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Protect your Business Against Risks (Risk Management)
On 02/21/2023& 02/22/2023, our National Spoke, Universal Processing hosted a bilingual webinar (in English and Chinese) on Risk Management. 10 people attended!
Risk management is essential to a healthy business. Without it, your business is vulnerable to incidents and their effects grow more drastic. Risk management requires identification, evaluation, and measurement. You need to be able to identify risks and understand what they could mean for your business. Once you know this, you’ll be able to safeguard your business against them.
Some ways to safeguard your business:
Have a business continuity plan. Your business continuity plan should be a part of your operations manual and should cover steps for potential short and long-term situations. For example, a continuity plan can cover how to use a generator if the power goes out, manually take payments if online systems fail, or even potential secondary locations if yours is unusable.
Purchase insurance. Speak to an insurance agent to find out more about what risks your business faces and what assets you can protect with insurance. A good insurance plan is a great way to protect your finances from unwanted risks.
Share your worries with your employees. Sharing responsibilities with employees will allow more people to care for your business. If you’ve identified risks such as faulty equipment, theft, or building problems, share your concern with your employees. Sharing the responsibility will allow for more eyes to identify and deal with risks.
These tips can help you prevent emergencies and keep your business stable. Want to know more about risk management and how you can protect your business? Watch the video to hear industry experts lead an official FDIC/SBA course specifically designed to help small businesses succeed.
Contact us now for a FREE1 on 1 business consultation now.