The board game Risk might be fun for some of us to play, but real-life risk management keeps most of us plenty busy!

If you own a small business, it is crucial to ensure stability and growth by addressing financial, operational, employee, cybersecurity, and compliance risks. Let’s briefly highlight the top risks most businesses are facing today and simple solutions to navigating them.

Financial Risks

Credit card processing fees can strain budgets. Comprehensive payment solutions with transparent pricing help maintain cash flow stability.

Operational Risks

Supply chain disruptions can halt productivity. Diversifying vendors and adopting efficient technologies ensure smooth operations. A tsunami on the other side of the world doesn’t have to cause chaos in yours.

Employee Well-Being

Without quality benefits, the ensuing turnover and low morale can disrupt teams. Affordable benefits like telehealth reduce these risks. A 2021 SHRM study found that comprehensive benefits cut turnover by 25%. (Source)

Cybersecurity and Data Privacy

Data breaches or non-compliance with regulations like GDPR can cause financial and reputational harm. Secure IT systems, regular audits, and staff training on phishing prevention mitigate these risks.

Compliance Risks

HR must ensure adherence to labor laws, including wage, anti-discrimination, and safety regulations. Non-compliance risks lawsuits and reputational damage, making regular audits and legal updates essential. Having a solid HR service can take this burden off.

How We Help

We support small businesses with competitive and streamlined payment processing, affordable benefits like Exectras Virtual Primary Care and prescription drug coverage, and HR solutions to ensure compliance and streamline operations. These tools help businesses mitigate risks, boost resilience, and focus on growth, creating a strong foundation for success. Talk to one of our specialists to learn how Exectras Membership can benefit your business.