Opportunity will never be without risk. Flipping that on its head, there’s also no risk without opportunity. It’s a point to consider.
Say you adopt a puppy (bear with us), the immediate repercussions include a ruined carpet and more than a few widowed socks. But long-term, it’s companionship, entertainment and an invaluable welcome home every day. For you, business opportunities can exhaust money and time and you might not see a return on investment immediately. Thus, timing is critical. With our forecasting technology, we model different timings and deduce the best moment for you to make a move. The ultimate message: think long-term and responsibly.
Was that really necessary?
Even before considering the technicalities, one point to consider is whether the risk is really necessary. With the labyrinth-like web of business advice constantly feeding us on and offline, it’s difficult to not feel inclined to jump into every platform and path. Yes, there are an innumerable articles telling you that LinkedIn is the best social media site for businesses and will do wonders for you. But, if you own a small store selling kids toys, LinkedIn really isn’t your best bet. With our reports and bespoke alert barrier, we can highlight the gaps in your business, helping you to fix the problems that require the risk.
Look for bitesize alternatives
Let’s consider building a website. Building a good quality site is hard work and time-consuming. However, there are alternatives to shelving your online presence for a later date. For now, a Twitter or Facebook page could be sufficient as a low cost, low commitment alternative. This is a small step towards building your online presence so that when the time for a website comes, you already have an established following and source of traffic.
Silent but deadly
The easiest way to fall victim to risks is a simple lack of awareness. Before you make a move, map out the potential risks (and solutions!) and rate them by likelihood and destructive potential. In that position, you can start minimising the risks and compare alternate paths. Using our scenario planning platform, we can model potential action, big and small, to see the effect on your business.
(Not a) solution: never take risks
Risks and opportunities are fuel growth. Always playing it safe is a risk in itself. As we said earlier, every opportunity has some kind of risk, and we can confirm, the head-in-the-sand approach isn’t productive. Full stop. Regardless of how fast you’re growing, you’re limiting yourself if you’re not considering every risk as an opportunity. Growing too fast and playing it safe is a recipe for overwhelm. Whilst your popularity and order volume are expanding, you can’t afford to sit still. Refusing to take risks for growth opportunities can leave you with a too-small factory, not enough staff, and too many customers.
In the same fashion, if you’re growing very slowly or not at all, it’s probably due to your lack of risk taking. Especially in today’s world with an abundance of new companies and technologies, you need to take the risk and stand out from the crowd.