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12/11/2004

Risk Management Planning for Small Businesses
by Mildred Holley, Technology Programs Manager

Identifying potential risks to your business goals is a key element of effective planning. Small businesses are best served by having plans on how to handle risks before they occur so that the company's owner(s) and employees are equipped to respond effectively.

Risk Management for Small Business, published by the Public Entity Risk Institute, can be downloaded free at www.riskinstitute.org/test.php?pid=pubs&tid=1126. The guide includes worksheets, checklists and possible strategies for dealing with seven broad areas of small business operations. These are commercial and legal relationships; economic circumstances; human behavior; natural and human caused disasters; government activities; technology; and management.

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The Arkansas Small Business and Technology Development Center is funded in part through a cooperative agreement with the U.S. Small Business Administration through a partnership with the University of Arkansas at Little Rock College of Business and other institutions of higher education. All opinions, conclusions or recommendations expressed are those of the author(s) and do not necessarily reflect the views of the SBA. It is the goal of UALR to eliminate discriminatory harassment and to promote equal opportunity regardless of race, gender, color, national origin, sexual orientation, age, religion, veteran's status, or disability.