Home Based Business Risk Assessment Part III
by Francis Maina | on January 18, 2012
Home Based Business Risk Management
Next Home Based Business needs to identify the risks therein through self-assessment exercises, evaluate them in terms of their likelihood of occurrence and their severity if they do occur via risk mapping. Once this is done home based business should consider and measure the impact of those risks and depict the results in a clear and easily understood way by everyone in their home based business network (see i2c Network platform).
Whilst measuring home based business risks likelihood in a similar fashion linking each one to a frequency such as every day, month, or even 10 years. Home Based Business Risks should then be plotted on a chart.
Appropriate actions and / or responses must be made for all the risks that would significantly affect the strategy or returns of the Home Based Business if they occur. The four (4) main ways of dealing with the risks are:
1. Accept
2. Transfer (usually via insurance)
3. Reduce/Manage and
4. Eliminate
These four are sometimes known as the 4T’s (tolerate, transfer, treat or terminate).
Home Based Business Risk Management – Taking Action:
These home based business measures have now to be put in place, with the agreed appropriate actions and procedures to reduce the risks. Home Based Business need to introduce reporting and monitoring mechanisms to see if the risks are being properly considered and addressed both initially and on a continuing basis.
Risks need to be monitored on a regular basis in line with the changing business environment and be constantly alert to new risks that Home Based Business may face and have early warning systems in place to monitor for changing risk levels.
This Home Based Business risk management process must be managed and lead from the top and needs to involve all home based businesses in your network/team/downline in some capacity to be truly effective.
Home Based Business Risk Management – In Summary:
The key requirements for home based business risk management process is to:
Start building Security, Continuity and Resilience to Your Home Based Business TODAY! read and follow the robust Home Based Business Risk Assessment Option The Black Book
Entreprenuers Alert! Wanted Serious Entrepreneurs only for further details on Home Based Business Risk Assessment contact:
Francis Maina
Home Based Business Resilience Consultant and Business Mentor
email: businessresilience@gmail.com
Mobile: +447890521876
i2c Network for The Resilient Entrepreneur
CBXII, 382-390 Midsummer Boulevard, Milton Keynes, Buckinghamshire, United Kingdom. MK9 2RG.
About The Author: Francis Maina
As founder of i2c Network online powerhouse for building business continuity, security and resilience. Francis is passionate about engaging, enhancing and empowering home based businesses (HBB's) and small and medium sized enterprises (SME's) realise their full potential.
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