Risk Management a Small Business Challenge

A small business has an advantage over a large business, because a small business can make a quicker decision and reverse its operations faster. However, the small business challenge is limited resources. Most small businesses operate as they did prior to COVID-19 and (AI) artificial intelligence. AI and technology were on the cusp of exploding before COVID, they were fast tracked because of COVID. The small business was caught up in trying to survive COVID and as business declined resources declined. Technology and AI has introduced other dynamics that the small business must address. There is another buzz word on the rise in the business world-risk management.

Risk management can entail customer development and retention, cybersecurity, and technology. Cybersecurity-can be a challenging ordeal because it is new and broad. Technology-is a learning curve. Customer development and retention process is an active and ongoing initiative. Taking the time to assess your business risks can grow your business; whereas not assessing your business risk can cause your business to fail. There are other areas to consider beside cybersecurity, technology, and customer development and retention. When mapping out your business risks also look at resources (human and capital), time management, and outside influencers. Minor changes put into place will produce positive results. Cybersecurity-website address should begin with https://, get with your website developer if it does not. Securing a contract with the federal government and having a secure website is one of the determining factors when they review your application to award a contract. Ensuring the website platform is secure is a giant step in making sure your site is secure for your business and your customer. Technology-choose the right social media to reach your customer-each social media site caters to a different age group and some may not be conducive to your business. If you do not have a website, get one, it is good public relations. A website can be one or more pages-depending on your type of business. Customer development and retention-today's customers are more discerning and has a larger market to choose from. Providing good customer service will retain a customer and bring in new customers.

The hardest part about assessing your business risk management is beginning.