Common Risks for All Small Businesses
Your small business might not have the resources to dedicate personnel to solely focus on risk. That's why we highlighted some of the most common risks that small businesses face. Have you accounted for everything on this list?
Loss of an employee
Losing any employee at a small business is a big risk, especially a key one. There are 5,156,713 businesses in the United States that have anywhere from 1 to 19 employees. If this is your small business, losing just one of them could take a toll on your scheduling process, as well as your other employees. If this person holds a leadership role at your business, the loss could be even more impactful. Account for this possibility by having a quick, yet effective hiring practice in place! Make sure your business has access to reliable employees and know your demographics to understand how long employees typically stay with a company like yours.
Natural Disaster
Every geographic area could have its unique set of threats from Mother Nature. Whether it is a landslide, earthquake, snow storm, tornado, or any other natural disaster, you should have relief plans to mitigate the risks that you could face. Know the natural disasters that your area is prone to and account for how your business will continue operating under those circumstances within your risk plan.
Tainted Reputation
Well, you should give a damn about your bad reputation. As a small business your reputation is everything. One bad review on Facebook, TripAdvisor, Yelp, Google Places, or Angie's List could mean bad news for you. To counter this risk of a disgruntled customer, place a high emphasis on customer service. Have them leave your business happy even if it means offering them something (such as a gift card or coupon) if their experience wasn't what they hoped for. Pull in the reins on reviews by having an active presence on social media cites and responding to customers' bad reviews in a timely manner, dealing with the situation, and asking them to redact their review.
Click here for even more common risks that could apply to your small business.