10 steps to ensure you correctly take risks in your business
Tony Robbins says
“If you do what you’ve always done, you’ll get what you’ve always gotten.”
For business owners, sometimes taking risks can just feel overwhelming and another added pressure they don’t want to deal with. But risk isn’t a big ugly scary thing, risks can be small steps towards an end goal. Taking risk is about trying something new to see how it’s accepted or not accepted by your target market.
Stepping outside your comfort zone and trying a new thing in business can actually be an exhilarating journey and one that has you asking why on earth you never tried it earlier.
In taking risks it’s about ensuring it’s done in a practical and safe guarded manner.
For heaven sakes, taking a risk isn’t about taking your clothes off right this minute and running the streets naked. It’s about patiently waiting for the right time for YOU and when it feels right take the leap.
Be aware that any setbacks or blocks are not ones you’ve created because you’re scared of failure. Remember it’s better to have tried than live with the regret you never tried.
Having risk assessment plans
What if? It’s a bit like planning for an event, whilst it might be a glorious sunny day, you still make sure you have a contingency plan for ‘in case it rains’. Back up plans are smart and strategic. They help eliminent any panic and reduce your stresses because you know you have it covered….just in case.
Gather your intel
Don’t just do something without at least doing your research on potential risks, what your audience possible reactions may be and how you can counter-measure them. Gathering intel can be in the form of surveys with your target market, or market research to see what the latest trends are.
Identify your variables against your controls
As with many projects there are some risks that are 100% controllable and others that are variable and non-controllable. Doing a risk assessment plan should enable you to clearly identify possible solutions for all.
Be ready and willing to step outside the norm
Take a deep breathe and be okay with doing something outside of the norm. We are always looking for the next best thing and you might just have it. So no more thinking inside the box. Go on, you CAN do it.
Financial backing or fallback
Perhaps your idea is needing financial support, think about how you can fund it if you personally can’t pay for it all yourself. Perhaps a loan, if you believe in your project, and are will to back yourself with a loan then why not talk to your banks. If they believe it’s a good risk, and they’ll do their own risk assessment, then provide the financial support. However, be aware of what you’re up for if it goes south!
Doing it alone versus bringing in a partner or investors
Sometime business owners can feel it’s just too overwhelming to do it alone, so consider others who might benefit in the project (how are not a competitor to you business) to join the venture. Psst….don’t forget to make sure an agreement is signed and all is protected, so don’t share anything with anyone without having legal protection for you and your idea.
Of course, depending on your idea do you need to speak to your insurance provider for extra coverage for this project. As it might not fall within the scope of your current insurance. Insurance adds the extra security that you are covered for the worst possible scenario. It adds great peace of mind.
Taking your time
Don’t rush things because everyone else says it needs to be there yesterday. When you feel you have everything covered and are ready to go, then go for it. You are the one it will fall back on, not those telling you what to do.
Every step of the way you should be assessing and re-assessing how the projects is progressing to ensure you are clearly identify any ‘changes’ that might have occurred or any unexpected obstacles.
AND, make sure you enjoy the ride. This is your adventure and one risk you might come to love and encourage you to take further for the love of your people!
Risk assessments do not just apply to one area in business, it applies to ALL areas. Consider adding this to your ‘To Do’ list as a priority and conduct a full risk assessment of your business. You might learn some amazing things about you and your business that you hadn’t realised.
You can find out lots of information on these websites.