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1. Build a board of advisors. One of the easiest risk mitigating milestones to accomplish is building a board of advisors. This is a group of individuals who agree to support and advise your company. Typically you do not pay them cash, but often give them stock options to incentivize them to help you.
Your advisory board is typically comprised of industry experts and other professionals whose advice and connections can help you grow the business. By building an advisory board, you show investors that other successful people, often including industry insiders, believe in your vision. Wise investors also know that by soliciting the advice of experts, your company will become more successful.
Related: 3 Ways to Find Your Perfect Board of Advisors
2. Secure beta customers. Beta customers are non-paying customers who are willing to test your product or service. Typically these customers are not going to waste their time trying something in which they have no interest. As such, beta customers prove there is a demand for your product or service.
Equally, if not more importantly, beta customers tell your company what they like and don't like about your product or service, so you can make improvements before a public launch. This market research is invaluable, and gives investors and lenders comfort that your offering will truly satisfy customer needs.
3. Forge partnerships. Securing partnerships proves your viability and positions you for success. For example, a distribution partnership could ensure your offering will be able to reach the right customers. A manufacturing partnership could prove your ability to develop your product at a set cost.
In either case, signed partnerships also prove to investors that others in and around your industry believe in your vision.
Related: How to Protect Your Personal Finances From Business Risks
4. Secure publicity. Media outlets will write about your company if, and only if, they think their readers, listeners or viewers will care or benefit. As such, if the media covers your company, it's a good indication to investors that customers care about what you are doing. And if customers care, there is a good chance they will purchase your offerings in the future.
5. Generate revenue. As you may have noticed, several of the risk mitigating milestones above focus on showing that customers want what you are offering. If there's enough customer demand for your product or service, the chances of your success are much higher.
First : Determine the company tolerance for risk
2.Evalute the risk exposure
3.implement appropriate management strategy
4.Monitor the risk exposure & the stragtegy.
