Reducing Risk For Small Businesses

Discussion in 'Articles & Tutorials' started by Nykee Entrepreneur, Jul 22, 2015.

  1. Nykee Entrepreneur

    Nykee Entrepreneur
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    Jul 20, 2015
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    People are fond of the saying, ‘no guts, no glory,’ and small business owners know all too well how true that phrase is. Without risk, there can be no reward. Successful entrepreneurs know how to find the perfect balance between caution and leaps of faith. But this can be a hard skill to acquire, and many small business owners don’t have time to deal with the learning curve. Here are a few ways small businesses can reduce risks and focus on their financial success. Small business ownership will always be a risky endeavor, but by playing it smart you can get major rewards with minimum risk.

    Employ Qualified People: Your business team can literally make or break your company. Take the time and invest in quality people who share your vision, and have the knowledge and know-how to help you achieve your goals. Once you’ve found the right people to build your business, make sure they know how important they are to your success. When you make people feel like part of the team, they’re less like to suddenly leave for another job – leaving your company in a serious bind.

    Weigh The Benefits: This requires some intuition, but a smart entrepreneur should be able to cultivate this skill quickly. Before jumping into a new endeavor or investing in a new project, weigh the benefits versus the risk. Now, nothing worth doing is going to be entirely risk-free (otherwise someone else would have done it already), but if there is a 1% chance of success and a 99% chance of catastrophic failure, it might be time to rethink your plans. Be honest: can your business survive if the worst comes to pass? Are the benefits fantastic enough to make a little risk worthwhile?

    Trust Professionals: Sometimes admitting ignorance is the best movie for an entrepreneur; it allows them to seek out the advice and counsel of those better qualified to offer analysis. Hire the best financial advisors you can find, then listen to them. Disregarding the suggestions of experts is essentially asking for trouble, and wasting money on advice you’re not following to boot. They’re experts for a reason, so listen to their suggestions and keep them in mind when making business decisions.

    Make Smart Investments: Don’t panic and blow your entire advertising budget on a new trend. It might be the hot new tech craze but if it costs a significant chunk of your finances it might be better to explore other outlets. Take the time to really research all your options; find companies that offer maximum results for minimum risks. For example, BreMobile, offers mobile advertising for $10 per week in the United States and $5 internationally. It’s inexpensive enough to fit into any advertising budget (or even come out of your spare change collection), and its reach is wide enough to make a serious impact for any small business. By making smart investments in your technology field, you’ll reduce the risks to your business while still enhancing your customer reach. It’s a win-win for the minimum amount of risk.

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