Avoiding Business Risks Can Cost You

Avoiding risk means passing on opportunity and that can be costly.

Often, we rationalize that avoiding risk is a “no cost” option and something that is perfectly acceptable.
The reality is that risk avoidance is the greatest impediment to progress, personally and professionally.

Opportunity, like time, is perishable. Miss an opportunity to move your business forward due to risk avoidance and a competitive advantage could be lost.

What is the potential cost?

An erosion of:
• market share
• revenue
• profit
• employee flight
• the decline of your business

Those who are willing to continuously embrace risk, each and every day, are successful. They operate with a “play to win” attitude, rather than a “play not to lose” outlook. When you play to win, risk is nothing more than a cost of opportunity.

While opportunity comes with risk, those who avoid taking risks out of fear are missing out on so many chances for success. The fallacy that risk avoidance somehow is without cost and therefore an acceptable strategy fails to consider opportunity cost.

Risk means having to face an uncertain outcome and most people don’t like uncertainty, but if you are going to follow and realize your dream, you are going to have to stare risk down and conquer it…there is simply no alternative.

To read the entire article, please visit www.experts.allbusiness.com.

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