How To Make Glass In Little Alchemy

    How To Make Glass In Little Alchemy?

  • How To
    unit trusts

    How to Invest in Singapore Unit Trusts

    How To Unlock All Gun Skins in free Fire With Lulubox

    How To Unlock All Gun Skins in free Fire With Lulubox

    solar panels

    Common Solar Panel Concerns and How to Deal With Them

    imei number

    How to Check IMEI Number?

    bong

    How do you manufacture a bong?

    Central heating

    DIY Guide: How To Install A Designer Radiator

    website

    Things That Might Be Wrong With Your Website And How To Fix Them

    design a business logo

    How to Design a Successful Business Logo

    How Live Streaming works

    How Live Streaming works – Everything You Need to Know

  • Business
    • All
    • Finance
    Invest In Precious Metals

    Understanding Payment Challenges in the Produce Industry

    Ecommerce Platform for Your Business

    How to Choose the Right Ecommerce Platform for Your Business

    Successful Online Business

    What Are The Basic Requirements For A Successful Online Business?

    bitcoin

    Experience the Convenience of a Bitcoin Wallet App!‍

    Close up of a young woman working from home

    The Benefits of RMM Software for IT Managed Services

    Physical Gold

    Can You Hold Physical Gold in an IRA?

    Resources To Help Black-Owned Small Businesses

    5 Resources To Help Black-Owned Small Businesses

    Tips to Keep Your Chicago Business Secure

    Tips to Keep Your Chicago Business Secure

    right web development team

    How to Build the Right Web Development Team for the Next Project?

  • Marketing
    Key Tips for Creating a Strong Brand for your Business

    15 Key Tips for Creating a Strong Brand for your Business

    Strategies for Surviving the Ups and Downs of the Market

    Strategies for Surviving the Ups and Downs of the Market!

    Types of Content to Post on Instagram

    Types of Content to Post on Instagram

    SMM Panel

    Why Groom Insta is the Best SMM Panel Worldwide for Social Media Marketers

    How Technology Helps Companies Sales Department

    How Technology Helps Companies Sales Department

    Free Templates

    The Trap of Free Templates: Are Cookie-Cutter WordPress Websites Really Enough?

    Create a Twitter Marketing Strategy

    Get Seen: A 7-Step Plan on How to Create a Twitter Marketing Strategy

    How to Successfully Market a Medical Device

    How to Successfully Market a Medical Device

    video making

    How to use Stock Videos in Commercial Projects?

  • General
    Taupe Color

    How To Use Taupe Color And Why You Need It Now

    Construction Management

    The Nitty Gritty of Construction Management: What You Need to Know Before Applying

    What Is Early Interceptive Orthodontic Treatment

    What Is Early Interceptive Orthodontic Treatment

    Unblocked Games WTF

    Unblocked Games WTF – Slope, Drift Hunters, Minecraft and 1v1 lol

    Yamaha Motorcycle OEM Engine Parts

    3 Key Yamaha Motorcycle OEM Engine Parts

    lawsuit against Tylenol

    The class action lawsuit against Tylenol

    wearing motorcycle jacket while riding

    5 Types Of Motorcycle Jackets For Riding

    AI

    5 Benefits of Intelligent Construction Sequencing

    people in the world are on the edge of hunger

    47 million people in the world are on the edge of hunger

  • Reviews
    Development of Cryptocurrency

    A Crypto.com Overview

    Ophthalmology eyesight examination

    Red Light Therapy Devices for Eyes: Where to Buy

    text to speech

    Best Text to Speech Converters Reviewed

    air purifier

    Where Can You Find the Best Air Cleaner Pro Reviews?

    How to Choose a Cheap Hosting

    Liquid Web Reviews: A Look At A Reliable Hosting Company

    Ionic Training

    Get Ionic Training and Improve Your Career Options

    Learning Experience

    Salesforce DX myTrailhead to Customize the Learning Experience

    Best Web Hosting Services

    10 Best Web Hosting Services 2018

    Honey Chrome Extension Review

    Honey Chrome Extension Review – Is It Scam Or Real?

  • Featured
No Result
View All Result
Twollow
No Result
View All Result

3 Top Risk-Management Strategies for Business Owners

by Tom Fogden
April 21, 2021 - Updated on October 25, 2022
0
risk management
Share on FacebookShare on Twitter

If you’re an entrepreneur, you likely find yourself more open to taking risks than some other people you know. After all, to create or buy a company takes guts, thinking differently from most, and being comfortable trying new things.

Yet, as the global COVID-19 pandemic has shown us, businesses are continually faced with risks of all sorts. To ensure your venture can survive obstacles and setbacks, you must be strategic in your management and take steps to mitigate risks wherever possible. Read on for three top risk-management strategies to implement in 2021.

Examine Where Risks May Lie

First, examine where exactly risks may lie in your business. What could pose a threat to your venture’s operations right now or sometime in the future? Think about preventable internal and external threats you can work to avoid by reducing or eliminating the risks, transferring them, or accepting them.

Risks can crop up in many areas. Some might be specific to your industry, many will likely be specific to your business, and some will be general ones that could affect any business owner, such as natural disasters, IT glitches or hacks, or terror attacks. Consider health and safety risks such as falling objects, exposure to toxins, collapsing buildings, car accidents, slips, and trips, etc. There are also potential risks internationally if you work in or export to foreign markets that could be affected by economic or political instability.

When assessing potential risks, think strategically, too. For instance, are there threats from market competitors or changes in the industry? What could happen if new laws or regulations come into effect? Could you suffer from serious exposure financially if customers don’t pay you on time, people steal from your business, equipment breaks, business loans fall through, or supplier costs increase? Spend time considering where risks may lie, and you’ll be in a better position to reduce the likelihood of them happening and the negative impacts if they do.

Spend Time Planning

Next, it’s time to plan. Take the potential problems you’ve listed and look at your business plan with them in mind. Your comprehensive plan should cover a rundown on areas such as customer analysis, current and future marketplace(s), and financial projections. Other topics include sales and marketing strategies, investment needs, product or service expansion plans, and a SWOT (strengths, weaknesses, opportunities, and threats) analysis.

Paying attention to the risks you identified and your business plan should help you find clarity on how to address potential threats. It’s likely to also help you see where you need to focus most in the coming year or two. For instance, if you know a potential new law might come into play that could significantly impact your business operations, this is something to keep a close eye on.

Plus, develop an emergency management plan. This document gives organizational leaders and the rest of the team a roadmap to follow if a risk becomes an actuality. In your emergency plan, detail how people should best handle internal and external emergencies.

You can also include having emergency fuel deliveries to help get into “business as usual” in the quickest possible time after an unforeseen incident.

Put down, step by step, what staff members need to do if disaster strikes, in order of execution. Add checklists for employees to follow and discuss plans with your team. Give everyone set responsibilities so they’re all clear on what they must do, personally, if things go wrong.

Execute Measures to Actively Reduce Risk

After all your research and planning, be proactive and take measures to reduce the chances that threats come to pass. Entrepreneurs can’t avoid all risks, but they can take steps to mitigate issues and outcomes. For instance, focus on developing a safe working environment for your team. Workplaces should be clean and well maintained. Train employees on how to reduce the chances of accidents happening onsite, and how to handle and store hazardous items. Ensure all equipment and assets are used safely and looked after to minimize malfunctions and endangered lives. If your business requires handling dangerous chemicals, make sure to do COSHH.

Do your staff have to work with or transport dangerous materials or products? If so, create strict processes for how these get packed and moved from location to location. It pays to use tech tools such as a quality impact recorder or temperature indicator to keep goods safer in transit and alert staff and contractors to potential dangers.

Other ways to actively mitigate risks include buying insurance and diversifying your range or the customer base you target. You can also utilize outside assistance for regulatory matters and other specialized areas, maintain detailed business records, and keep on top of cash flow.

It is highly suggested for businesses, whether large or small, to digitalize their contracts with their employees to reduce any mishaps in the future. A contract management glossary may be of help in understanding the contracting language.

Tom Fogden

Tom Fogden

Tom Fogden is a writer for Twollow with a range of experience in the world of tech publishing. Tom covers everything from cybersecurity, to social media and website builders when he's not reviewing the latest phones, gadgets, or occasionally even technology books.

Related Posts

Invest In Precious Metals
Business

Understanding Payment Challenges in the Produce Industry

With the produce industry accelerating at a rapid pace, it can be difficult to keep up with payment changes and...

by Anasvirk
February 6, 2023
Ecommerce Platform for Your Business
Business

How to Choose the Right Ecommerce Platform for Your Business

Choosing the right ecommerce platform is critical for any business looking to sell online. There are many different platforms available,...

by John Morris
February 4, 2023
Successful Online Business
Business

What Are The Basic Requirements For A Successful Online Business?

Do you dream of starting an online business but don’t know where to start? It can be daunting, but with...

by Tom Fogden
February 3, 2023
bitcoin
Finance

Experience the Convenience of a Bitcoin Wallet App!‍

Are you interested in using a bitcoin wallet but don't know where to start? A bitcoin wallet app is a...

by John Morris
February 2, 2023

Recommended

Key Tips for Creating a Strong Brand for your Business

15 Key Tips for Creating a Strong Brand for your Business

February 7, 2023
Why Should You Buy Views for Instagram

Why Should You Buy Views for Instagram | Top Advantages

February 6, 2023
Taupe Color

How To Use Taupe Color And Why You Need It Now

February 6, 2023

Who We Are

Twollow is one of the leading tech and business blogs, that is dedicated towards updated Technology & Business news, reviews, Apps, how-to, smart tricks, and tweaks.

Follow Us

  • Facebook

Categories

  • Apps
  • Business
  • Education
  • Featured
  • Finance
  • General
  • How To
  • Marketing
  • Reviews
  • Security
  • Tech
  • Uncategorized

Top Posts & Pages

  • Damon Salvatore Rule 34: Everything You Need To Know 
    Damon Salvatore Rule 34: Everything You Need To Know 
  • Unblocked Games WTF - Slope, Drift Hunters, Minecraft and 1v1 lol
    Unblocked Games WTF - Slope, Drift Hunters, Minecraft and 1v1 lol
  • 100+ Free Premium Minecraft Accounts & Passwords (Tested 2023)
    100+ Free Premium Minecraft Accounts & Passwords (Tested 2023)
  • How to Get Free Virtual Phone Number for WhatsApp Installation
    How to Get Free Virtual Phone Number for WhatsApp Installation
Key Tips for Creating a Strong Brand for your Business

15 Key Tips for Creating a Strong Brand for your Business

February 7, 2023
Why Should You Buy Views for Instagram

Why Should You Buy Views for Instagram | Top Advantages

February 6, 2023
Taupe Color

How To Use Taupe Color And Why You Need It Now

February 6, 2023
  • About Us
  • Contact Us
  • Terms of Use
  • Privacy Policy
  • Disclaimer
  • Cookie Privacy Policy

No Result
View All Result
  • Home
  • Security