Every business has risk associated with it. Sometimes it is easy to see, sometimes it can catch you by surprise. The best strategy for risk is not to hide from it but embrace it, understand it as best you can and then mitigate when possible. This is quiz gives you a good foundation to start thinking about, analyzing and mitigating risk.
Question 1. What is the number 1 risk to your business. How long did it take you to think of it?
- 10 seconds
- 30 seconds
- 1 minute
- Still thinking
Question 2. Do you know your debt/asset ratio?
- Kind of
Question 3. If your provide credit to your customers, what checks do you do before giving them an account?
- Reference check
- Credit check
- Directors Guarantee
- 2 + 3 + 4
Question 4. How many key people do you have in your business?
Key people are people that your business depends upon to keep operating.
Question 5. Do you provide professional services? If so, do you have professional indemnity insurance?
Risk is everywhere. Business is no exemption.
Don’t shy away from risk. Identity it, understand it and mitigate it!