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Tradie Tips – How to create a business risk management plan

Spike

If you own a tradie business, you might already know just how much risk you take on every day. From making sure your team is safe on site, to keeping an eye on any changes to supply availability, it’s your role to monitor and mitigate any risks that come up. If you don’t have a business risk management plan, here’s how you can create one.

Get your Health & Safety sorted

Health & Safety is probably second nature to you now given all of the necessary COVID-19 protocols, but this is a big part of your risk management plan. If you already have a H&S document, take a look over it to make sure it’s still up to date.

List all of your risks

This might take a while, but it’s important that you’re aware of all of the risks facing your business. There could be a national shortage of a material you often use, or your office building could become flooded.

Group your risks into categories

Once you’ve got your list, sort them all into different groups. Things like the state of the economy, weather, supplier issues, and employee risks can all be separate categories of risk.

Write out your prevention strategies

Next, you’ll need to look at how you could prevent or lessen the effects of each risk you’ve listed. For example, cyber security risk – the last thing you want is for hackers to get into your invoice tracking software, so it’s important that you have a plan in place to help prevent this, for example, ensuring that all passwords are changed regularly.

Make sure you’re covered

Part of your risk management plan should be to ensure you’ve got the right insurance set up for your business. There are a few different types of business insurance that will cover each type of risk, but it’s important to prioritise exactly what it is you need.

If you want to get your business covered, come and chat to our team here at Cactus – we’ve got your back!

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