Starting a business is a great way to take control of your financial future, yet nearly 50 percent of all U.S. business owners will fail within the first five years, according to a Gallup Poll. The good news is that you can reduce the risk by incorporating proven risk management tactics into your business strategy.
There are different types of risks. Nuisance risks refer to the minor things that go wrong, such as running out of toner or getting a flat tire on the way to a meeting. Other risks are more serious, but they can be minimized with insurance coverage. Finally, there are the “company killers”—uncertainties like economic conditions, competition, cash flow, people and legal risks—which can sink a business fast unless you take action. To minimize all your risks and increase your chance for success, here are three important tips: Read more.