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2. Competitive Risk
The general risk that you'll lose out to the competition.
3. Innovation Risk
The risk that the competition will out innovate you.
6. Business Risk
The risk that your overall business strategy and plan will be ineffective (e.g.
will fail to meet revenue targets).
7. Economic Risk
The risk that the economy will go into recession. In some cases, recessions
benefit a business (inferior goods).
8. Technological Change
The risk that technology investments will become obsolete.
Financial Risks
14. Profit Risk
The general risk that profits will fall.
Operational Risks
40. Infrastructure Risk
Risks related to infrastructure (e.g. electricity outage).
Information Technology
48. Architectural Risk
The risk that your architecture will fail to meet business objectives.
HR Risks
53. Workplace Safety Risk
The risk that accidents or poor environment impacts the health of employees.
Catastrophic Risk
64. Force Majeure
Acts of nature, war and terrorism.
http://www.thomasmbragg.com/2010/01/15/39-examples-of-small-business-risks/
It’s been difficult to come up with topics this week. The situation in Haiti seems to
consume the majority of my thoughts when I’m outside the office. Make a
difference. Please donate cash to the relief agency of your choice.
I thought I’d take a look at my Google Analytics page and see what people are
searching for when they find my website. There is a definite trend. Many of the
searches involve the word “example” or are geared toward identifyin g potential
risks for businesses. Let’s talk about that…
Businesses face many types of risks. Some of those risks can be managed with
insurance. I’m not going to address those here, but I’ll point you to a great site
with tons of free information. Check out www.ClearRisk.com for a comprehensive
list of business risks that can be managed by insurance. I would also strongly
recommend that you download and read their free e-book. It’s an easy read and
provides a great education on insurance for small and medium
businesses. (Disclaimer: My recommendation is not sponsored and I’m not being
paid in any way. In fact, Craig Rowe and the ClearRisk team don’t even know I’m
doing it.)
So let’s talk about the risks you can’t buy insurance for. Obviously every business
is going to have risks that are unique to that business, but they will always fall
into three broad categories – budget risk, quality risk and schedule risk. Starting
with those categories, you can drill down by using the “5 Coulds Technique”
As you do the brainstorming, you’ll find that you come up with a wide range of
risks. Here are just a few that come to mind as I’m writing. I’m in a manufacturing
and retail mindset this morning so the risks are geared to those kinds of
businesses, but many of them apply to service businesses, too. Some risks are
repeated in multiple categories purposely.
Employee Related Risks
Theft
Departure of a key employee
Lack of training
High turnover
Sabotage/intentional misbehavior
Employee disputes
Poor customer service