Business risk covers a number of factors, from the risk of a key person being unable to work, the risk of being sued or even the risk of not having adequate business risk insurance. Leenane Templeton accountants and advisors can help you to navigate through minimising risks within your business, for example through business structuring or key person insurance.
Owners of very small businesses, also known as micro businesses, frequently fail to allow for the business risks they face. The main reason for most business owners is that they are just too busy working in the business rather than focusing on what “might” happen.
But that really isn’t a good enough excuse. Owners of even the smallest businesses need to carry out a comprehensive business risk assessment. This should include documenting as many conceivable events as possible, including but certainly not limited to:
suppliers going out of business
major customers taking their business elsewhere
internal and external theft
major weather disasters
However, one of the most important factors is the ongoing availability and capability of the business principal/s.