Unnecessary Business risks to be avoided by business owners.

[Augusta]

We all know that business involves risk taking but sometimes it's always good to weigh some business risks before taking them to avoid a disaster. One thing about business disasters is that it might just be the end of the business.

So business owners need to guard their businesses jealously to avoid getting into trouble in a bid to take a risk that might not have been necessary.

So what are the unnecessary risks

Taking up a business contract without an initial advance payment.supposing you don't get paid at the end of day. Law suit also need good money if you would be going this route.

Selling highly on credit to customers that you doubt their integrity. This is an unnecessary risk.

Not Hiring experts to do periodic assessment of the business book. How do you intend to quickly unearth theft.

Employing people based on sentiments especially if they are family and friends. You are taking a high risk employing people not fit for the job.

Add yours

 

[Sotherefore]

Thank you for sharing. Some risks are not necessary to be taken most especially by business owners but sometimes situation might arises that we may have a very difficult decision to make , if we have to take a certain risk based on the fact that we are dealing with trusted people.

I think this is always the reason why so many people are always confused because obviously business owner will not just want to accept a contract without any initial payment from unknown people , but sometimes known people may show up and request that we take a contract promising to pay us later after the whole thing has been completed..

It might be very complicated for us to make this decision because this person may be a trusted family member or friends and we may not have any choice than to help them deliver the contract and expect our payments after everything has been completed.

 

[Carpon]

Sure. Some business people never know that some of the problems that face in their business comes as a result of some of their actions and so they fall into avoidable risks due to their nonchalance and some things that they do.

Another thing which I think leads to risks that business people can avoid is that of theft. Now, there are some locations that are known for being unsafe even though the kind of profit you will get may be high because of how commercial the place is. Some people still go and start up their business in such a location and at the end of the day, the risk they could have avoided will be effective on them.

And as you have mentioned, lack of good management whether of funds, and the running of the business. If you do not pay attention to the quality of your staff or the time you give to supervising your business, you will be putting your business in an avoidable risk.

 

[King bell]

There are a number of unnecessary risks that business owners can take in running their businesses. These risks can often lead to financial losses, legal problems, or even the failure of the business. Here are four unnecessary risks to be avoided by business owners:

1. Not Keeping Accurate Records: One of the most important things for any business owner is to keep accurate records. This includes financial records, inventory records, employee records, and any other records that are relevant to the business. Without accurate records, it can be very difficult to make sound decisions about the business, track progress, or even file taxes correctly.

2. Not Conducting Background Checks: Another important thing for business owners to do is to conduct background checks on all employees. This is especially important if the business will be handling sensitive information or if the employees will be working with customers or the public. Background checks can help to ensure that only qualified and trustworthy people are hired.

3. Not Having Adequate Insurance: Insurance is important for any business, as it can protect the business from unexpected losses. Business owners should make sure that they have adequate insurance coverage for their business. This includes property insurance, liability insurance, and workers' compensation insurance.