Thomas M. Bragg on Business Risk Management

“How does somebody develop a passion for business risk management?”, one might ask. Well, let’s just say that I  learned its importance the hard (read “expensive”) way.

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My partner, Phil, and I started a retail liquor store in our hometown – a small town in eastern Iowa. We did our research. There was a  limited local supply – only the town’s grocery store offered a very sparse selection of liqour, beer and wine with zero customer service. Our interviews with competitors, potential customers and suppliers all indicated that there was a solid market for the business as long as the prices were reasonable. We wrote a kick-ass business plan (”Best I’ve ever read”, said the banker), got our financing, set up our space and opened the business.

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Risk management is arguably one of the most under-utilized business tools available to owners and managers today. It involves planning for potentially bad events before they happen. Risk management is a technique for predicting what unplanned events might occur and what the impact of those events might be. It’s also a technique for pre-planning how those events can be avoided or how their impact can be minimized. Almost every business does a limited amount of risk management – usually in the form of insurance – but very few businesses actively manage their risks.

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So what kind of risks am I talking about? They run the gamut. The insurance I mentioned usually deals with financial risks associated with natural disasters, fire, injury or death, accidents, etc., but there are many, many more risks facing your company.

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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…

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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 now and then and perhaps lead you into some new beneficial behaviors.

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My name is Tom Bragg. I believe that risk management is an activity that every business should perform  on a regular basis. It’s not as scary as it sounds. I can help you understand how to do it and why it works. We can get it done with only a little effort. Will you join me?