Have you identified and strategised against potential business risks?
Staying on top of potential risks is essential for growing SMEs and therefore risk analysis and risk management should be a priority. Our finance experts can help you identify where there many be potential risks within your business and can create a risk management strategy to secure your company.
What is Risk Management?
Risk is inevitable for every SME or startup - and as an entrepreneur looking to scale your business, risk is part-and-parcel. However, it's also critical to stay on top of potential risks and understand what to do should the situation arise.
Of recent years there has been endless potential risks to business, for example the Covid-19 pandemic and inflation. Though these might be out of our control, there are things we can do as a business to prepare for risk and mitigate any serious impact to your business.
What type of risks should be you be prepared for?
There are so many types of risk to prepare for as an SME - not solely financial risk. It is worth noting that every type of business risk that exists will impact your finances in one way or another, so though something might not seem a "financial risk" on the surface, all types of risk are finance risk.
A clear-cut example of financial risk is, for example, currency risk. There is where a business who trades internationally is negatively impacted by a foreign currency value depreciation. Another prime example is inflation, which has a knock-on effect for every business.
Other types of business risk include; competition risk, reputational risk, operational risk, compliance risk, security risk, strategy risk, human risk and physical risk. Each type of business risk needs analysing and carefully planning for on a wide level, in order to ensure your business is fully prepared.
Remember, each type of business risk impacts your businesses financial standing and therefore requires involvement from your finance team.
How can The Finance People help with Risk Management?
Our expert team of finance managers and finance directors can help you plan for and prepare for risks to your SME. Identifying key areas that could leave gaps in your business or impact your finances, our experts will provide risk management and risk analysis that'll ensure your business can scale efficiently and effectively.
If you have a risk management plan already, our part-time finance professionals can help ensure it is actioned effectively, identifying potential risks and areas where the risk management plan may be needed. If you don't yet have a risk management strategy in place, our team help will help devise one, looking at key areas within your business and how they could be impacted by common risks.
It can be daunting to handle risk alone - or worse, not at all! So if you're in need of risk analysis and risk management for your SME, get in touch for your free consultation.
How we can help
At The Finance People, we provide flexible and affordable finance expertise to SMEs and startups. Our team of Finance Directors, Finance Managers and Finance Controllers work with your business in line with your requirements - anywhere from 1-3 days per week on a flexible contract. Get in touch to get started.