5 Risks You Must Take to Build a Sustainable Business
To achieve real success in business you must consistently embrace risk every day. Without risk there is no reward, and if you are not prepared to take risks your business will suffer.
Whether you are a start-up or an established business; if you want to build and sustain a profitable business you must take risks. Below are five risks you should accept if your business is to be successful:
If your business is to succeed you must be fully committed. This includes investment of time, money and forgoing other opportunities that might arise.
Time is the one resource that cannot be reimbursed. It cannot be borrowed or saved for later. Losing time is a risk you must be committed to. By managing this resource and achieving the right balance, business growth can be had.
Another important resource you must fully commit is money. Money buys the technology, resources and manpower that your business needs to survive. If you are not fully committed with your investment into your business, it will suffer.
In business you must make decisions over and over again. No matter if you make the right decision or the wrong decision, by making decisions you are progressing and moving forward. By refusing to make decisions for fear of the risks, the result is there being no change within the business. Ultimately your business stagnates.
Be Prepared to Change
Change and evolution are vital if your business is to grow. There are two types of change that happen within a business: internal and external.
Internal change is a change that happens with the walls of a business. These can be changes in personnel, departments, staff reorganizations, management, processes, systems, or even in company ethos or attitude.
External change is a change that is customer facing. That is, the most noticeable to your customers. For example, an investment in innovation could bring a competitive edge to your business.
Expect to Fail
In business you must embrace and expect the risk of failure. By embracing the risk of failure you are doing something to keep your business moving forward, rather than leaving it to stagnate and decay. You prepare for the worst, while planning for the best. This prepares you in the event of failure to recover and make another attempt to progress and grow your business.
In any business marketing is key to success. By taking marketing risks to get your business out into the public you gain a competitive edge against your competitors. By taking marketing risks you acknowledge that some degree of failure may be necessary to find the right path. If you remain committed to a consistent and ongoing marketing strategy and getting your message out in front of prospective customers your business is on the path to success.
At Fascia Graphics® we manufacture membrane keyboards, graphic overlays and screen printed labels. Success over the past twenty-one years has been a direct result of taking these risks. We are committed to consistently investing in both our staff and equipment, most recently demonstrated in our investment in two Sakurai MS80-SD Printing Lines and embarking on the government funded Growth Accelerator program.
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