This toolkit was prepared by Ranim Badenjki for SPARK as a part of the Iraqi SMEs COVID-19 Response under Jobs & Perspectives Programme in Iraq.
Uncertainties and crises in the past have had a major impact on how organizations and businesses operate nowadays. It’s because when we face a threat, we learn to adapt in order to survive, and then we set up strategies and plans to avoid or minimize our losses in case a similar threat comes back.
In Iraq, there’s a growing need for risk mitigation because SMEs operate under an unstable environment and work conditions, having to face variable threats to their businesses from political unrest, collapse in international oil prices to the most recent threat of COVID-19, all of which have created more and more challenges for SMEs to thrive.
When put into action, a risk mitigation strategy can protect your SME by minimizing the impact of such threats, allowing you to grow your business and getting you ready to face any potential challenges in the future.
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