Mitigating strategic risks requires a proactive approach:
1. Diversification: Diversifying products, services, and markets can reduce dependence on a single revenue stream. 2. Robust Financial Planning: Maintaining healthy cash reserves and having a solid financial plan can buffer against financial risks. 3. Regulatory Compliance: Staying abreast of regulatory changes and ensuring compliance can mitigate legal risks. 4. Innovation and Adaptation: Continuously innovating and adapting to market changes can help in staying competitive.