There are numerous analogies you could draw between starting a business and driving. In both instances, you need to choose which path to take, and sometimes you must raise your focus from your immediate circumstances to a point further down the road.
Just like when you get in the driver’s seat, you are in control of your business. Though, in both circumstances, you can neither dictate nor predict what will happen around you.
You are ultimately responsible for shifting your efforts when circumstances command a change in direction. Therefore, you must check your potential blind spots before driving for success.
Three risks you can mitigate from the start
Owning a business can consume you with grandiose thoughts of future success. Yet, you need to understand the changes taking place around you to avoid potential roadblocks that could slow you down or divert you off course.
Knowing which risks pose a threat to your company can help you steer clear of costly mistakes that could significantly affect your productivity, time and earnings. Whether you are in the planning stages or feel ready to scale internationally, you should consider the threats that could potentially jeopardize your organization. These include:
- Financial crimes. Putting a system of checks and balances in place before allowing others to manage your financial accounts can reduce the chances of employee embezzlement or fraud.
- Technology. Most business models rely on computerized systems to store client data and trade secrets. Yet, what kind of back-up plan is in place? Have you considered what would happen with your secure documents if your systems crash or the potential cost of inaccessible employee accounts?
- Well-being. Workplace injuries and job-related illnesses can be detrimental, not only in potential direct costs but also in decreased production. What health and safety measures will you implement?
Every business has its unique blinders that challenge success. However, in order to pull ahead of your competition, you must recognize the potential obstacles ahead and strategize ways to minimize their effect on your goals.