ASSESSING FINANCIAL RISKS
Assess, manage, and
minimize threats to your cash flow.
Businesses run on money – of this, we are all well aware. But the phrase, 'You have to spend money to make money' doesn't always hold up. How does one go about determining which financial risks are worth taking, and which to stay away from?
Types of financial risk
Financial risks are things that affect how your money is handled in your business, including the amount of cash that your business has on hand. Different types of financial risks put certain aspects of your business's finances in danger:
Dollars + $ense
This short course brings clarity to the most important thing in business: money explaining the three key financial statements.
Financial Mastery
This course helps you truly understand what is happening to the money that you invest in your business so you can grow.
Assessing your business's financial risk
Conducting an assessment helps business owners identify risks before stepping into a new market or expanding their product line, and ensures that the business is at least aware of the risks that come with doing business, such as:
How to conduct a financial risk assessment
Although the factors that the assessment considers will vary from industry to industry, the steps remain the same. Below is a brief outline of the three basic steps: Identify, Analyze, and Plan.
For more information or for help conducting your own financial risk assessment, we encourage you to contact one of our BizAcademi team members.
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