Risky Business….no it’s not just a movie.

Every business has risks..some are greater than others depending on the nature of your business.

For example online only businesses have a much higher cyber security risk as their entire business depends on keeping their customers’ data safe and protecting their assets from being hacked.

But a bricks and mortar business may have personal liability risk if they do not have a safe place for customers to visit the business.

Assessing these types of risks is an important part of managing any business. Because there will always be risk in every business. The key is to understand the risk and make sure you are taking actions to minimize the impact.

In this episode of Biz Tips for BFFs or Biz Tips TV we get into not only more examples of types of risk that you need to manage but also, a simple formula to put a value to your risk.

P.S. The simple formula is Risk = Probability X Impact

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