Risk Management

Identify risk exposure.

“Behold, I send you out as sheep in the midst of wolves; so be shrewd as serpents and innocent as doves.”

—Matthew 10:16

•     One lawsuit could shut down your business if you’re not protected.

•     Seek wise counsel.

 

Plan wisely.

“For which of you, desiring to build a tower, does not first sit down and count the cost, whether he has enough to complete it?”

—Luke 14:28

“But the noble man devises noble plans; And by noble plans he stands.”

—Isaiah 32:8

 

Guard your reputation.

“A good name is to be more desired than great wealth, Favor is better than silver and gold.”

—Proverbs 22:1

•     Be proactive regarding customer complaints.

•     Manage your company’s reputation on the internet.

 

Stay out of debt.

“The rich rules over the poor, And the borrower becomes the lender’s slave.”

—Proverbs 22:7

•     Don’t use debt as a bail out.

•     Debt repayment kills cash flow. 

•     Debt may be used to expand capacity.

 

Diversify your assets.

“Give portions to seven, yes to eight, for you do not know what disaster may come upon the land.”

—Ecclesiastes 11:2

•     Identify other ways you can serve your customers profitably that won’t compromise your brand.

•     Pay attention to industry changes that present a risk to your profitability.

•     Innovate.

•     Acquire new businesses.

 

Fear not.

“For God has not given us a spirit of fear, but of power and of love and of a sound mind.”

—2 Timothy 1:7

“Do not be anxious about anything, but in every situation, by prayer and petition, with thanksgiving, present your requests to God. And the peace of God, which transcends all understanding, will guard your hearts and your minds in Christ Jesus.”

—Philippians 4:6-7