Business decisions are never easy. There are factors to think about, such as the market share, other companies providing similar products or services, and your company's skillset and limitations. In almost every significant business decision, some element of risk is involved. The key to making the best decision for your company is to mitigate that risk as much as possible. A risk mitigation plan is a strategy for reducing or eliminating the negative impact of potential risks. A plan is essential to make quick, informed judgments if and when the possibility arises. There are different ways to mitigate risk. The first is insurance. This type of risk mitigation protects your company financially if something goes awry. Another way to mitigate risk is to have a contingency plan. It is a plan you put in place in case something fails. It outlines how you will respond to the situation and what steps you will take to minimize the impact on your business. You can also reduce your business risk by thoroughly vetting partners or suppliers. Ensure

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