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Find the right balance and taking risks the business can sustain is key to faster business growth. Taking risks to achieve business goals that are realistically achievable requires skills experience and luck! Business leaders grow their business and personally develop faster by taking calculated risks.
Picking the right horses for courses is not a one off judgement. Constant adjustments innovation and creativity is required along the track to business success. Getting better at risk taking is like most things. Practice makes perfect!
Accessing the best risk intelligence and business intelligence is critical to the success of the risk management process. This intelligence can come from many sources including the experience of others. Managing risk effectively requires key business decisions makers to work together for the good of the whole not the individual parts of the organisation.
Risk and reward are normally closely related. Taking calculated risk with the best information to hand does not mean procrastinating until you have all the facts. Few business leaders have the luxury of making decisions with 100 percent of the facts. Making decisions with perhaps as little as 50 percent of the facts is often required to seize the best with available business assets.
Making sure everyone within the organisation understands the level of acceptable risk taking expected is important to ensure a consistent risk management approach.
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