Expert Author Katheryn Hoban
There are many time that you need to assess a situation and grab an opportunity when it presents itself. You have to know when to take a calculated risk and when to hold back.
If you are tuned in to your own inner guidance taking that calculated risk will pay off. But you have to be aware of what goal you are trying to achieve and will this calculated risk be in line with the direction you wish to bring your company.
Too many business owners take big risks without fully knowing the consequences and they lose their shirt. If you take a risk and you don't have adequate financial support are you going to be able to survive if the action and the risk don't go the way that you anticipate? Do you have enough financial staying power?
Other times a business owner sees a big opportunity that could catapult their business to new heights but he or she doesn't take action out of fear. Opportunities line up just right once in a while. If you don't move on them when you see them another good break could take a long time to manifest.
There were so many times that I missed a really good opportunity because I didn't have the finances needed to seize it in that moment. That is surely the other factor is to have the finances (and spend the money) when the opportunity comes and you need to act. If you manage your finances well you should have the money aside in a pinch.
It is very important that you know where you would like to end up. What is your direction and vision? Then you will be able to make a decision based on that vision. For an example let's say that you are in retail and you are renting a small warehouse and you need to expand. Now let's say that you discover a large warehouse building with parking has come on the market to purchase. It is perfect and it would make a good investment for your business to expand and you could rent out a portion for extra income. If you see that opportunity but you don't act that building will be gone. But you need the finances or the loan source to make that happen. The risk is that you won't be able to rent it out and your payments will be a huge chunk until it is rented. Do you take the risk? Is that the direction that your business should take?
Only you can answer that question. But you need to assess the cost, what is at risk and how much can you afford to lose, and decide if taking that risk will be in line with the direction and vision that you wish to bring your new company. Remember calculated risks can pay off big, or it can dramatically improve the efficiency of your delivery which will increase your income over a longer period of time. Make your decision and then stick with it until you see it implemented. Be prepared for the good or bad.
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