When it comes to risk, every business, large or small, needs to make its preparations and establish a plan for mitigating as much risk as possible. As times shift and change, so do the risks. Some risks that were planned for a few years ago may not be relevant anymore.

In the ever shifting world of managing your business risk, there are particular risks that loom ominously on the horizon for this year and, quite possibly, beyond.

• The interruption of supply chain flow is always near the top of any risk management plan. The business world has become so complex and alliances so far flung that supply chains continue to remain at risk. For many businesses, especially small businesses, foreign suppliers continue to present a risk as they are subject to everything from natural disasters, to economic instability to civil unrest.
• Regulatory compliance, especially with regard to the Affordable Healthcare Act continues to be on the minds of even the most experienced risk managers. Many companies fear that there will be unrevealed additional costs and burdens that will prevent many smaller companies from diverting scarce capital into growth. Governmental regulatory policies continue to shift and change as well. This is preventing many businesses from being able to effectively cobble together a strategic overall plan for the future.
• Cyber attacks and hacker intrusions has come to front burner after years of being ignored or downplayed. The real threat and risk posed by this security threat has become too dangerous to ignore anymore. The theft of company secrets, customer and client data, the destruction of servers, and irreparable damage done to reputations are serious matters that must be attended to soon.
• It just isn’t about the US economy anymore. More and more businesses have become concerned with the overall economic stability of the world in general. The picture shifts almost daily as do the political risks. Political instability will greatly affect many companies both on the supply chain level and on the distribution level. Add to this the constant instability of the world’s financial markets and risk seems to lurk around every corner.
• Finding and retaining a long term and competent workforce will continue to be a challenge even in the US as the job market tightens. If a small business can’t replace their older workers with younger ones of noticeable ability, the future of their company could very well be at stake.

These are just a few of the risks facing businesses in the near future. As a small business owner, it would be prudent to meet regularly with your risk advisor to see how many of these new concerns can be addressed and mitigated.