The Wynning Experience | Tips on How to Assess Your Business Risks
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Tips on How to Assess Your Business Risks

Tips on How to Assess Your Business Risks

Can you imagine planning an event in 1805? I bet things were a lot easier then, but with advancements in technology, the risks that threaten a healthy business has increased. As the saying, goes, “Knowledge is power,” so continue reading to be empowered to thwart any risks that may encounter as an Event Planner.

Financial
The financial stability of your clients is important. Is your client financially able to pay for your services? Have they stiffed vendors in the past? Have they filed bankruptcy? All of these questions will assist you in determining if your clients are financially sound.

Reputational
Google can be your best friend in this arena. Google your client and check out their social media postings. Conducting this type of research will keep you from doing business with unsavory characters whose reputation may do irreversible damage to your Event Planning business and brand.

International
Is your client from a country where laws and regulations may get in the way of business? What is the currency conversion? Will you need a translator? Is the country currently involved in a civil war? Is terrorism rampant in the city of your venue? These are all questions you should ask yourself before taking on any projects overseas.

Information Security
Hackers are abound these days and if you do not have information safeguards in place, not are only are clients at risks, but your business may be at risk as well. Hackers love hacking into business data bases to extract personal information about your clients that will assist them in stealing their identity. Ensure that you have the proper cyber protection on all your electronic and smart devices.

Addressing these risks on the front end can save a lot of time, money, and legal heartache. While all of these risks listed above may not apply to your Event Planning business, it is always good to be aware. How do you identify and assess any risks to your Event Planning business? Do tell!

As always, WE would like to wish you the best in all that you do! This is Allyson Wynn signing off and may all your events be a “Wynning Experience”!

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