Business Risk Assessment & Scorecard: 8 Questions
Business Risk Assessment & Scorecard: 8 Questions
Sometimes it is helpful to stop and think about your business from the lens of a lawyer or an outside neutral person.
Asking yourself these 8 simple questions will help you better understand what risks may be staring you in the face but you cannot see. Considering these questions and honestly assessing how confident you feel in the answers can be a very useful “gut-check” for any business with revenues of $20 million or less.
Do you know the risks your business may be facing?
Business/Legal Risk Assessment
- Do you have a written business plan?
- Is your Company’s minute book updated annually?
- Does your business have written and signed employment agreements with its employees?
- Does your business have written agreements with its suppliers/vendors (or something in writing confirming the relationship re transfer of goods and money)?
- Has your company experienced good growth over the last 5 years?
- How confident do you feel your legal contracts have kept pace with your sales & marketing and your accounting and admin growth?
- Have you had the opportunity to discuss your biggest concerns about your business and its growth over the next 3 years with your lawyer?
- Has your company been involved in any litigation in the past 3 years?
Understanding the answers to these straightforward questions will give you an assessment of how confident you feel about your business’ current state of affairs. Rank yourself out of 10 (1 being low confidence and 10 being highest).
Speak to your accountant or a corporate lawyer and ask them to assess the risks in your business, it will give you the peace of mind to know you are doing things right and that
You can contact Joseph at:
905-851-8180, ext. 2
joseph@corelawyers.ca