The past few years have been quite an unexpected whirlwind of events, haven’t they? A lot of uncertainty and change. Some of which could never have been imagined. But it happened anyway – and you are still in business through all of it! For example: Worldwide virus, a new economy taking shape, constant talk of recession and unparalleled changes in technology as well as in the workplace. That’s just to name a few of the headlines. As a CEO, president or business owner, every day you put yourself totally on the line with your business. Any one of these events (and more) can cause you great stress and concern. The question is: How much of a business gamble are you willing to take for success?
The events of the past few years may have now put you in a position where you may not be thinking as you had been thinking previously – or even as recent as a few months ago!
- Maybe you’ve felt at times you have lost your way with running the business.
- Maybe you have days when you realize you’ve forgotten where you came from as when first starting the business.
- Maybe you are not sure what business steps to take next as you navigate the new uncharted business world of today.
- Maybe you wonder how you got this far with your business. And survived. Even thrived.
Remember: Business is about risk.
You gamble with your business every day. Sometimes it may be an obvious gamble such as when relocating to a new and larger space. Other times, it could be when hiring a new employee. Introducing a new product or service. Rebranding the company. Or even, what to have for lunch today with a longtime client or customer.
Business is about how much of a gamble you’re willing to take every single day. It’s about how much stress you can handle. It’s about putting yourself on the line each business day.
When there are incredible, life changing events that you didn’t see coming it affects you and your business. It takes a lot of guts to move forward. It requires will – drive – determination. And you’ve got it. Now what are you willing to gamble to continue on the pathway of business success? Only you can answer that question.
Some businesspeople decide to quit; to close the business. Others say it’s time to sell. Or others retire and pass on the business to a family member or long time employee. Still yet, others make a deal to merge with another company. But not you. You are still in the game of business.
So what’s next?
It’s time to get back to really thinking about your business. It’s something you should be doing every day. Start to seriously think things through to determine what the next business gamble will be. What will the business gamble look like – and where will it take you?
There is a caution to thinking more about your business. Rather than think about how to move forward it could cause you to think things through too much. Which would then simply keep you standing in place with your business. For example: You may be considering adding new equipment or hiring new employees. You could have an entire list of things to make your business dreams come true. But instead you can over think it and decide not to buy new equipment or not to hire anyone new. You may even get too comfortable with the business you already have and not actively seek out potential business! That would be a disaster in the making one day down the road!
Remember: Business is a gamble!
You got to play the game of business to win at operating a business – Especially in today’s competitive marketplace environment.
But again … Caution! I don’t want you to risk everything! In other words: Don’t bet the entire farm! (As the old saying goes…) But I do want you to start thinking about what you need to do at this particular time to make your business work better, run better, be more profitable – and get you to where you want to be as a businessperson. To do that, you’re going to have to take some risk.
Ask yourself:
How much of a business gamble am I willing to take for success?
Risk is inherent to business.
Risk is just another word for gamble. The two words can be interchangeable.
The risk, the gamble, is just the way it works in business. But if you want to win, you must accept the challenge of taking a leap of faith in your business future with the goal of winning with each strategic move you make, however small or large. Certainly there will be some learning along the way too.
It’s just the way it works in business.
- If you’re not moving forward…
- If you are not out there just a little bit more than you usually are…
- If you’re not using critical thinking and strategy to understand what the next step is…
- If you’re not thinking about how to make it happen…
All the time knowing if that next step doesn’t work and the gamble doesn’t work…
- You are still going to be okay.
- Probably more business wise.
- So just take a deep breath and take a step or two backwards.
But if it does work, then you and your company are going to take many steps forward!
Let’s briefly talk more about the word, risk; or as in the title of this article the word, gamble.
Earlier in this article, I said: Risk is inherent to business.
Risk is also inherent to life. It starts from the moment you walk out the door in the morning to go to work.
What you need to do is minimize the risk both in life and in your business. Yet at the same time continue to ask yourself: How much of a business gamble am I willing to take today. Tomorrow? Next month?
To minimize the business risk (or gamble), start with putting the past months or even year behind you. There is nothing you can do about any of that. What’s done is done. What is just is. You move forward from this moment.
Start by having a business plan and reviewing it. Does it need to be revised? If so, how?
Ask yourself: Where do I want to go with my business?
Think about what it is you really want to do with the business that is doable; and you can begin to see results in the near term rather than just the long term. What could add some incentive or excitement to encourage more business growth? What will make the business stronger?
Talk with those you employ in the business. Be visible and available to all. Keep everyone up to date about the business. Encourage ideas and discussion to make the workday better for everyone as well as for the customers or clients. Remember: The employees are also taking a risk or a gamble by choosing to work at your company. Employees are often with you through the good times and the not so good business times. Give them the confidence they need, collectively and individually, to continue working at your company, Less turnover is a benefit to company success. But if you happen to come across a great potential employee consider taking the chance or gamble to hire the individual.
Now take a moment and think about some business names that have been extraordinarily successful such as Musk, Bezos, Branson, Cuban to name a few in our current business times. All have made fabulous fortunes. How did they do that? Answer: They could see the future. They were willing to take the risk; to take the business gamble. They all failed along the way only to learn from the experience and succeed even more. You can do the same if you have the will – drive – determination – and the vision.
In summary, remember:
- Be willing to take a business gamble
- Minimize the business risk
- Plan the business strategy
- Understand what you are doing but don’t think failure is just around the corner because you are not going to let that happen.
- Don’t just sit in your office chair and do nothing.
- Get the business humming along with the success and the profit you deserve
- Take the risk; take the gamble that you need to get where you need to be – not going out too far but extending out your thoughts just enough; then a little bit more.
- Take a business gamble that is reasonable. Have a defined strategy. And has a fallback position.
- You can do this.
To your success!
Business expert and strategist, Howard Lewinter, guides – focuses – advises CEOs, presidents and business owners throughout the United States across a wide range of industries and business topics, to MORE success – MORE profit – less stress. Business people trust Howard’s vast business knowledge, practical advice, intuitive insight and objective perspective to solve business problems, challenges and issues. Get MORE from your business! Talk business with Howard: 888-738-1855. Howard is always just a phone call away from you feeling better about your business.
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