Assess Your Business’ Risk Tolerance
Do a gut check on how much risk your organization can handle, its risk attitude, and how much additional risk it’s willing to take on. It’s important to do an honest assessment of your leaders, your staff, and your systems to determine how adaptable they are and how much risk they can absorb before cracking under pressure.
Layer in the hard costs of missing goals as well as the soft costs, such as reputation management. With that background, consider how much additional risk your business is willing to take on and create a range of tolerance, along with metrics for measuring it.
About the author : Darlene
Darlene Gagnon is an award-winning entrepreneur recognized by the National Association of Women Business Owners and is an Enterprising Women Inspirational Entrepreneur. She served on the board of directors for Entrepreneurs’ Organization and has mentored entrepreneurs and start-ups for over a decade. Her two companies, WeKinnect Global Branding Agency and Kinetic Promotional Product Services, have been recognized as “Best Places to Work” and “Largest Agency” by American City Business Journal. Both companies serve the US, Canadian, European, and Australian markets. Both companies are located in The Woodlands, Texas, with teams in Canada, the Philippians, and India. Her digital marketing and advertising agency services in English-speaking countries around the world.