Assessing market risk involves a combination of market research, data analysis, and strategic planning. Here are some steps to follow:
Identify Potential Risks: List out all the possible risks that could impact your business. Analyze the Market: Gather data on market trends, customer behavior, and competitor activities. Evaluate Impact: Assess the potential impact of each risk on your business operations and financials. Develop Mitigation Strategies: Create plans to minimize the impact of identified risks.