5 Top Risks To Businesses In Birmingham

Risk is something that every business owner needs to be wary of. These days, there are many threats that businesses must face, and it is key that you are aware of what these are and how they can be managed. Risks have the potential to harm and even destroy a business, but when you know what the main risks your business faces are, you can find ways to mitigate or remove these risks. In addition to the type of business you have, location is another factor. In Birmingham, there are a few risks that businesses need to be aware of and consider.

1. COVID-19 & Economic Fallout

Although the situation is looking much brighter regarding COVID-19, it is important to note that the pandemic is not yet over, and businesses are still struggling to manage. Additionally, the economic fallout from the pandemic is a major risk for businesses across the board. In major cities such as Birmingham, the threat of the virus and potential disruption remains high, and this is something that business owners need to consider and plan for.

2. Cybercrime

Cybercrime has been rife during the pandemic with experts stating that this is often of the biggest threats to modern day businesses. No matter the size of the industry or the industry that you are in, you need to take steps to protect your business against cybercrime. This will include investing in high-quality cybersecurity products, providing staff training, using PEN testing and staying informed on the latest scams and trends.

3. Failure To Innovate

Another major risk that businesses are facing right now is failing to innovate. The world is changing quickly and businesses need to adapt and change to keep up with the latest developments. Of course, this can bring risk in itself and you can learn more about identifying and managing risk during business innovation from the white papers available at Sword GRC.

4. Theft

Birmingham is the UK’s second-biggest city, which means that crime can be a big issue. For businesses, theft is something that you need to consider and, although unlikely, it is important to have measures in place. You can protect your business with CCTV cameras, intruder alarms, keycode entry, security lighting and high-quality locks.

5. The Great Resignation

In 2022, The Great Resignation is something that is being seen in many industries and areas. In a major city like Birmingham, this could be an issue with many people looking to move away from major cities due to the rise of remote work. This is why it is important to offer flexibility for your staff, to make sure that you are offering a competitive salary, an enjoyable work lifestyle and the ability to progress their career.

These are currently the biggest risks that businesses in Birmingham are facing in 2022. As you can see, there are a number of external factors that are creating risk and dangers for businesses right now and being aware of what these are and how they can be managed is key.