« | Home | »

Ways to manage small business risk

By Samantha Garner | October 7, 2017

Risk is a fact of life, especially in entrepreneurship. At GoForth, we’ve created Canada’s leading online and mobile small business training to minimize an entrepreneur’s risk of failure. But there are some other ways you can minimize risk and uncertainty as an entrepreneur.

How entrepreneurs can manage risk and uncertainty

  • Learn creative ways to manage difficult times. No marketing budget? Try free avenues like social media and word-of-mouth.
  • Know your business inside and out so you can take more manageable risks.
  • Keep track of what’s happening in your business environment so you can be better prepared to anticipate conditions or react to uncertain times.
  • Change your perspective. Can an unpredictable business situation turn into innovation or a great new invention?
  • Don’t do anything on impulse. Sleep on it, plan it out on paper or speak with trusted advisors before jumping in.
  • Build a strong network of support that includes trusted professional contacts and loved ones.
  • Make time to relax and recharge. Trust us – a clear head is much better at evaluating risk!
  • Have a Plan B. And a Plan C too. Always have backup plans for a new product or service.
Share this post:

Topics: GoForth Institute Small Business Training, Small Business Tips and Advice | 2 Comments »

2 Responses to “Ways to manage small business risk”

  1. Anamika Says:
    November 24th, 2017 at 3:36 am

    Preparing the right plan for your business is the first step in avoiding big risk. The pre-decided business plan gives you an advantage of creating vision about its success and failure. Once the plan is on paper, stick to it until you reach the end point of the plan.

    Your analysis should start after you complete your first plan. Many entrepreneurs change the mind before you reach the endpoint. You have to trust your plan to make it successful.

    The diverse decision making will kill the creativity and your employee also not trust your vision. They will see the break down in the decision making power.

    Thank you

  2. Samantha Garner Says:
    November 24th, 2017 at 9:36 am

    At GoForth, we love business plans!