Image: Harnoor Dhaliwal
It’s impossible to completely eliminate risk from your business. But you can have the best of both worlds, with low risk and maximum potential.
Let’s start by looking at risk and why you can’t (and shouldn’t) totally eliminate it from your business.
Think about it: Even if your results are fine right now, and you decide to just carry on with whatever you’re doing, you’re at enormous risk.
You risk losing clients (or customers) to your agile competitors, who continuously seek to improve and target your client base with compelling offers. Sure, small and medium sized business are the most vulnerable, but even massive brands can be wiped out by the just carry on attitude. Remember; Blockbuster Video, Toys R Us, My Space, Palm Inc?
The question is, how do we get the best of both worlds; less risk and massively more potential?
I’m glad you asked.
Mastering the risk / potential balance
In seeking to eliminate risk, you also block yourself from every great opportunity. That’s because every genuine opportunity for your business comes with an element of risk.
So, no risk = no progress.
Therefore, rather than regard risk as something to avoid, consider the potential pluses as well as the potential minuses. Research the positives as well as the negatives.
And challenge your beliefs!
Challenging your beliefs is critically important, as one of the biggest barriers to your success are your inaccurate preconceptions. This is a perfect example. And I see equally damaging thinking with business owners all the time.
A well-balanced approach to risk and opportunity is behind every successful business. It reduces your exposure to risk, whilst simultaneously allowing you to fully benefit from the genuine opportunities your business must have, in order to grow.
I hope you found this useful. More importantly, I hope you do something with it.