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2 ways to mitigate business risks

As the owner of a small business in Atlanta, you likely have found that running your own company can be a liberating and rewarding experience. But it can also be full of challenges, complications and stress if you are not careful. It is important for you to think about the risks your business faces to keep them from affecting its success, reputation and profits. 

It may be hard for you to imagine having to deal with risks outside of ones that cause physical damage to your property, such as accidents and theft. But there are many internal and external risks that you should know about, such as partnership and client disputes, clients, finances and theft. Here are two ways you can minimize the number of risks your business encounters daily. 

Identify the possible risks 

You should take some time to evaluate every aspect of your business, its operations and goals to determine what hazards you should plan against. Once you have an idea of what you are facing, you can take measures to minimize or eliminate them. You should continue to assess your company daily, because new risks can crop up at any time. 

Create contingency plans 

You may not be familiar with every single risk your business currently faces, but that is no reason for you to not have a plan in place. A general plan can help keep your company on track and avoid legal disputes, especially when there is a lot of confusion and uncertainty. When making your plans, think about the effect risks and liability can have on your company and how you can mitigate them. Consider getting a professional risk assessment to keep you from overlooking anything and to help you develop contingency plans just in case. 

It is one thing for you to know what your company is up against, and another for you to do something about it. Risks are an unavoidable aspect of owning and running a business, but careful evaluation and the right risk management strategies can help you to protect your company.

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Robert Kaufman has been selected as a 2013 Top Rated Lawyer in ‘Commercial Litigation’ as will be published in the May issue of The American Lawyer & Corporate Counsel magazine.Alex Kaufman has been selected as a 2013 Top Rated Lawyer in ‘Commercial Litigation’ as will be published in the December issue of The American Lawyer & Corporate Counsel magazine.

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