Whatever business you have there, you surely understand the possible risks that you may face. They will not be easy to manage especially if they cost a lot of money just to resolve the issue or issues. What must be done and what have you done why you didn't protect your business? Well, the answer for this is, that you forgot to plan for risk. One example of a possible risk is when your business is caught by fire. The damages may cost millions and if you only insure your business, you will not suffer . There might be a tendency that you will not anymore recover your losses. If you have a big capital you might resume your business and will surely protect your business against fire.
Forgetting to plan for risk in business
- Thread starter Starmix
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- #3
It is the duty and responsibility of the business owner to protect his business against possible bankruptcy because of the risk that he failed to resolve. Business operators should list down in their plans the possible risks and the possible solutions.
In some countries the biggest risk is government corruption, financial fraud, when government employees are falsely claiming to own a business to get great powers, monthly salary when they do not do any computer work, and do not pay expenses .
This is the reality for most aspiring business owners. The need for success and being one's boss with the lifestyle we imagine is overwhelming, most don't plan for risks that will surely come up.
Some are things you can control, while some are things you just have to go along with. The risk of failure and what to do about it is also one thing to prepare for.
Some are things you can control, while some are things you just have to go along with. The risk of failure and what to do about it is also one thing to prepare for.
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- #6
If the business is somewhat risky, there is a need for the business owner to do constant planning and monitoring he must create strategic planning to outsmart the possible risks that may come along the way. He must not wait for the time risks to come and hard to eradicate.
