The enterprises need to assess the risk dynamic of financial instability and its impact on small and medium-sized enterprises’ development, because it is important for enterprises to extend commercial activity and to open a new structural subdivision. We have researched types of risks, their identification, classification, and assessment possibilities in activities of small and medium-sized enterprises. We have used our own algorithm of identification, classification, and assessment of enterprises’ risks. The goal of this research is to study the economic and financial risks’ impact on small and medium-sized enterprises’ development in Latvia. The risks matrix is a quantitative assessment tool of risks. We have created Latvian service sector economic and financial risks matrix. We have arranged risks by their sizes of possible losses for enterprises. For each risk has been assessed its probability of realization. We have created Latvian accommodations (hotel) and food services technological process risks map. Several parts of the risk map (segments) make it possible to assess each type of the risk separately in its segment. Risks matrix can be used to choose enterprises’ strategy of risk management.