Risk management is at the core of financial planning for businesses—especially small businesses. As the recent pandemic and economic shutdown have shown, it’s important to prepare for both expected risks and surprises.Small businesses need to get a better grasp of financial risk management to navigate current market uncertainty and prepare for the post-pandemic future. To help, 16 experts from Forbes Finance Council share valuable tips to help you get a handle on future risk management, as well as important financial risk-management strategies to adopt right now.Small businesses need to consider agility as a core principle of their business model and risk-mitigation plan. It is impossible to foresee the future, so the next best thing is to craft your business so that it can quickly react to changes in the environment. For every piece of infrastructure, you should ask, “What else can we do with this?” For every expense line, ask, “Does this scale down if revenues...
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