Running a successful business involves an incredible amount of risk mitigation. Although you can never completely eliminate any risk of errors or management issues, there are ways to reduce their likelihood.
Planning for risk is a key part of any business plan and operational strategy. You can only plan for risks that you and your team can foresee and understand.
Some risks, such as being unable to apply for a government tender without having the necessary certification, are comparatively simpler to understand. Other risks, such as identifying a sudden rise in customer dissatisfaction, are much trickier to even identify, let alone tackle efficiently.
As your business develops, so too do the types of potential risks. New product lines, internationalisation, or larger teams bring about fresh opportunities, as well as threats, to your operations. Fortunately, a system exists to help you mitigate these business risks effectively.