Recent Posts:Taking RisksPROFIT PEP TALK From CPA & Business Coach Mary Cucarola A free biweekly Tuesday ezine offering concise business tips, tools, and practices to help you accelerate your profit and grow your business now. •••••••••••••May 15, 2012 • Volume 2 Issue 5 TAKING RISKS Do you like to take risks? In the past few months, I have been writing about how to accelerate profit in your business. I have written about committing to your business idea, whether or not you are committing or considering, and how to invest in your natural strengths and talents. Today, the topic is about taking risks in your business and how to make cautious decisions with regards to taking risks. Most people keep themselves stuck, either in their careers or businesses, out of fear of failure or making a mistake. It is not necessary to indulge in foolish or self-defeating risks, but you need to allow yourself to take positive risks if you want your business to succeed. The dictionary defines risk as “the possibility of something going wrong and suffering a loss”. No wonder everyone avoids risk, right? So, the question really is how can a risk be positive and how do you decide to take it or not? Much of taking risk is about seizing the moment, recognizing opportunities, and having the personal courage to move forward. It takes trusting your instincts, and being confident in your ability to “suffer the loss” when there is one. When an opportunity presents itself to you, it is a good idea to research it thoroughly, and talk to other people about it. Ask yourself if it is cost effective and if it will increase your bottom line or add value to your business? Don’t act impulsively, but don’t always wait for a guarantee, either. Run it by your business partner, your spouse, your CPA or attorney, or a friend, who you know will give you honest feedback and moral support. It is so important to have this core of support in your life, so that you don’t make rash decisions or poor choices in your small business. “Loss is the bottom line in most risk. Risky-riskier-riskiest or a similar model can be used to get some sense of the relative uncertainties of various solutions. The point is to create a way to assess risk in the decision-making process.” This quote is from Michael Gerber in his book E-Myth Mastery. If you have never read any of his books, I highly recommend them. He is the master of small business and offers some serious, detailed guidance into making your business successful. Writing this business blog felt risky to me. I have to put myself out there every time I write something and quite frankly, it is scary. I am hoping that it is adding value to my business and providing my clients with helpful advice in starting or running their businesses, but I don’t know that for sure. I do know that when I research a topic for my blog, it helps me grow in my own business. You will make mistakes from time to time, but that is part of being a business owner. If you never take any risk, there will be little business growth and your business will grow stagnant. When an opportunity presents itself, trust your intuition to seize the moment. If you spend all of your time waiting for guarantees, you will spend much of your business life waiting. Dust yourself off after a mistake, and on to the next opportunity, create a positive way to assess the risk, and then move on to your success. YOUR ASSIGNMENT: Is there an opportunity you have been wanting to take advantage of in your business? How can you assess the risk of this opportunity? Is it cost effective and will it increase your bottom line? Will it add value to your business? Do you have a core group of people in your life who you can go to for honest feedback? Mary Huff Cucarola, CPA Business Coach, CTACC CUCAROLA CONSULTING, LLC 135 Kokomo Ct. Telluride, CO 81435 303-941-3120 Cell 970-239-6044 Office 970-239-6045 Fax
DON'T GO IT ALONE Accelerate Your Profit Now Mary Cucarola | 05/15/2012
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