Skip to product menu
close
  • Recent Launches
    Press Space or Enter to display list of options
EXPLORE ALL PRODUCTS

Recent Launches

New

Payroll software with automated tax payments and filing.

Try now
New

Robotic process automation software to automate high-volume, rule-based tasks.

Try for free
New

Low-code IoT platform and solutions for connected businesses.

Try now
New

Business formation service to launch and grow your businesses.

Try now
New

Privacy-friendly application analytics solution.

Try for free

Sales

 
CRM

Comprehensive CRM platform for customer-facing teams.

CRM
 
Bigin

Simple CRM for small businesses moving from spreadsheets.

Bigin
 
Forms

Build online forms for every business need.

Forms
 
SalesIQ

Live chat app to engage and convert website visitors.

SalesIQ
 
Bookings

Appointment scheduling app for consultations with customers.

Bookings
 
Sign

Digital signature app for businesses.

Sign
 
RouteIQ

Comprehensive sales map visualization and optimal route planning solution.

RouteIQ
 
Thrive

Complete loyalty and affiliate management platform.

Thrive
 
Voice

Cloud Contact Center Software for businesses.

Voice
 
Suites
CRM Plus

Unified platform to deliver top-notch customer experience.

CRM Plus

Marketing

 
Social

All-in-one social media management software.

Social
 
Campaigns

Create, send, and track targeted email campaigns that drive sales.

Campaigns
 
Forms

Build online forms for every business need.

Forms
 
Survey

Design surveys to reach and interact with your audience.

Survey
 
Sites

Online website builder with extensive customisation options.

Sites
 
PageSense

Website conversion optimization and personalisation platform.

PageSense
 
Backstage

End-to-end event management software.

Backstage
 
Webinar

Webinar platform for webcasting online webinars.

Webinar
 
Marketing Automation

All-in-one marketing automation software.

Marketing Automation
 
LandingPage

Smart landing page builder to increase conversion rates

LandingPage
 
Publish

Manage all your local business listings on a single platform.

Publish
 
SalesIQ

Live chat app to engage and convert website visitors.

SalesIQ
 
Sign

Digital signature app for businesses.

Sign
 
Thrive

Complete loyalty and affiliate management platform.

Thrive
 
Voice

Cloud Contact Center Software for businesses.

Voice
 
NEW
LeadChain

Sync, manage, and convert leads across channels seamlessly.

LeadChain
 
NEW
CommunitySpaces

Online community platform for individuals and businesses to grow their network and brand.

CommunitySpaces
 
Suites
Marketing Plus

Unified marketing platform for marketing teams.

Marketing Plus

Commerce

 
Commerce

eCommerce platform to manage and market your online store.

Commerce

Service

 
Desk

Helpdesk software to deliver great customer support.

Desk
 
Assist

Remote support and unattended remote access software.

Assist
 
Lens

Interactive remote assistance software with augmented reality.

Lens
 
FSM

End-to-end field service management platform for service businesses.

FSM
 
SalesIQ

Live chat app to engage and convert website visitors.

SalesIQ
 
Voice

Cloud Contact Center Software for businesses.

Voice
 
NEW
Solo

The all-in-one toolkit for solopreneurs.

Solo
 
Bookings

Appointment scheduling app for consultations with customers.

Bookings
 
Suites
Service Plus

Unified platform for customer service and support teams.

Service Plus

Finance

 
Books

Powerful accounting platform for growing businesses.

Books
 
FREE
Invoice

100% Free invoicing solution.

Invoice
 
Expense

Effortless expense reporting platform.

Expense
 
Inventory

Powerful stock management and inventory control software.

Inventory
 
Billing

End-to-end billing solution for your business.

Billing
 
Checkout

Collect payments online with custom branded pages.

Checkout
 
NEW
Payroll

Payroll software with automated tax payments and filing.

Payroll
 
NEW
Solo

The all-in-one toolkit for solopreneurs.

Solo
 
Practice

Practice management software for accounting firms.

Practice
 
Sign

Digital signature app for businesses.

Sign
 
Commerce

eCommerce platform to manage and market your online store.

Commerce
 
Suites
Finance Plus

All-in-one suite to manage your operations and finances.

Finance Plus

Email and Collaboration

 
Mail

Secure email service for teams of all sizes.

Mail
 
Meeting

Online meeting software for all your video conferencing & webinar needs.

Meeting
 
Writer

Word processor for focused writing and discussions.

Writer
 
Sheet

Spreadsheet software for collaborative teams.

Sheet
 
Show

Create, edit, and share slides with a sleek presentation app.

Show
 
Notebook

Beautiful home for all your notes.

Notebook
 
Cliq

Stay in touch with teams no matter where you are.

Cliq
 
Connect

Employee experience platform to communicate, engage, and build positive employee relations.

Connect
 
Bookings

Appointment scheduling app for consultations with customers.

Bookings
 
TeamInbox

Shared inboxes for teams.

TeamInbox
 
WorkDrive

Online file management for teams.

WorkDrive
 
Sign

Digital signature app for businesses.

Sign
 
Office Suite

Powerful collaborative work platform for teams.

Office Suite
 
Office Integrator

Built in document editors for web apps.

Office Integrator
 
ZeptoMail

Secure and reliable transactional email sending service.

ZeptoMail
 
Calendar

Online business calendar to manage events and schedule appointments.

Calendar
 
Learn

Knowledge and learning management platform.

Learn
 
Voice

Cloud Contact Center Software for businesses.

Voice
 
ToDo

Collaborative task management for individuals and teams.

ToDo
 
Tables

Work management tool to connect people, processes, and information.

Tables
 
FREE
PDF Editor

Collaborative online PDF editing tool.

PDF Editor
 
Suites
Workplace

Application suite built to improve team productivity and collaboration.

Workplace

Human Resources

 
People

Organize, automate, and simplify your HR processes.

People
 
Recruit

Intuitive recruiting platform built to provide hiring solutions.

Recruit
 
Expense

Effortless expense reporting platform.

Expense
 
Workerly

Manage temporary staffing with an employee scheduling solution.

Workerly
 
NEW
Payroll

Payroll software with automated tax payments and filing.

Payroll
 
Shifts

Employee scheduling and time tracking app.

Shifts
 
Sign

Digital signature app for businesses.

Sign
 
Suites
People Plus

Comprehensive HR platform for seamless employee experiences.

People Plus

Security and IT Management

 
Creator

Build custom apps to simplify business processes.

Creator
 
Directory

Workforce identity and access management solution for cloud businesses.

Directory
 
FREE
OneAuth

Secure multi-factor authenticator (MFA) for all your online accounts.

OneAuth
 
Vault

Online password manager for teams.

Vault
 
Catalyst

Pro-code platform to build and deploy your apps.

Catalyst
 
Toolkit

Complete resource for any admin-related lookup queries.

Toolkit
 
Lens

Interactive remote assistance software with augmented reality.

Lens
 
Assist

Remote support and unattended remote access software.

Assist
 
QEngine

Test automation software to build, manage, execute, and report testcases.

QEngine
 
NEW
RPA

Automate manual, tedious, and repetitive tasks easily.

RPA

BI and Analytics

 
Analytics

Modern self-service BI and analytics platform.

Analytics
 
Embedded BI

Embedded analytics and white label BI solutions, tailored for your needs.

Embedded BI
 
DataPrep

AI-powered data preparation service for your data-driven organization.

DataPrep
 
NEW
IoT

Harnessing IoT analytics for real-time operational intelligence.

IoT

Project Management

 
Projects

Manage, track, and collaborate on projects with teams.

Projects
 
Sprints

Planning and tracking tool for scrum teams.

Sprints
 
BugTracker

Automatic bug tracking software for managing bugs.

BugTracker
 
NEW
Solo

The all-in-one toolkit for solopreneurs.

Solo

Developer Platforms

 
Creator

Build custom apps to simplify business processes.

Creator
 
Flow

Automate business workflows by creating smart integrations.

Flow
 
Catalyst

Pro-code platform to build and deploy your apps.

Catalyst
 
Office Integrator

Built in document editors for web apps.

Office Integrator
 
ZeptoMail

Secure and reliable transactional email sending service.

ZeptoMail
 
QEngine

Test automation software to build, manage, execute, and report testcases.

QEngine
 
Tables

Work management tool to connect people, processes, and information.

Tables
 
NEW
RPA

Automate manual, tedious, and repetitive tasks easily.

RPA
 
NEW
Apptics

Application analytics for all apps.

Apptics
 
Embedded BI

Embedded analytics and white label BI solutions, tailored for your needs.

Embedded BI
 
NEW
IoT

Build, deploy, and scale IoT solutions for connected businesses.

IoT
 
DataPrep

AI-powered data preparation service for your data-driven organization.

DataPrep

IoT

 
NEW
IoT

Low-code IoT platform and solutions for connected businesses.

IoT

Search Result

 
CRM Plus

Unified platform to deliver top-notch customer experience.

Try now
CRM Plus
 
Service Plus

Unified platform for customer service and support teams.

Try now
Service Plus
 
Finance Plus

All-in-one suite to manage your operations and finances.

Try now
Finance Plus
 
People Plus

Comprehensive HR platform for seamless employee experiences.

Try now
People Plus
 
Workplace

Application suite built to improve team productivity and collaboration.

Try now
Workplace
 
Marketing Plus

Unified marketing platform for marketing teams.

Try now
Marketing Plus
 
All-in-one suite

Zoho One

The Operating System for Business

Run your entire business on Zoho with our unified cloud software, designed to help you break down silos between departments and increase organizational efficiency.

TRY ZOHO ONE
Zoho One
Zoho Marketplace

With over 2000 ready-to-use extensions across 40+ categories, connect your favorite business tools with the Zoho products you already use.

EXPLORE MARKETPLACE
Marketplace
Skip to main content
  • HOME
  • Business
  • Risk Management: How to protect your small business

Risk Management: How to protect your small business

Fire extinguisher

Running a business involves a lot of uncertainty. It doesn't matter how great your business is doing right now, there is always a possibility of things not turning out the way you originally planned and taking a turn for the worse. That said, when we talk about business risks, we often associate them with factors that can cause financial losses for your business. Yes, profitability is important in determining a business's fate, but it's also important to be aware that numerous other threats can cause your business operations to collapse.

While there is no foolproof way to eliminate risks completely, business owners can avoid or minimise their impact by implementing a strong risk management strategy. Understanding and managing risks helps you gain greater control over your business and makes you more resilient to tackle future challenges.

Steps to manage business risks 

1.  Identify potential business threats  

The first step in executing a risk management strategy is to clearly understand what type of risks you're facing now and which you will likely face in the future. Keep in mind that threats to your business can come from both internal and external sources. Thus, it's a good idea to get opinions from your employees, customers, investors, risk advisors, and government agencies to know about potential pitfalls and scenarios where things can go wrong.

2.  Evaluate your vulnerability 

Once you've researched and compiled a list of all the possible threats to your business, it's time to evaluate:

  • What are the odds that these risks will occur?

  • How severe would their impact be?

  • How much financial loss will your business incur from it?

  • How long will it take for your business to recover from that impact?

Once you thoroughly analyse these factors, you will know which risks to prioritise and where to spend your resources to manage them.

3.  Take control measures 

Risk management involves taking effective action to reduce the likelihood of the risk, as well as creating a strong backup plan to protect your business from it. The strategy you choose to defend your business can vary based on the nature of the risk involved. However, it's important to ensure that the benefits of investing your time and money in risk management far outweigh the potential harm. Once you have a strong risk management plan in place, it’s critical to review it on a regular basis and make sure it's still relevant and effective at guarding your business in its current state.

Types of business risks 

To give you a better picture of the challenges your organisation can face, we've listed five different types of business risks to help you understand how they can affect your business and what you can do to protect yourself.

Financial risks 

Financial risk is any threat that could cause your business to lose money and fall behind in meeting its financial obligations. While most business risks end up causing financial hardship in some way, financial crisis generally arises due to a sudden dip in sales, late payments by clients, market fluctuations, or spiralling debt.

Tips to manage your financial risks:

  • Take steps to improve cash flow in your business

  • Maintain an emergency cash reserve

  • Set clear terms and penalties for late payments

  • Avoid borrowing money or taking loans unless absolutely necessary

Invest in reliable accounting software to keep track of your business's finances more efficiently

Competitive risk 

Every business has competition. That said, if a new competitor's entry or the conduct of your existing rivals begins to impact your business significantly, it becomes a clear cause for concern. Competitive risks usually lead to shifts in customer preferences, increased employee attrition rates, or pricing pressure. As a business owner, it's important to keep an eye on your competitors and be ready to take the necessary strategic actions to make your unique value propositions stand out.

Tips to stay ahead of your competition:

  • Prioritise building a loyal consumer base

  • Ask for and act on customer feedback

  • Price your products competitively

  • Invest in product research and development

Regulatory risks 

Regulatory risk refers to the possibility of your firm suffering damages due to changes in laws or regulations. When your organisation fails to comply with industry-specific standards, rules, and ethical conduct, you may be subjected to hefty penalties or lawsuits that can damage your hard-built reputation.

Tips for complying with changing regulations:

  • Seek legal advice from a consultant or hire a full-time compliance officer

  • Ensure all your employees are aware of any new laws or regulations

  • Conduct compliance audits on a regular basis to verify if regulations are being followed at all levels of the organisation

Workplace risks 

Risks to health and safety can occur anywhere, but naturally you should aim to make your organisation as safe as possible for employees. Workplace risks involve anything that can cause them physical or mental harm. As a business owner, you are ultimately responsible for preventing injuries or deaths at your work locations, and the space you provide for employees should be free from discrimination, bullying, and harassment. Since workplace laws may vary by state, it's best to seek guidance from the WHS authority of your state to learn more about the specific laws that apply to your place of work. If you're interested in understanding more about workplace safety, visit the Safe Work Australia website. Safe Work Australia (SWA) is an Australian government statutory body that helps businesses comply with Workplace Health and Safety laws.

Tips for minimising workplace risk:

  • Regularly inspect your workplace for potential hazards

  • Assess if your business adheres to all necessary safety standards

  • Train all your employees on how to handle emergency situations

  • Ensure your business meets the mandatory requirement for having an adequate number of workers who are trained in first aid

Learn more about how to reduce the spread of illness at your workplace

Environmental risks 

Environmental risks are unforeseen natural calamities that can adversely impact your business. Disasters like bush fires, floods, rain, earthquakes, and cyclones can cause irreparable losses to your organisation. While humans have no control over nature, we can prepare a disaster recovery plan and take necessary precautions ahead of time. Then, when a natural disaster occurs, it's more likely that you can overcome the damage and resume normal business operations faster.

Tips to minimise environmental risks to your business:

  • Purchasing comprehensive insurance helps you reimburse financial loss due to natural disasters

  • Keep a copy of all your important documents and business data in a cloud-based storage system

  • Read more on how to protect your business from a natural disaster on the Insurance Council of Australia website

We hope this post gives you some clarity about risk management and what you can do to keep your business steady and running. Have any other tips you'd like us to add? Let us know in the comments below!
 

Leave a Reply

Your email address will not be published. Required fields are marked

The comment language code.
By submitting this form, you agree to the processing of personal data according to our Privacy Policy.

You may also like