Home Business Introduction to Risk

When start your planning process you have to do a risk analysis.

So many things that you had may have been tied to your work. Minimisation of risk is all about:

1. What you want to take on personally
2. What you want to insure against
3. How you are going to plan to minimize risk

I have seen in my 20 years of tax work some tragic stories of failure. 20 clients died on the job never to come home from work. I have seen the aftermath in the widows and their children. I want things to be different! I have seen many business failures some leading to depression and suicide. I see marriage break-ups of business failure living children lost and lacking stability. I say enough is enough!!!

COVER THE RISKS

The areas to focus on are:

1. Public liability
2. Statutory liability
3. Fair trading
4. Health and safety
5. Financial risk
6. Personal risk
7. Emotional risk

This not an inclusive list. Remember your PESTEL scan and SWOT analysis may start turning up further risks e.g. government regulation.

Think seriously about getting a professional to assist you with this e.g.

1. A Lawyer
2. An insurance broker
3. A health and safety expert

Watch this space I have got a feeling that we will cover the risk topics in future blogs!!!

Remember better to plan for success that failure!

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Andrew

Half of Team NZ Anywhere Business Network