Small Business & Startup Risk Analysis

Have you included business and startup risk analysis to your checklist?  In fact, our team always says, the businesses and startups that anticipate EVERYTHING that can go wrong have the best chance at success.  For example, if you know what’s coming you can prepare to avoid it or know how to deal with it, right?

Analyzing Small Business & Startup Risk

To begin, what is “Risk Analysis?”  To clarify and put this in the most simple terms, risk analysis is predicting the likelihood of your startup having to face an adverse consequence.

For example, we believe that the best business leaders can be pessimists.  While it doesn’t sound intuitive that an entrepreneur who always thinks about what can go wrong, can be a success, it’s true.  If, for example, this startup can combine their fears with plans for avoiding these disasters or how to deal with them, you’re in great shape.  In fact, sitting down before you launch your business and think about these threats and the likelihood that they’ll happen is actually a good thing.

This is the second to last installment of questions for the startup entrepreneur and today we’ll focus on Risk Analysis and Contingency Planning, enjoy.

Questions we present to understand your startup:

A. Startup Vision, Mission, Goals & Objectives 
B. Development & Structure
C. Market Analysis
D. Product & Service Offering
E. Competitive Environment
F. Strategic Planning
G. Marketing & Sales Planning
H. Organization Structure & Management
I. Operations Planning
J. Risk Analysis & Contingency Planning
K. Financial Plan

This blog will focus on one area — Risk Analysis & Contingency Planning

Following are a series of 10 questions that will help you assess risk and plan for unexpected circumstances.

This list of questions should trigger discussion and more questions. The time you spend now could make the difference between success and failure.

Risk Analysis & Contingency Planning Questions.  Have you assessed all of the following:

1. Market risks, economic cycle risks and interest rate risks.
2. Impact of currency fluctuation.
3. Policy risks including government regulations and trade restrictions.
4. Key customer & supplier dependence.
5. Risks associated with labor, suppliers and distributors.
6. New competitors.
7. New emergent technology.
8. Changing demand.
9. Plan of action if production deadlines are not met.
10. Plan of action if sales projections are not met.

Brandings has everything you need to hit your startup targets every time.  With this in mind, the Brandings Team offers a wide range of services.  These services we provide includes company naming, strategic planning, and trademark screening, all custom tailored to meet all your specific startup needs.

Finally, any Risk Analysis Adviser and they’ll say, don’t take advice from only one source.  Keeping that in mind, we want to point to an article by our friends at Inc. Magazine.  Have a look at a recent article about looking into your startups future for brands success, it’s worth it.