I recently decided to formally launch a part-time small business coaching service. The activity isn’t new – I’ve been helping small businesses for a long time – but formally identifying myself as a small biz coach is new. As I was revamping my website, I wrote”Welcome. Let’s get started growing your business” prominently on the front page. I liked the sound of it – a confident, concise call to action. Call it good and move on, right? Well not so fast.. I was thinking about the phrase during a long drive home from Minneapolis last night. “Growing what?” is what […]
Most people think that risk management only deals with the potential bad things that could happen to your business. What a huge misconception. A key outcome of risk management is the identification of your opportunities, too. Very few businesses actively manage their opportunities, but those that do stand out above the rest in terms of growth and profitability. If you put just a little bit of effort into it, you can join the ranks of the best managed businesses. . As I wrote a while back, businesses make a lot of assumptions. Almost all assumptions are wrong, which means that […]
About a week ago we talked about how to identify your risks. I asserted that “almost every risk comes from assumptions” and we, as business owners/managers, make A LOT of assumptions. Where do we start? . It may be helpful to think about all of those assumptions and associated risks by breaking them down into 3 broad categories. . Budget (financial) Risk Schedule (calendar) Risk Quality Risk . Let’s take a brief look at each of them… .
As I’ve written previously, there are three basic steps in risk management. The first step is “Identify the risks”. Easy enough, right? Not if you don’t know what to look for. What is a risk? Where do they come from? How do I find them? Let’s take a look… .
My friend Jill and I were talking about the business risk management book I’m working on. Jill consults with small businesses and was saying how many small business owners are hesitant or even resistant to planning. Many just don’t feel that they have the time or are intimidated by the process and the required effort. “Why should they care about risk management, Tom?”, Jill asked. It’s a very good question. . In my mind, there are 5 reasons a business owner should want to learn about and practice business risk management. By implementing business risk management, you can: . Avoid […]
A high level description of what risk management does and the 3 steps in the process. Includes example risks and opportunities.
As I was contemplating my first blog posting (and wondering what I had gotten myself into), a blog entry from Seth Godin showed up in my reader and provided some inspiration… . This blog is going to be about incorporating risk management into the every day life of business. I commit to do my best to engage you and be engaged. I will strive to earn your trust and trust you. I will endeavor to write things that you may want to pass along and discuss with others. I am honored to have the opportunity to teach you something every […]