As the owner of a business or even the manager of a company, there are risks that you will run into for many different reasons. Some of them deal with your own decisions, and some of them deal with the decisions of other people that work for you or with you. Rather than dealing with those risks as they unfold, it can be a good idea to think about what you will do if and when each of them happens, considering it from an advanced perspective.
What are some examples of these risks that can occur that you should be prepared for? If an employee in your company tries to blow the whistle, you could be implicated. If there are any harassment claims within your company ranks, that can end up affecting you. If anyone is stealing from you inside of your company, that is a significant risk. And, depending on the way you make financial decisions, business debt can turn into personal bankruptcy.
It doesn’t happen that often, but when it does it becomes a significant adverse event for a company – and that is when a whistleblowing case happens. They can get lots of attention from major news networks depending on the size and type of your company, and some whistleblowing cases result in massive fines or jail time for company owners. To avoid whistleblowing cases, keep your company’s actions transparent, and also look up for bad actors within your company ranks.
Dealing with harassment claims at work can be very difficult. Depending on what your focus is as an owner or manager, the workplace behavior some of your employees may not be extremely obvious. You have to take it seriously when anyone comes to your Human Resources department and says that bad things are happening concerning different types of harassment in the office. The most significant risk for you as an owner is that you will not pay attention to these claims and you will be on record as not being proactive about a source of this tension.
With larger companies especially, there can be so much money going around that pockets of finances can go missing if people are stealing from you inside of the business structure. Loss happens inside every company for many different reasons. What you want to avoid is your employees taking from you because they think they can get away with it. If your company has enough perks for your employees, it will keep these actions down to a minimum.
Even though you can try to protect your personal fines and taxes as much as possible from business endeavors, certain situations may require you to use some of your own funding for business reasons. There is the risk if you mismanage some of your company’s expenses that you could go personally bankrupt if the brand loses solvency.