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Avoiding problems and maximising profitability

“Risk comes from not knowing what you are doing.” (Warren Buffett)

“Take a chance! All life is a chance. The man who goes the furthest is generally the one who is willing to do and dare.” (Dale Carnegie)

Managing risk requires an awareness of what the dangers are and recognition of the signals that potential problems are becoming reality. The ability to manage risk brings:

• Greater flexibility, preparedness and continuity in the event of potentially dislocating events.
• Increased efficiency, awareness and control in all operations.
• Greater likelihood of success, as risks are better understood, monitored and managed.
• Less personal stress on individuals and teams, resulting from a feeling of openness, mutual support and security.
• Less complacency, more entrepreneurialism and a driving desire to compete and succeed.

This toolkit explains how to manage, mitigate and succeed with risk.

Length: 12 pages Contents:
The Benefits

Action Checklist: Managing Risk
• Consider the amount of risk that is acceptable
• Identify and prioritise risks
• Understand the catalysts that cause risks to be realised
• Create a positive climate for managing risk
• Overcome the fear of risk
• Use a simple risk management process

Avoiding Problems – this section includes practical techniques to help avoid potential pitfalls. It explains how to quantify potential risks, assess and map risk and identify potential business risks.

Dos and Don’ts

Key Questions

Things You Can Do
• Analyse financial and other data
• Establish clear performance targets
• Review a successful business case
• Learn from other business initiatives and projects
• Create a positive climate for managing risk
• Undertake a SWOT (Strengths, Weaknesses, Opportunities and Threats) analysis
• Use scenario thinking
• Encourage team members to manage risk

Further Action

Further Information