Are you naturally risk averse? If so, you’re not alone. It’s scary to make a big change and even scarier to think about the consequences of what could go wrong.
Still, it takes a risk to watch your business grow and your team succeed. As we enter a New Year, it’s a good time to make strategic changes to your business and that requires taking small, calculated risks.
Here are 4 risks we encourage you to take in 2017 to help your business grow.
1. Give Your Employees More Freedom
It’s hard to let loose on the reins, but in 2017, it’s time to give a little slack to your team. You hired your employees to do a job and if they’re being managed too closely, everyone’s hurting.
This year, give your employees a little more room to grow (and yourself a little more room to breathe). Let them manage their own schedule by implementing a scheduling app that they can take with them on the go. Let them work from somewhere other than your office by giving them a little more flexibility. The more trust you put in your employees to do the right thing, the more they will work hard to impress you, which will pay off in many ways for you and your business.
2. Set Tighter Deadlines
When you’re starting a new project, do you give yourself buffer room to account for something going wrong?
Although it’s inevitable that your projects will run into snags, you don’t have to let it push you too far off course. By taking the risk and assigning tighter deadlines, you and your team will work harder to overcome obstacles and finish projects closer to schedule. When you look back at the end of the year, you’ll be impressed with how far you’ve come.
3. Kick Your Employees Out of the Office to Do Some Good
You’re busy. You have tight deadlines. Still, sending your employees away from the office to give back to the community where you work can do a world of good.
Not only do volunteer hours lead to higher satisfaction levels, but having your team do some good for your neighbors (the people you serve) can lead to more business.
It’s risky to set your team loose from work to focus on other tasks. Still, giving back will provide help to your neighbors and effectively improve your bottom line.
4. Invest in Business Development
The years of economic downturn seem to be behind us. The future looks bright, which means now is a good time to invest in your business.
There are several ways you can spend a little extra cash this year to help your business grow.
– Invest in education for your employees;
– Invest in a new location for your business;
– Invest in more people to join your team.
Now that profits are on the rise, it’s time to use that momentum to fuel your business growth.
No Matter What Risk You Take, Make It a Smart One
Taking risks is important if you want your business to grow. Still, that doesn’t mean you should jump on every new opportunity. Weigh the risk with the reward. If something is too risky, you might want to choose a safer route. If the reward is high, it might be worthwhile to try. Strike the right balance. Trust your gut and your managerial intuition to pursue the risks with a higher upside than downside.
Author Profile Jon Forknell is the Vice President and General Manager of Atlas Business Solutions, Inc., a software marketing company specializing in employee scheduling software, including ScheduleBase employee scheduling software, and other business software solutions. In the past, Jon has been recognized by the U.S. Small Business Administration as a SBA Young Entrepreneur of the Year. Atlas Business Solutions was named as one of Software Magazine’s Top 500 Software Companies in 2004 through 2007 and again in 2010, 2013 and 2014.