A calculated risk isn’t a whim. It’s an idea, or opportunity, undertaken after careful consideration. It’s planned, reflected and thought about; with its result being high in the probability stakes.
You shouldn’t be afraid of failure. If an idea fails, learn from it and move on. In the words of Sir James Dyson, “Failure is so much more interesting because you learn from it.” To many, failure is simply a side effect to future success and advancements.
Here’s what we advise our clients to consider when looking a taking calculated risk...
Carry out lots of research. Prepare a strategic plan, identify areas of growth and opportunity, look at any USPs, and equally any flaws. Look at potential competitors, financial backing, and consequences for example.
Look at the production timelines, carefully looking into your initial idea through to delivery. Don’t forget to set up vital check points along the way, making sure all components are in line with one another.
3. Anticipate Mistakes
What could go wrong? What contingency plans would be necessary to continue? How viable are these contingency plans?
Ideas aren’t always carved in stone. Prepare to be flexible; your idea may need to have subtle or serious changes. Either way, embrace them as they are, are all part of the learning curve.
5. Saying No
Not every idea is a good one. Once you have carried out all your research and it just doesn’t feel right, leave it. Don’t be afraid to say no. Go back to the drawing board until your probability for success is high.
One thing you shouldn’t take a risk on, is your finances. That’s why, over 40,000 UK businesses look to invoice finance to support their day to day cashflow and working capital needs.
Offering payment on all issued invoices, within 24 hours, providing back office support, invoice finance customers see their businesses grow quicker than those using traditional banking methods.