Risks to the Business
To fully protect your future and safeguard all the work that you have put in to get to where you are, it is important to build resilience and contingency plans for a range of eventualities. This has to begin by exploring the potential hazards.
Risks to management.
Many people put off risk management because it is not an issue today. Managing potential risks is the best way to develop future proofing not just for the business, but for your family and wealth.
This section of the house aims to raise questions. While risks can come in many forms, many are created by people, whether directly or indirectly. This can be from sudden loss or illness, through to not having the necessary experience to drive the business forward.
Even great successes and business growth can cause potential risks. Just spending a little time considering what the risks for your business might be, will serve you well.
It pays to plan.
If you focus a little time on creating recovery plans, having challenging conversations and being ready, this means you and the business can stay healthy and proactive – ready for whatever life, the world, business and people can throw your way!
Working through potential risks to the business will also help you stay in touch with what’s happening in and around the business – and may even highlight new and exciting opportunities you might otherwise have overlooked. And of course, risks change over time so like all of the rooms within the Family Business Connect House, they need to be revisited regularly.