WHAT IS RISK MANAGEMENT?
And what does it have to do with your business?
Risk management is:
(a) Identifying the risks in your business and taking steps to eliminate, reduce, cover, or in some way manage those risks: AND
(b) In dealing with arguably the biggest risk of all (YOU) - identifying and rectifying the balance between ‘unfocused daily activity’ activities and ‘business building’
For most small businesses, most of the risk resides with the owner!!!
DO YOUR OWN RISK ASSESSMENT
Q1. Do you feel that you are in total control of your business?
Q2. Do you do the important high-payoff tasks or only the stuff that you like?
Q3. Do you act decisively or do you tend to procrastinate about it and delay action?
Q4. Are you persistent or do you feel discouraged at the sound of the first “NO”?
Q5. Are you and other key people insured against loss due to left-field health events?
If you don’t score 5 out of 5 then you know you can improve.
For help, encouragement, a mentor and business coaching Brisbane area, call Gary on 0408 756 531 or email to email@example.com
Business Coaching Brisbane
There is no rule that says all your income must come from one source. There is nothing wrong with having a job, a part time business and making money from an investment as well, or from your own entrepreneurial efforts. Don’t be reliant on just one source for all of your income. It’s a risky thing to do. Anything could happen! You could lose your job, become sick or injured and be unable to work.
Getting a job and being employed sounds like the safe and secure option but it’s not. It is merely the easy option. Besides, who is in control? Let me assure you that it is not you! To be totally dependent on one employer means giving control of your financial life to someone who can sack on the spot and will certainly not employ you long term if you become unable to work due to sickness or injury.
For the time you need to be employed, be in demand. Take back some control by having knowledge and experience that employers want and develop an attractive work ethic that revolves around reliability and results. But what ever you do, don’t stop there. Complacency limits your income!
Consider passive investments (e.g. shares, managed funds, investment property) that earn income but don’t require much of your time. Find other sources of income that don’t involve selling your time. The more sources of income you can build, the better. Best of all are what is called ’recurring’ income streams. That means you earn repetitive money from selling a product or service, or making an investment.
For business coaching Brisbane and personal financial planning for business owners, call me on 0408 756 531 or email me at firstname.lastname@example.org