Have you thought about RISK?

5 Helpful Tips for Entrepreneurs

 Whether you’re just starting off or you are a well-established Entrepreneur, you’re a risk taker who has taken significant leaps of faith, many sleepless nights and days to ensure success for your business.  It’s important to establish a few good habits especially when venturing into challenging economic markets or you may end up in chaos and not advancing your business…

Through preparing and setting a few simple strategies, you can assess, manage, and mitigate the risks of your business that can help you to sustain and evolve.

Here are some tips you can use;

Make a Checklist

Take some time to think of all the things that can potentially occur that may negatively impact your business.  What can go wrong that may cost you time, money, or service/product quality or prevent you from achieving your business goals?   Start out with some of the obvious major risks and then move into the less likely.

What could happen if…?

Risk Matrix

 After you’ve established an extensive risk list, assess the impact each can have on your business.  For example, losing a major and consistent client could have a large impact on your planned income. Assess what can happen as a result of the various risks and establish how damaging it can potentially be for your business. Also consider the likelihood of the risk occurring, as this together with the impact would give you more comprehensive assessment of the risk.

Accept, Avoid, Transfer or Treat

You’ll want to prepare yourself to either accept, avoid, transfer or treat with/mitigate the situations on your risk list starting with the highest risks first.  You should take the initiative to establish various courses of action so that, should the risk occur, you would be prepared to respond appropriately and efficiently in the shortest possible time and with the lowest possible impact on your business.

Be in the Know

Each industry has its own standards.  It would be wise to keep abreast of your industry’s best practices.  These industry standards are often birthed from the experiences of a collective group of professionals or practitioners in your field, so a periodic review and adherence to their recommendations can help you learn from the unfortunate incidents experienced by others, instead of having firsthand lessons with damaging effects for your business.

Securing your investment 

Don’t overlook insuring your storefront, goods, or professional equipment and any other investment you’ve made to advance your business.  Similar to home or auto insurance, insurance for your business serves to protect your investment and reduce the financial burden you’d experience if a loss occurs.

Incidents that may result in significant losses could considerably impact the ability for you and your business to thrive and should be carefully considered when looking at ways to reduce the impact of your potential risks.

We know you already have a lot on your plate managing your risks, that’s why at TRINRE, we’ve customized the ideal, stress free insurance solution for small and medium sized businesses, CoverSmart!

TRINRE’s CoverSmart product provides eight essential coverages in one smart policy: fire, burglary, goods in transit, and cash in transit, glass on premises, public liability, workmen’s compensation, and business income interruption.  This type of umbrella policy makes life easier for you, allowing you to focus on growing your business.

As an entrepreneur, the risks you can experience may have long term effects.  However, with proper risk management, you should be able to successfully manage the pitfalls and challenges that may come your way.  We want to see you and your business thrive, and we believe that ensuring proper risk management is key to your success!

Check out our last blog post on what can go wrong without proper risk management.