Starting a new business involves some uncertainty and taking a few risks. While it can be tempting to remain positive and ignore these risks, you need to know how to handle them if they occur.
For example, the chance of your business going bankrupt may seem unlikely, but having a solid financial plan that details procedures for cash flow shortages and managing debt will help minimise this risk.
Risk management is the process of identifying risks, assessing risks and developing strategies to mitigate risks. A risk management plan is an important part of your overall business plan. By understanding potential risks to your business and finding ways to minimise their impacts, you will be giving your business the best chance of success.
Types of risk vary from business to business, but managing risk involves a common process. This guide will help you understand risk management.
Source: www.business.qld.gov.au
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