Before you can start out the businesses, one should at least study how the business goes. the ins and Outs of the business and probably the level of risks and how to control them for profit optimization
How did you manage the risk level for your business?
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I am thankful, I have not experienced problem of my business, the risk is just minimal and that is the high cost of the ingredients now of my milk tea busines. I'm always thinking positive.
I didn't produce too much at the start. That was to help me avoid big losses and sale lags. I expanded bit by bit.
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I am able to do this by starting small. I invested little so if anything goes wrong, what I loose would be something I can handle or manage.
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I manage the low risk of my business by adding a capital and no wastage to happen. It's not easy to manage risk low or high. Let's just make it right.
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All businesses will have risks, the smaller the risk, the smaller the profit. Business risks can occur from internal or external sources. So the first thing you do is identify all possible risks, conduct a risk assessment, and prioritize risks, etc.
Business risks are investible. Therefore using risk mitigating strategies can lead to success. This would work out when one deals with something that they can really handle.
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Careful planning is one best tool to defeat risks in business. After observing the fluctuating flow of your business, expect something malicious that may put your business to risk. In my business the risk is the staff who might betray me by colluding another staff of the same milk tea business by sharing the strategies and ingredients. If ever betray me, there will be no second chance.
In a situation where by all sale to brings is giving you trouble up and down I managed my business alone without help.
Key risk management is about obtaining necessary insurance, limiting liability, ensuring quality, controlling growth, and screening high-risk customers
