You Need to Take More Risks in Your Business

Successful businesses don’t stand still. They look for ways in which they can move on – by introducing new products and services, through moving into different markets and by building their business portfolios. Successful business owners don’t like to stand still. They’re always on the look-out for new opportunities to grow and develop their businesses. We don’t like to stand still, preferring to look for new challenges; we like to take risks now and then.

If you want to grow your business, you need to take more risks. Taking risks is about evaluating the situation and looking at what might or might not happen. It’s about doing some research to get a good picture of the size of the risk you’re taking. A ‘toe in the water’ is a great way to start assessing an opportunity, minimising the possible costs of the risk.

Some people say that luck is a combination of opportunity and preparation. I consider myself to be a very lucky person and perhaps this is because I’m always open to new opportunities. Some years ago, a friend of mine’s decision to sell her business presented itself to me as a great opportunity. I was prepared because I’d been working with her for some time and knew how her business worked; I could see how I could make better use of it in my business.

Were there risks involved? Yes, because I didn’t understand the technological side of her business. However, I was able to reduce this risk through planning. There was also the risk that some of my friend’s clients would leave when I took over her business. As luck would have it, none of them left and some of them are still with me, many years on. Most risks can be mitigated if you take the time to look at what might happen and make preparations to deal with the consequences.

Very soon after having bought that business, I was offered another one, whose owner thought it would make an ideal addition to my portfolio. The business had been running successfully for a couple of years and was becoming too big for the founder to manage. At the start of my risk evaluation process, I asked to see the finances for the business. This information was something the owner was not keen to show me. There was no way I would invest in a business with no proof of its apparent financial success. Walking away from that opportunity was the best decision at that time.

So if you want to grow your business and find new clients, rather than becoming stagnant, always look out for opportunities to move your business forward. Take a risk or two!

You can read more about taking risks in my new book, One in Ten, which you can order online for just £12.99 by clicking here.