What You Can Control: Three Steps to Effective Risk Planning. (The Worksheet)
Seen recently on a social media platform:
“We don’t have a Plan B, to write a plan b would be to accept failure before we even begin.”
If that sentence inspires you, please read on. Let me share why this is not a sound approach to business.
Accepting failure
Managing risk is not about accepting failure. It’s not about avoiding failure.
It’s about not losing control when things go wrong.
After all, people’s homes don’t flood because the homeowner bought insurance.
Acknowledging and planning around risk is simply good business sense.
Accepting risk
Because you don’t control… all the things.
You don’t control other people’s behavior.
You don’t control other businesses.
You don’t control the markets or the economy or the weather.
And you don’t control what happens to you.
Control what you can
Risk planning is about knowing what you do control.
Start with a simple risk plan with four steps:
- Acknowledge the risk
- Plan to avoid it
- Plan to mitigate it
- Plan to accept it
Use this week’s worksheet and repeat the exercise 3 times, once for each business pillar: achieving goals, keeping happy employees, and creating loyal customers.
What next
Business strategy is the foundation of your company’s success. Build your values, goals, and processes: contact me today to get started.