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Small Business Risk Management Services

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If you’re a new small business owner, it’s easy to get lost in happy thoughts about profits, success, and satisfied customers. But while you’re looking forward to all of the positive outcomes of your business, it’s also important to consider risk management. This means you should try to anticipate and prepare for risks your business might face. Even established businesses can lose sight of this important aspect of running a company.

Most small businesses aren’t concerned with risk management, even though they should be. Instead, owners rely on personal experience and intuition to manage risks and challenges. Unfortunately, this little-understood and often neglected facet of business is absolutely critical in sustaining and growing your small business. Losses that might be a minor setback to large corporations can prove fatal to small and medium-sized businesses that are unable to absorb the blow and move on.

While it is not possible to completely eliminate all risks, effective risk management plans and practices can do wonders in ensuring the success of your company. By recognizing the vital role small business risk management plays in your business operations, you can ensure the survival and growth of your business and prosper instead of flounder in today’s competitive environment.

Common Risks to Small Businesses

For most small business owners, the most common risks are financial and strategic. Cash flow shortfalls are a top risk confronting new companies, making it critical that you can assess where your business’ money is coming from and where it’s going. Other common issues include your competition and economic conditions. If you don’t have relevant information about your competition, how can you make sure you’re competing with them effectively? Conduct research on your competitors and learn their strategies so you can at least keep pace, if not get ahead. But you should also consider these other common sources of risk:

  • Liability and insurance

  • Reputation management

  • Data security

  • Business interruption

  • IRS compliance

  • HR issues

  • Emergency situations

Fortunately, with professional help and planning, you can prepare your business for these risks and rest easier. Our founder, Jane Tower, has over 20 years of finance experience working with small businesses, giving her unmatched insight into the potential pitfalls your business could encounter. She can help you to decide when it’s best to bring in the assistance of insurance providers or attorneys and when it is something you can handle with a good in-house policy.

Contact Tower Books Today for Outsourced Bookkeeping and Operations Support

We realize that running a small business can be tough. Planning for the innumerable challenges that could affect your organization can be downright maddening, especially when you are unsure if you can handle your small business risk management in-house. Turn to the experts at Tower Books today, and let us help assess your biggest risk management concerns so you can focus on what you do best—running your business.