There is always trouble ahead for business leaders

Finding a better way to manage business challenges with BusinessRiskTV.com

And there are always opportunities to grow a business faster too. There are always leadership challenges regardless of era in business. Improve management of the biggest issues facing the business world today.

Inspiring Leadership To Strive To Achieve More In Business

Learn how to overcome leadership challenges. Being a successful business leader means there will always be challenges. The business problems will change but it is naive to thing that your challenges are more difficult than the challenges other leaders have overcome in the past.

Under the radar for many business leaders is the 4th industrial revolution. This new decade will see threats to the survival of some traditional businesses and opportunities to develop new income.

Many thing the coronavirus is a short term problem we need to get to grip with. However the coronavirus outbreak will kill people interrupt business activity and reduce global business growth for the whole of 2020 and much of 2021. However the coronavirus will also drive new ways of working that will last after the virus has been brought under control.

In the UK the biggest issues combined that impact on future business success is poor productivity and lack of skills. UK business leader must invest in capital assets including automation or machinery as well as people. Workers in the UK need dramatic upskilling. There has been a distinct lack of investment over the last decade that needs redressing over the next decade. Instead of whinging about lack of immigration UK business leaders need to be more innovative and invest in engaging existing workforce more.

We can achieve so much more than we are currently doing. There is a significant lack of investment in innovation and new ideas to overcome business challenges. Perhaps it is a hangover from the slow recovery from the 2008 financial crisis. Business leaders have thought about survival for so long that it has suppressed a more creative and innovative business world.

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We need to change our business thinking. Invest in innovative thought processes to discover new ways of overcoming business problems in front of us.

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Do you fear losing what you have created instead of valuing what you might gain from taking more risk?

How to overcome loss aversion with BusinessRiskTV.com

Fear of loss often beats the desire to gain more. Fearing losing everything you have built is natural human reaction. However is your fear getting in the way of seizing new business opportunities? Keep innovating and growing with less uncertainty with BusinessRiskTV.

Develop a holistic risk management culture to drive your business forward. Up your risk appetite to achieve more with more controlled balanced risk taking.

Develop a more assured risk management framework and risk assessment process to match your risk culture. Make sure your risk taking remains within your risk tolerance.

Do you have loss aversion bias in decision making?

Business leaders who are loss averse feel the pain of loss much greater that any joy from any gains from decisions made. They make strategic business decisions accordingly. The risk culture of the business models the loss aversion bias of the business leader.

If this works well for your business you should continue with status quo. However if you would like to experience faster business growth you may need to take more calculated risks.

Loss aversion refers to the tendency to prefer avoiding losses to acquiring equivalent gains. It is better for you to not lose 10000 pounds than to make 10000 pounds in business. 

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However most entrepreneurs and many business leaders are in their position to better themselves. If you mitigate the potential losses from taking more risks and manage the risks to maximise the return on your investment you should end up with faster growth with less uncertainty.

It is more common in people who are not entrepreneurs or business leaders to be biased against taking risks. Loss aversion is a reflection of a general bias in human psychology. People tend to want to stick with what they know than make changes that might not work well. People in general are resistant to change. When presented with the potential benefits of change they focus more on what might be lost rather than on what can be gained.

  • What is your business risk tolerance? If you can make changes to try to grow faster that if do not work fall within your risk tolerance would you take more risk?
  • If you adopted small changes rather than one big radical all eggs in one basket change would you feel more comfortable? Spreading your faster business growth changes across a few new ideas may be better for your business. When you know which one of the new changes works best perhaps then you can focus on one new idea.
  • Do not confuse more risk taking in business with gambling. Taking calculated risks to grow faster is about assessing and then managing the risks before you action more risk taking. You can mitigate the threats from more risk as well as maximise the returns from taking more risks.

Few things in business life are guaranteed other than taxes! Even maintaining the status quo comes with the threat of business failure. Kodack photography business was once one of the most successful businesses in the world. How many Kodack films do you buy for your camera now!

The desire to avoid business losses is motivated by fear. The more a business leader fears losses the more likely he or she is to be loss averse and the more likely they are to be disinclined to make changes to their business to be more successful. Having a better understanding of the risks that could be taken to achieve more will make loss averse business leaders more comfortable with changing the the business.

Often the perception of risks and reward are skewed to the belief that you are doomed to fail which means you do not make changes to the business. By the same token it is important that all stakeholders in the business are involved in assessing risks from changes to business. Business leaders who do like taking risks can miss the pitfalls to mitigate against whilst making changes that can cause the change project fail even if it was a great idea.

With a little input and engagement from all levels of the organisation your project to grow faster is more likely to be a success. Take risks that are worth taking which are achievable with everyone onboard.

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Managing business risks better with BusinessRiskTV
Managing business risks better with BusinessRiskTV

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Develop better business leader skills

Learn effective leadership skills with BusinessRiskTV.com

Develop leaders in your business. Build your business intelligence for better business decision making. Become more proficient at enterprise risk management ERM. Improve your expertise and business competence. Finesse your risk management process. Understand your readiness to take more risks to achieve more in business. Be more savvy with your risk knowledge. Use latest risk management techniques.

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Developing skills for business leadership. Small business leadership development. Sharpen the saw! Small business leadership training with BusinessRiskTV. Developing your skills will prove helpful in a rapidly changing business environment.

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You may have already built a successful business. Or you want to start your own new business. Kicking on is not easy. Would you welcome some free help to make better business decisions?

Business leaders should never stop learning how to work better with their employees to find a way to achieve business and personals goals.

Small business owners and managers could improve the leadership and management skills with BusinessRiskTV. You may well be brilliant at what you do, but how can you inspire and encourage those who work for you to be brilliant too?

Get help to motivate your employees to be more creative and more risk aware. Let them see how this will benefit them personally as well as the business. Your business success may will depend on how inclusive your business culture is.

Learn how to work better with key business assets to improve return on your investment of time and energy. Build a better team by improving your leadership capability.

BusinessRiskTV hosts leadership skills development events online for free to help entrepreneurs improve what they know and implement knowledge more practically.

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