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May Q&A: Available now
This month, the Making Sense team answers client questions related to trade policy developments and their impacts on key economic issues.
It doesn't matter what type of business you run—there will always be risk. Thankfully, there are ways to protect your business and minimize that risk.
To understand how to approach business risk management, you'll need to know what sources of risk to watch out for, and develop strategies to face them as your business grows.
Business risks can come from anywhere, at any time. It's important for businesses to think about risk and prepare before the worst-case scenario happens.
Even if you're a small business owner, you might encounter some of these common risks:
Yes, risk changes over time. As your business grows, you can go through fluctuations in risk, too.
For example, if you've had a lot of success and need to open more stores, you'll need to screen and hire additional people, find new locations, have the cash flow to pay for payroll and space and cover other major expenses. So, while it looks like your business is doing well, you'll have to account for a higher level of potential risks.
That said, it's possible to minimize your business risk, too. A big part of that is being aware of the risks out there and developing plans to tackle them. One way to manage strategic or cash flow risk is to have a business emergency fund to cover last-minute expenses. If you work with third-party vendors, having a checklist of questions to ask them as part of the screening process can help reduce the potential for cyber risk.
You'll also want to consider your industry. Some industries are inherently riskier than others, so it becomes even more important to identify the primary concerns your business might face and develop a strategy for each.
There are plenty of things you can do to help reduce your risk exposure. Here are a few strategies and tools to explore and help get you started:
Although you're never wrong to have potential business risks at the forefront of your mind, there are types of risk management strategies and tools you can use that will help. You can get started by sitting down with your business banker or another trusted advisor and thinking about some of the areas where your business faces the most risk. This will help you understand which risk management strategies might work best for your company.
William Connolly III
SVP, Senior Commercial Risk Advisor
This material is for informational purposes only and is not intended to be an offer, specific investment strategy, recommendation or solicitation to purchase or sell any security or insurance product, and should not be construed as legal, tax or accounting advice. Please consult with your legal or tax advisor regarding the particular facts and circumstances of your situation prior to making any financial decision. While we believe that the information presented is from reliable sources, we do not represent, warrant or guarantee that it is accurate or complete.
Third parties mentioned are not affiliated with First-Citizens Bank & Trust Company.
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