Indeed, running your own Business can be a very rewarding life experience. With the right planning, strategy, and people to execute actions, you will be able to achieve significant financial and emotional rewards than you have ever achieved in your office job. Not only that but having your own business means you could also pursue as many ventures as you desire so.

However, in order to succeed in business, one must not only focus their attention on the positive outcomes and opportunities that await them but also on the threats which could derail their way towards achieving their goal. That is why any business, regardless of its type and size, must have a detailed Risk management plan in order to identify and neutralize risks before they can affect their operations.

In general, business risk is either internal or external; the former occurs within your operations (non-compliant accounting practice or outdated sales technology), while the latter occurs outside of your business (changing economy, new competitors, and stringent regulatory and legal requirements).

While there is no way you can assess the impact of these risks to your business accurately, you can mitigate their impact by identifying the situations which pose the most significant damage to your finances and operations. To give you more insight, here are the main key points of the Infographic below from Bizprac, which details the top ten risks your business could be facing today.

1. Natural disasters
2. Health and safety risks
3. Non-compliance with regulations
4. Regulatory and government policy changes
5. Security risks
6. Cyber risks
7. Economic and financial risks
8. Loss of competitive advantage
9. Utilities and services
10. Staffing

Learn on more about the impact of these risks and ways to mitigate them by checking out the full infographic below.

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