Problem
Develop a Risk Management Strategy for your business using the table below as a guide.
Based on a yoga studio
A. Base the risk management strategy on areas covered in your Business Plan (Part A)
B. Identify the areas of risk
C. Provide a description of the risk and the potential impact to your business.
D. Determine the likelihood of this risk happening and describe it as either highly unlikely, unlikely, likely, or highly likely.
E. Describe the level of impact it may have on your business, whether it could be high, medium or low
F. Outline your strategies for minimising or mitigating each potential risk.
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Area
|
Issue
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Low Risk
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Medium Risk
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High Risk
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Won't be making money in the first month or year
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Outlay cost of yoga equipment
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|
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• |
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Work at my business not in it
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I wont be able to take all yoga classes, so when I'm established I will look at hiring yoga teachers
|
|
• |
|
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Conflicts with members or other yoga teachers
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Being prepared for this to happen,
|
• |
|
|
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Responsible for anything that happens
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Things happen- just need to adapt
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|
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• |