RISKS TO THE BUSINESS
Risk 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.
WE KNOW NOTHING EVER STAYS STILL OR THE SAME.
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.
Considerations
How well prepared is your business if it suddenly lost a key employee?
Could cash building up in the business be a concern?
