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Let me be honest: If you aren't prepared to take the occasional risk in business, then you're not suited to the life of business ownership.
Taking risks - investing time or money into something without certainty of a positive outcome - is the oxygen upon which business growth thrives.
I'm not encouraging you to be Risky, however. Adequate Risk Management ensures that the bets you place position you for most of the upside while being protected from the worst possible outcome.
So how do you do that in a colourful, and non-corporate, manner? Let me introduce you to the Business Risk Heat Map. I think you'll actually enjoy mapping your business's risks into this framework.
(Just don't go looking for one-size-fits-all. There's no Template risk map ... as we learned in Episodes 13 and Episode 14, your Risk Profile and your Business's Risk Profile play a major part in how comfortable you are with the uncertainty business provides.)
Watch this week's episode here.
Blackboard Fridays has now released more than 100 episodes. Your feedback continues to be excellent, so we want to know - how else can we help your business by going 'Beyond the Blackboard'? Click below to take the survey.
Take 5 minutes each week to focus on your business instead of dealing with the demands of working in it.