How To Reduce Management And Business Risks

How To Reduce Management And Business Risks

Management is an uncertain science and we have to make decisions often quickly and with limited data and information. Decisions that impact upon the organisation are also often taken quickly and have the potential to impact significantly upon performance in ways that we cannot fully anticipate.

To battle through uncertainty and avoid decision-paralysis the following strategies will help you deal with a number of challenging scenarios and situations:

  1. Always get things in writing: this will make any issues crystal clear and avoids any uncertainty around verbal agreements, which are notoriously difficult to work with.
  2. Read the small print: the Devil, as they rightly say, is always in the detail! Know everything that you have agreed to.
  3. Ask, very clearly, what could go wrong: never leave yourself in a position where the potential errors and faults are something that you cannot picture or understand.
  4. Have a back-up plan: never, under any circumstances, leave yourself open to any uncertainty and reliance on the plan working out perfectly. Perfection rarely happens but disaster, without a back-up frequently does!
  5. Spread your Risk: never rely on just one approach to an issue or a problem. Having a number of options will drastically increase your chances of success.
  6. Expect the unexpected: always have it in your mind that things rarely go the way that you expect them to,
  7. Have an exit strategy: be very clear that if things go wrong then you have a way of withdrawing from the situation, hopefully unscathed. Define and assess how you can get out of a situation in measurable and practical terms.

Good Luck!

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