How Not to Lose Your Business
Running a small business is the “American Dream.” Small businesses dream of unimaginable success yet rarely expect the worst to happen. They neglect to develop a clear plan for managing risks and sadly, one unexpected event can put a company out of business.
“A small leak will sink a big ship.”
Benjamin Franklin
Hiring a risk management company to conduct regular risk management assessments is crucial for staying in business. While small businesses think risk management is only for large corporations, the reality is they have more at stake when things go wrong, as they often have their whole life, including their personal home, invested in their business as collateral for loans.
John Ballinger, owner of Ballinger and Associates (Chattanooga’s premier full-service risk management firm with over 30 years’ experience in Enterprise Risk Management, Insurance Claim Mitigation, and Mediation services) shared this insightful comment, “Small business owners should be the most diligent risk managers, as what starts out as a seemingly small matter can quickly balloon into a significant claim that could cost time, money, and opportunity. In fact, the number two reason most small businesses fail is in not being properly covered for an unexpected event.”
Here are four reasons to get a professional Risk Management Assessment (RMA):
1. Identifies Your Vulnerabilities
Many small businesses don’t realize where they are vulnerable until it’s too late. An RMA can uncover potential threats that include cyberattacks, equipment failure, or compliance issues before they impact your business. By identifying these potential threats ahead of an incident, you can implement plans to avoid or minimize these risks. Protective measures could include improved data security, updated insurance coverage, or better employee training.
2. Protects the Bottom Line
A single claim, lawsuit, or unexpected disaster can sink a business. RMAs evaluate everything from your contracts and insurance policies to safety procedures and data backups. By understanding your exposures, you can put cost-effective safeguards in place. It’s cheaper to put safety measures in place upfront than try to recover after a costly incident occurs.
3. Enhances Customer Trust
Consumers do business with trusted companies. Being prepared for emergencies, maintaining data security, and ensuring safe products or services positions your company as reliable. This becomes a competitive advantage.
4. Supports Long-Term Growth
An RMA isn’t just about identifying threats—it’s about helping your business grow smarter. Understanding your potential weaknesses allows you to make better decisions about expansion, hiring, investment, and employee training. It also prepares you for future regulatory changes, industry shifts, or economic downturns. Your RMA becomes a roadmap to building a sustainable business.
Who Can I Call for a Risk Management Assessment?
A tailored risk assessment provides clarity, confidence, and control. If you don’t have an expert helping ensure your business runs smoothly, a little problem can quickly kill your business. Over the last year I’ve come to know John Ballinger personally and he is the coach you want in your corner! A man of deep Christian faith and ethics, he has personally conducted over 1,000 Risk Management Assessments and is also a Supreme Court Rule 31 Listed Mediator who has successfully managed hundreds of civil mediations.
John is also a leadership coach who has personally coached over 250 top national and international leaders and co-hosts the popular podcast 1stLeadU.
To protect your business, and to have a brighter tomorrow, consider getting a Risk Management Assessment today. Reach out to John to learn more about how to keep your business on track. You can learn more at www.ballingerandassociates.com and reach John at (423) 541-9109 or jo**@********************es.com.
