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Why Every Small Business Needs A Detailed Risk Plan

Many small business owners assume that risk plans are for large corporations. However, if your small business doesn't have a risk plan, you could be vulnerable.

There is a theory called The Domino Effect, in which one event creates a successive and similar event which then creates a chain reaction of events. One accidental misstep leads to a collection of setbacks and the in a few seconds all of your dominos are lying face down on the ground.

But what if you knew what to do after that first domino fell to stop the chain reaction?

Well, that's what a risk plan is for. It details all of the circumstances that could lead to one of your dominos falling and how to minimize the amount of other dominos that hit the ground.

Account for all of the possibilities and start brainstorming what could cause setbacks in your business. What can you do to prevent a successive event? If you don't have the skills to resolve the problems, do you know who to call?

Anyone's dominos could fall, so why do so many small business owners think it won't happen to them? Don't make yourself more vulnerable, start drafting your risk plan today.

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