Why did small businesses go bankrupt in this downturn? They didn’t plan for catastrophe. Here’s a guide to the risks your business should consider and plan for to thrive no matter what.
Whenever there’s an economic downturn, many small businesses go bust. Why? Because they didn’t plan for the crash.
At one point in my writing career, I wrote copy for a global insurance and business consultancy. There, I learned all about the art of risk mitigation. Big global companies engage in enterprise risk management, examining every type of risk in their planning and devising strategies for surviving the worst-case scenario.
Small business owners can learn a lot from the process. Some of the factors to look at include:
- Internal company risk: Employees who embezzle or that important sales manager who leaves suddenly.
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