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Once a month we'll send you an email packed full of essential business news and handy tax tips to help save you money.

17 May - HMRC launch special bereavement services
14 May - Last Day for Electricians' Tax Safe Plan
13 May - Agricultural Property Relief Confusion
13 May - HMRC Publishes New IR35 Guidance - Whom Does it Really Help?
12 May - Digital Exclusion - HMRC IS Leaving People Behind Despite Government Assurances, says LITRG
09 May - Tax Barrister Forces HMRC Climb Down on P35 Contractor Question: Just Say No
09 May - Online Sellers have One Month to Register for Tax Opportunity
09 May - RTI Pilot Forges On
09 May - Small Donations to Charities to Qualify for New Top-Up Payments
09 May - Employers' Annual Return Form P35 - Is a Return Actually Due?
06 May - NIC Update May 2012
06 May - Business Property Tax Relief and Holiday Lets
06 May - Editorial: The Proposed General Anti-Avoidance Rule - Will it Really Help?
02 May - Government is being Hypocritical when Dealing with Individuals Through Limited Companies
01 May - HMRC Promotes the Alternative Dispute Resolution Service for Smaller Businesses - Now Online

Does your business pass the risk test?

Most seasoned business leaders will testify to the wisdom of Harold Macmillan, who when asked what he feared the most famously replied 'Events, dear boy, events!'

How often do we hear of an unexpected turn of events derailing a business plan or damaging a company's profitability?

Do you know what potential risks threaten your business? Have you taken adequate precautions to protect your business against the 'unexpected'?

Take the risk test below to find out. Each 'No' answer indicates a potential risk for which you are unprepared:

	YES	NO
Do you monitor the activities of your competitors?
Are you geared up to respond swiftly to new initiatives taken by your competitors?
Do you actively solicit customer/client feedback?
Do you respond positively and swiftly to negative feedback from customers/clients?
Do you have the organisational versatility to respond to sudden changes in the marketplace?
Could your management team handle accelerated growth if circumstances called for it?
Do you have adequate redundancy for key operations?
Do you have offsite back up for key data?
Do you have a management continuity plan in the event of the loss of a key player?
Do you have a timely financial reporting system that keeps you informed of current developments and trends?
Do you monitor financial reports regularly?
Have you ensured sufficient funding for future growth?
Do you deal with problems as soon as they occur?
Do you have adequate insurance cover?
Do have adequate patent, copyright, trademark, or other protection?

These are just a few examples of the kinds of risk that might threaten a business.

The truth is, of course, that risks should not be unexpected. Although none of us can tell the future, we can all anticipate potential risks and take appropriate precautions.

In our experience, there are four common scenarios in which businesses unnecessarily expose themselves to risks:

Inadequate planning - especially where insufficient attention is given to future funding requirements, staffing needs, etc

False economy - where short-term savings in time or expenditure leave the business exposed in the longer term

Rapid growth - where the sheer pace of growth obscures danger signals until it is too late

Long-term success - where complacency gives rise to the assumption that the factors that have led to success in the past will continue to do so in the future

To avoid these, we recommend all our clients come in for a regular risk assessment and advice on the most appropriate risk management policies to implement.

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Does your business pass the risk test?

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