Why Risk Management is Needed: Protecting Your Business from Costly Mistakes (2025)
Discover why risk management is essential for businesses, with real-world examples like a small coffee shop losing online orders. Learn how to safeguard your operations and avoid costly mistakes in 2024.
Did you know that 60% of small businesses close within six months of a major security breach or financial loss? Risk management isn’t just for big corporations—it’s a lifeline for businesses of all sizes. Take the example of a small coffee shop that lost hundreds of dollars because staff forgot to verify online orders. This simple oversight led to stolen goods and unhappy customers. In today’s fast-paced world, risks are everywhere, and without a proper plan, your business could be next. In this article, we’ll explore why risk management is crucial, how it can save your business, and actionable steps to get started. Let’s dive in!