Good risk management for SMEs involves identifying, assessing, and addressing potential threats to operations or financial stability.
3 tips of risk management of SMEs
Identify Risks: Assess potential financial, operational, and reputational risks impacting your business.
Prioritize Risks: Evaluate and prioritize risks based on their likelihood and impact, focusing on high-impact ones.
Develop a Risk Management Plan: Formulate strategies to mitigate risks, including preventive measures, response strategies, and recovery plans.
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