Please respond to the following: Identify and explain three risks to small busin

Please respond to the following: Identify and explain three risks to small businesses that are caused by personnel issues. How would you manage each risk? Be sure to respond to at least one of your classmates’ posts. Julie Greene Financial risk because founders have often invested their life savings or taken out significant loans in order to get the organization off the ground. Cash flow is one of the biggest concerns at the beginning. The way I would manage this risk is to perform a risk assessment because you can evaluate your financial decisions on those findings and this can help reduce the possibility of these risks impacting the business. Liability risk is another one that a small business should be concerned about. This risk is generally associated with injuries or damages that take place on the business premises. Such as a customer falls or slips and injures themself while on the business property the company could be held liable for the injuries. To manage this risk I would have liability insurance to cover this type of risk. I would also make a reasonable effort to maintain a safe environment for the public. The reputational risk would be important in a small business this could harm a business’s public image and impair its revenue-generating ability. This can occur when a business fails to meet the expectations of its stakeholders and is thus negatively perceived. The companies reputation affects its ability to do business in the marketplace. I would track my companies reputation in key markets and demographics using social media listening tools.

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