There are many sources of business risk. It is important that business owners understand there are certain risk events that can be controlled and some that cannot. Changes in government legislation and environmental impacts—floods, droughts, fires—are examples of risk events outside your control. Operating a business free of risks is limited to managing risk events you can control.

Minimising business risk

Identifying and managing risk is an integral component of building a successful business. It is impossible to remove risk from all situations, but you can manage it. These steps include:

  • Identify the risk
  • Try to avoid the risks
  • Minimise the risk by putting measures in place
  • Transfer the risk to someone else
  • Manage or retain an element of risk

To minimise business risk, business owners need to implement effective risk management strategies into their business.

This process involves identifying what is a possible risk event, grading the event and then designing a strategy to minimise, manage or remove the risk.

Risk management checklist

To minimise your business risk, start by completing a risk management checklist. Purchasing business insurance is an example of reducing business risk, as is employing suitably qualified people who have experience in areas that are risky, as they can manage it for you.

Outsource your risk management strategy

Your advisor is best positioned to provide you with risk management advice. Every business is different. That’s why discussing your requirements with a specialist will help you develop a tailored risk management strategy for your business.

For more information on Risk Management, click here.

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Osborne Park Office
18 Sangiorgio Court, Osborne Park WA 6017
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Osborne Park Office
18 Sangiorgio Court, Osborne Park WA 6017
Locked Bag 4, Osborne Park DC WA 6916
Mon - Fri: 8.00 am - 5.00 pm
Port Hedland Office
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PO Box 149, Port Hedland WA 6721
(08) 6165 4067
Mon - Fri: 8.30 am - 4.30 pm

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Armada Accountants Pty Ltd – ABN 79 009 298 542, Armada Financial Planning Pty Ltd – Corporate Authorised Representatives of Armada Wealth Management Pty Ltd AFSL 535978, Armada Lending Pty Ltd – ABN 20 603 067 983 – Authorised Corporate Credit Representative (470054) of BLSSA Pty Ltd (ACL 391237), Armada Audit Services Pty Ltd – ABN 39 151 015 002, Armada Business Services Pty Ltd ABN 29 008 762 481 are members of the Armada Group. Each member of the Armada Group is a separate legal entity in its own right and is not in partnership with any other members of the Armada Group. Liability limited by a scheme approved under Professional Standards Legislation.



Armada Accountants & Advisors acknowledges and pays respect to the past, present and future Traditional Owners and Elders of this nation and the continuation of cultural and spiritual practices of Aboriginal and Torres Strait Islander peoples. Armada also acknowledges the Traditional Owners of the land where our Perth and Port Hedland offices are located, the Whadjuk Noongar People (Perth) and Kariyarra People (Port Hedland).

Armada Accountants Pty Ltd – ABN 79 009 298 542, Armada Financial Planning Pty Ltd – Corporate Authorised Representatives of Armada Wealth Management Pty Ltd AFSL 535978, Armada Lending Pty Ltd – ABN 20 603 067 983 – Authorised Corporate Credit Representative (470054) of BLSSA Pty Ltd (ACL 391237), Armada Audit Services Pty Ltd – ABN 39 151 015 002, Armada Business Services Pty Ltd ABN 29 008 762 481 are members of the Armada Group. Each member of the Armada Group is a separate legal entity in its own right and is not in partnership with any other members of the Armada Group. Liability limited by a scheme approved under Professional Standards Legislation.


Armada Accountants & Advisors acknowledges and pays respect to the past, present and future Traditional Owners and Elders of this nation and the continuation of cultural and spiritual practices of Aboriginal and Torres Strait Islander peoples. Armada also acknowledges the Traditional Owners of the land where our Perth and Port Hedland offices are located, the Whadjuk Noongar People (Perth) and Kariyarra People (Port Hedland).

Copyright © 2022 Armada Accountants & Advisors.
ALL RIGHTS RESERVED 

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