Managing Your Business Risk Effectively
Introduction Navigating the complex world of business risk is a critical aspect of steering your company towards success and sustainability. The array of potential risks
Introduction Navigating the complex world of business risk is a critical aspect of steering your company towards success and sustainability. The array of potential risks
Courage still matters in business and in life. Many of us avoid the difficult decisions or talk ourselves out of taking risks. We strive for comfort where only pain and discomfort exists. It’s better to bet on yourself and your business and accept the consequences then to live in someone else’s shadow or become another fish in the pond of mediocrity.
Being wise and responsible does not mean avoiding risk altogether. In fact, it requires embracing risk, the right risks at the right time with the required investment in resources.
We’ve all heard the saying that “…you shouldn’t put all your eggs in one basket.” The same thing could be said about betting everything on one major product/service line or depending too much on a small group of clients. Just as diversification is essential to managing financial investment risk, business leaders need to hedge their bets and manage their financial vulnerabilities.