Of course, the answer to that question has to be different for each business. I could only give you a proper answer if I knew a lot about your business.
However, the Institute of Risk Management thinks that for most businesses today the biggest risk is the Supply Chain Risk. You might have got all the risks within your business under control (well, you might!) but you probably have not much idea of how secure your supply chain is.
- What are the risks threatening your suppliers?
- What could disrupt the supply?
- What alternatives do you have?
Please do not think I am referring only to physical supplies. Our IT services, financial services, and even large parts of our admin. are often provided by someone else.
This risk is becoming more serious because we are all becoming increasingly interdependent and because we tend to outsource many aspects of our businesses. These are not bad things in themselves, but they do make us all more vulnerable to anything affecting someone else.
It is therefore strange to notice that there is a difference between big businesses and small businesses in their attitudes towards the EU. Because small businesses do not tend to export or import, they are less aware of the benefits of the EU and more aware of the cost of complying with EU regulations. Big businesses often seem unaware of the problems faced by smaller ones.
The reason I am surprised and concerned is that we are all so interdependent. What affects one affects lots of others. If big businesses think small businesses do not matter, they need to think again. They get a lot of their supplies, either directly or indirectly, from lots of small businesses.
And small businesses need to think that anything damaging big businesses will have effects on them somewhere down the line.
So have a look at your supply chain. What are the risks? What can you do to manage them?
Have a word with me if you want to go into this further.