An Experimental Initiative
So why aren’t small businesses seeking help from ERM professionals? And why aren’t ERM professionals marketing their
services to small businesses?
The obvious reason ERM professionals don’t target small businesses is that, unlike large corporations, small businesses aren’t
willing to pay for this service. They may be financially unable to
do so, or they don’t recognize the potential benefit. They also could
fear change or be reluctant to identify and accept strategic weaknesses in current business practices. Many small-business owners,
in fact, would be more willing to pay for a revenue-generation or
cost-reduction idea than a risk management analysis.