Risk Management for Small to Medium Enterprises - Everything You Need to Know
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As a small to medium business owner or manager, is risk management something you think about or do you even think it applies to your business? What is risk management anyway? In fact, what is risk?
Risk can be considered to be ‘the effect of uncertainty on your business objectives’ and it is an inherent part of being in business. When you make investments in your business the hope is that they will generate a positive return, but that return can be negative, positive or even far beyond your expectations. It is that type of uncertainty that we would call risk. The management of risk is concerned with reducing business uncertainty and the impacts arising when risk events do occur.
“It seems to be a law of nature, inflexible and inexorable, that those who will not risk, cannot win.”
- John Paul Jones