Risks are what go wrong when you are not looking. Stupid things happen like bounced checks, losing your best customers or best people when you are blindsided, which is why you need to create peripheral vision in your business so you are not blindsided. You need a perspective of business under the microscope and to have lived to tell the tale. When you develop insights for a common sense approach to what people make complex, as companies grow, you can identify and solve problems easier than you think.
If you think of managing risks and rewards as an integral part of your business, what originally sounded like scary terms: enterprise risk management (ERM), operational risk management (ORM) or contingency planning begin to make sense as and can be integrated into normal business operations at all levels of your business as it grows.
This approach of sticking out your balance sheet and coughing gets you what you need to know in time for needed procedures which can mean the difference between life and death, in your product, business, department, life or job. Far too many people are taking far greater risks than they may be aware of.
Or to say this in a less business phrase, you need to get real! Which is why sticking out your balance sheet is no more comfortable than a visit to your doctor, but it is every bit as important. Even if it is bad news (maybe especially) you need to know. Business information is the hidden pathway you travel toward your goals. Would you like a spotlight?
Sometimes the hardest part of the process is just to get started or to revisit how effective your existing risk management, strategy, budgeting and contingency programs have been. Wherever your efforts are in these areas, extensive information, including entire ERM manuals are available on the internet. Common sense and insight can bring this to live for your benefit.
Bottom line? – Stop Profit Leaks Now. Apply this information to improve your profitability, reengineer business models, and strengthen or gain competitive advantage in the marketplace.