This study examines the importance of Micro and Small Enterprises (MSEs) for economic development, highlighting that despite their significant role, these organizations receive less academic attention compared to large corporations, partly due to limited access to specific data. This constraint affects the ability of MSEs to identify internal economic and financial risks, especially in times of crisis, reducing their chances of obtaining financing and compromising their sustainability. To address this gap, the present study proposes a structured framework to identify and prevent economic and financial risks in MSEs, with the goal of avoiding bankruptcy and promoting the development of these organizations. The research was conducted through a Scoping Review of existing literature, organized into eight stages to compile and analyze the knowledge available on MSEs, costs, and financial risks. This review was complemented by a focus group analysis with experts, which validated the findings and contributed to the creation of a practical guide for MSE managers. The guide was subsequently applied in a practical case study to assess its effectiveness in preventing economic risks. As a result, the study presents a detailed taxonomy of risks, a modular framework, and a practical guide aimed at risk mitigation and strengthening the competitiveness of MSEs, with a positive impact on productivity and financial indicators.