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5 risks every small business owner must manage

Your small business is a big part of your life. While you likely purchase insurance to keep your company safe, a variety of other risks may bring your organization to a standstill. With an effective risk management strategy, you protect your company today while planning for the future. 

As a small business owner, you likely think more about meeting the demands of your customers than managing risks. After all, your primary focus is on growing a successful company. Still, failing to account for certain risks may be a recipe for disaster. Here are five risks every small business owner must identify and address: 

3 things to keep in mind when creating a risk management plan

It is no easy task to be a business owner in the Chicago area. Workplace accidents, terminations, employee misclassification, and client, vendor and customer disputes are just some of the many business challenges that can make or break an organization's success. Some matters are not easy to resolve; others may seem frivolous. A good risk management plan can help you minimize the impact they have on your company’s reputation, operations and bottom line. 

Not every company that encounters litigation issues can rise above them. Here are some things to keep in mind when creating your business risk management plan. 

The risks and rewards of making your next hire a remote employee

It’s a great problem to have. The business is growing, the current staff is at their maximum workload, and it is time to start looking at hiring more people.

The problem is that adding more people to the payroll can get expensive. There are the obvious salary and benefits costs, but then you also need to consider where they will sit and what equipment you will have to purchase so that they can do their work.

Handling contract disputes in your business

Contracts provide those minute details that cover every possible outcome of an agreement between two parties. Contracts are legally enforceable in the eyes of the law, so upholding the expectations is very important. As a business owner, if you find yourself facing a contract dispute, it may be in your best interest to find a quick and amicable resolution to avoid hits to workplace productivity.


Have a plan in place in case of a work accident

You might not think that your company is a dangerous place, but first responders and attorneys know that serious accidents can happen in any workplace at any time. In the event of a crisis, preparedness can make a huge difference for your staff.

The Occupational Safety and Health Administration provides a detailed set of guidelines for creating an emergency action plan. This plan, along with training programs, can help managers and workers know how to take safe action during and after an accident.

Create the proper agreements to protect your IP

Founders of startup companies often focus more on getting their new products out ahead of the competition than on taking care of their intellectual property, an effort that should be top priority.

What safeguards should be in place to ensure the protection of your intellectual property?

What kind of structure will be best for your new business?

Founding a new business is an awesome and exciting prospect. There are many things to consider, and you want to go about setting the company up properly right from the beginning.

One of your first decisions will be structure. Will it be a sole proprietorship? An LLC? An S corporation? The form you choose for your company will serve as the cornerstone of its foundation.