Most businesses, no matter how successful, if unprepared, can be adversely impacted by unexpected events.
Whilst it would be great to run a business where nothing ever went wrong, the reality is that every business needs a Risk Management Plan.
There are many factors that contribute to business success. Understanding these factors for your business, anticipating the potential risks and establishing risk mitigation strategies is critical.
Large companies typically spend significant amounts of time and resources on risk and contingency plan. SMEs and small business generally tend to overlook the importance of risk management. Prevention is the key to avoiding potential disaster.