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What is a Risk Assessment and Why Does Your Roofing Business Need One?

The number one mistake made by any roofing business owner is failing to properly assess and mitigate risk. By not continuously identifying and accounting for potential hazards, you’re leaving your business vulnerable to catastrophic losses, lawsuits, delays in project schedules, overspent budgets, missed opportunities, and customer dissatisfaction. The solution is to partner with Cotney Consulting Group, a team of roofing business consultants with over 65 years of experience that can lend their expertise to your company and perform a roofing business risk assessment.

Related: Protect Your Roofing Company From Internal and External Threats with a Risk Assessment

What is Risk Assessment?

Risk assessment is, in simplest terms, a process used by businesses to identify potential hazards, determine how likely each hazard will occur and how severe the corresponding consequences would be, and decide what steps they should take to mitigate these hazards. The goal of a risk assessment will vary from business to business; however, common goals of risk assessment strategies are as follows:

  • Create awareness among stakeholders regarding potential hazards
  • Provide a clear analysis of potential threats
  • Accurately estimate and justify the cost of managing risks
  • Establish an inventory of available assets
  • Understand the return on investment

The first step in conducting a risk assessment will always be to determine what type of hazards your business faces, including internal and external risks. Internal risks are any risk factors that come from within your business and arise during normal operations, such as outdated operating systems, whereas external risks are any risk factors that threaten your business from the outside and cannot be predicted, such as industry disruption. Once you’ve identified these hazards, you can then move to determine who or what would be affected if these hazards were to occur. During this process, it’s also important to consider the likelihood of the hazard itself; you want to spend the most amount of time on the hazards that are most likely to occur. Then, the final step is to adjust your risk management processes accordingly to account for these new hazards, including precautions and control measures.

Related: How Is a Roofing Business Risk Assessment Performed?

Why Does Your Roofing Business Need a Risk Assessment?

You need a business consultant for roofers from Cotney Consulting Group to perform a risk assessment for your business so that you can better protect your company from both external and internal threats. By simply having an effective risk management system in place, you’ll be setting yourself apart from your competitors and strengthening your capacity to secure projects with the least amount of risk associated with them. This means you’ll be left to enjoy increased growth, sustainability, and profitability, even during times of uncertainty.

Other services offered by our consultants include a COO on demand, coaching calls, Smartsheet solutions, precognitive analytics, and access to our training center. This wide variety of comprehensive services is specifically tailored to the roofing industry, designed to help you overcome common problems in the roofing industry and develop systems and policies which help your business continue to grow. For information, contact a consultant today.

If you would like to speak with an advisor regarding a roofing business risk assessment, please contact us today.

Disclaimer: The information contained in this article is for general educational information only. This information does not constitute legal advice, is not intended to constitute legal advice, nor should it be relied upon as legal advice for your specific factual pattern or situation.

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If you would like to speak with an advisor for roofing consulting, please contact us today.

Disclaimer: The information contained in this article is for general educational information only. This information does not constitute legal advice, is not intended to constitute legal advice, nor should it be relied upon as legal advice for your specific factual pattern or situation.

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