2016-12-02 00:00:00 Running a Business English Find out how hidden risks can cause your business to lose money and assets. Having contingency plans in place can help you recover from... https://quickbooks.intuit.com/ca/resources/ca_qrc/uploads/2017/03/Man-in-red-shirt-sorting-clothing-inventory-holding-tablet-while-evaluating-hidden-risks.jpg What Are Hidden Risks?

What Are Hidden Risks?

0 min read

Hidden risks are unknown factors that could have a negative impact on your business. Examples of hidden risks include adverse weather conditions and damage to goods you’ve paid for while they’re in transit. Bad debt also poses a risk, as you may not be able to cover expenses such as payroll if your clients don’t pay their invoices. Data breaches, which occur when your online systems aren’t secure, can result in loss of clients and valuable intellectual assets. You can’t foresee the future when it comes to risk, but it’s a good idea to develop contingency plans for worst-case scenarios even if they never happen.

References & Resources

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

Related Articles

Managing Challenges: Types of Risks Businesses Face

All businesses, large or small, face dozens or even hundreds of different…

Read more

Why You Need a Contingency Plan or Exit Strategy

It’s important to have a plan of action, or contingency plan, to…

Read more

Safety Precautions for Off-Site Employees

Many businesses must have employees working off site. Both the employer and…

Read more