Managing risk is about anticipating change
I was recently asked to speak at the Cyber Security Conference in Leeds. Now, whilst I freely admit to being a bit of a technophobe, I believe my input was just as valid as the experts who specialise in minimising business losses from cybercrime. It’s all about anticipating and managing risk.
Managing risk should be at the core of what any business does, be it ensuring your data is fully protected behind layers of encrypted security, or understanding the importance placed at the feet of one critical staff member who might one day jump ship. Preparing your business to cope with a rapidly evolving environment and the risks and opportunities associated with those changing circumstances is the key to future success.
But that’s easier said than done. Many changes within a business can be anticipated, some changes cannot, or as Donald Rumsfeld once famously said, there both known unknowns, and unknown unknowns.
Using cybersecurity as an example, as an experienced business owner you will probably be aware that if your business relies on data then you must to take steps to ensure it is securely backed-up and protected by a firewall and anti-virus protection. But how can you protect your business from cyber security problems that are not yet in the public domain?
The answer lies in understanding that the modern business owner is not expected to be a jack of all trades, and that specialists in their field can both add value to your business and provide peace of mind.
In the same way that a smart business owner employs staff who know more than him / her about sales, IT or marketing, etc., why wouldn’t you want to surround yourself with a group of professional partners that can ease the growing pains of a business and help keep you insulated from emerging business risks?
In the good old days a supportive bank manager was the key relationship in business, ideally supported by a proactive accountant. But these days, with an increasingly complex business environment, that’s just not enough so we would recommend using a cybersecurity expert to advise on risk and resilience, a business coach to advise on strategy and growth, and an HR expert to help get the best out of your people, whatever it takes to allow you to focus on doing what you do best – running your business and making money.
Managing risk is about anticipating change but it’s also about understanding your strengths and weaknesses and that’s where we can help.
If learning more about anticipating and managing these areas is of interest then please give me a call and we can help you assess the risks and opportunities related to your business.
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