How To Manage Small Business Risk

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Over the last couple of months, I’ve walked through the process for small business risk management with you. I thought it would be a good idea to capture all of the “how to” posts in one place.

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Take a look at the compilation. My hope is that after reading all the posts below you have a general understanding of how to manage risks and opportunities for your small business. More importantly, I hope you see the benefit of incorporating formalized risk management into your daily business life.

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Introduction & (hopefully) Motivation

5 Reasons You Should Care About Managing Risks

I Want to Manage My Risks. Where Do I Start?

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Step 1: Identify Risks

3 Categories of Risks

Easy Money! Manage Your Opportunities

The 5 Coulds Technique

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Step 2: Evaluate Risks

Evaluate Your Risks, Part I – Why?

Evaluate Your Risks, Part II – The First 2 Steps

Evaluate Your Risks, Part III – The Last 2 Steps

The Miracle of the 80-20 Rule

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Step 3: Plan for Risks

Mitigate Risks, Exploit Opportunities!

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I know, risk management sounds scary. Hopefully, what you read in the posts above helps make it less scary. As we continue our discussions you will see that there’s nothing to be afraid of. In reality, you’re already doing it every day – you just don’t realize it.

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Remember, risk management is only two things: working to avoid or minimize the bad things that could happen to your business and working to take advantage of the potential good things.

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Can you think of any management activity that isn’t driven by a risk or opportunity? I can’t.

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How do you feel about the process? What is your impression about what I’ve written – too simplistic? too complex? unclear? How am I doing for you? Let me know.

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