Risk Management Plan for BusinessBusiness Idea: Selling homemade pastries and snacksRisk IdentificationFinancial Risk: Low sales or unexpected expenses.Health & Safety Risk: Food contamination or kitchen accidents.Supply Chain Risk: Delay or shortage of ingredients.Market Risk: Competition from nearby bakeries or snack sellers.Natural Risk: Floods, typhoons, or power outages affecting production.Risk AnalysisFinancial Risk: Could affect ability to buy supplies and pay workers.Health & Safety Risk: Could harm customers and damage business reputation.Supply Chain Risk: Could delay production and delivery of orders.Market Risk: Could reduce profits and customer base.Natural Risk: Could temporarily halt operations.Risk Mitigation StrategiesFinancial Risk: Keep a small emergency fund; track expenses carefully.Health & Safety Risk: Follow proper food handling practices; maintain clean kitchen.Supply Chain Risk: Identify multiple suppliers for ingredients.Market Risk: Offer unique flavors or promotions to attract customers.Natural Risk: Store ingredients properly; prepare backup power or alternative plans.Risk Monitoring and ReviewRegularly review sales and expenses weekly.Inspect kitchen and equipment daily for safety.Stay updated on supplier status and market trends.Have a contingency plan ready for emergencies or natural disasters.This plan ensures that the business runs smoothly and minimizes losses, keeping both the owner and customers safe.