Number Three: Managing Risk
Starting your own business is taking a big risk. The easiest way to manage your risk is by seeking information and looking at the business by analyzing the pros and cons. Keep your expectations high while putting systems in place to guard against the cons.
If you come up with more cons than pros and can’t manage to create a system to minimize the risk of the cons, and implement it, you may find your business remains stagnant and becomes almost impossible to grow.
A good example would be trying to manage the risk of a home invasion or break-in. My home has deadbolts, door chains, and exterior motion detector lights to minimize my risk of a home-invasion or break-in. Someone who has an alarm system simply harbors less risk than I do, but we are both proactively managing the level of risk we are comfortable with. Because of this, I may have to accept paying higher insurance rates, or accept the entire burden of any loss that is a result of a home invasion or break-in.
Even if you’ve been in business several years, it’s always good to check-in with your industry and increase your knowledge of businesses in general, just to make sure your company stays at the leading edge and managing this risk will go far in helping you make better business decisions with less stress.
This is good for you, your company, and everyone around you. The better your risk management, the better everyone will feel about your success.
Take a moment to decide what level of risk you are taking with your current business model and whether or not you may need to reassess your risk and better manage your exposure to that risk.
Next week: No Excuses!
Jeannine Grich, owner of Accurate Business Services, a VA practice, is an author, writer, speaker, and VA Business Coach, specializing in providing professional business coaching to established and start-up virtual assistants (VA’s). For her FREE article, “What’s Holding Back my Business Success?” or “Finding or Expanding Your Niche”, Visit: https://VAbizcoach.com; or contact her at: [email protected].
Ready to find out how to take your business to the next level? Schedule a 30-minute complimentary session to discuss your business, and how coaching can help you GROW, here!
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