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When the local fire department responded, they required only two hours of effort to get the situation under control.A hazmat team arrived to assess the dangers of volatile gasses.
Major corporations hire full-time professionals to perform these tasks.
If you operate a small business or sole proprietorship, you are likely to perform these duties on your own or not at all.
When a fire, windstorm or other unanticipated peril damages your premises, it often puts your operations in limbo.
When preparing your business for sale, a proper risk management plan shall be one of your priorities.
It is vitally important for a business that wants to grow that they work on their business as well as in their business.’ Overall, the research finds that micro-business owners have a narrow list of concerns, in comparison to small and medium-sized enterprises (SMEs).
These concerns centre on reputation and legal issues, however stretched into issues with employees and data protection.
Sometimes it’s better to just be flexible.’ This sentiment is mirrored by brokers’ opinions on micro-businesses.
When asked, brokers said they saw few organised risk management plans or procedures in place at their customers’ companies, despite advising to the contrary.
No micro-business owners, who responded to the survey, had a formal risk management plan, nor did their businesses have anyone specifically responsible for risk management, with all respondents feeling the issue is more relevant for larger businesses, but did accept they should have a risk management plan in place.
One micro-business owner, when asked about whether they have risk management responded, ‘It’s been spoken about but it hasn’t really gone on beyond that.