Calculated risks for better branding
“The biggest risk is not taking any risk…In a world that’s changing really quickly, the only strategy that is guaranteed to fail is not taking risks.” – Mark Zuckerberg the founder of Facebook’s wise words remind us of the importance of taking chances but that doesn’t mean you should jump into new things boldly without the benefit of careful research and planning. What it does mean is taking the time to understand ways to mitigate levels of risk through forecasting, careful analysis and strategy. The alternative? Whether you’re at the helm of a large property development company, or running your own smaller construction business, sitting idly by while everything else changes is far more risky than any strategy could ever be.
But evolving a bold attitude isn’t as hard as it might seem. The ingredients for your success include planning, analysing and understanding where the world is going – then having the confidence to push the boundaries where necessary. Every single change offers up unchartered territory for business owners to take market share and increase profits. Or lose it if you fail to move. The good news is that there’s nothing that can’t be learned. Don’t make ‘I don’t understand’ your excuse for your failure to improve. Learn to be better for a stronger, more impactful brand – and that means better business. Try these tips to help your brand take risks that make a positive difference.
1. Celebrate innovative thinking
The world is an uncertain place. Disruptions change the rules regularly and that’s a good thing. Think of the businesses that have risen and fallen in the past fifty years – including those amazing tech-driven brands that you rely on every day. Many of them weren’t there 20 years ago and the reason they are there today is because they took risks and bold action. There will always be people who are negative about change and what you are doing but it’s important to let your own voice speak louder than theirs. With the right market research, well-planned strategy and great execution, there is no reason why your innovative thinking can’t find success – no matter what some people might think.
2. Nurture self-efficacy
Truth? The more times you experiment, the better you become at getting it right. And that goes for risks, too. Risk-taking without planning is rarely a great thing but heading into calculated risk gives you a certain confidence that can make you feel bullet-proof. Of course, it’s important to remember that you’re not (and plan for it). Try small steps first to boost your comfort level around risk-taking. You’ll get more adventurous with each new success on the path towards your ultimate goal
3. Intelligence matters
Just because you’re a confident risk-taker, doesn’t make the risk any smarter to take. Always go into each new risk with set guidelines and exit strategies. Why? If things get messy, it’s intelligence that will save you. Budgeting, safety nets and forecasting are all part of it. Never skimp on planning.
4. Failure is part of risk-taking
Failing to plan really does mean planning to fail. Of course, even with planning, failure still can happen but at least you’re more prepared. When you expect losses, rather than enter a risk with no reality check, you are more likely to be resilient and bounce-back to give it another go. Fear is one of the most crippling aspects of taking risk. By overcoming it, you’re on the right track.
5. Take the leap
Yes, analysis is critical but after you’re done all the necessary research, over-thinking it can become crippling. Turning a start-up dream into reality can be scary but so many good things start with a healthy dose of worry. And if it really does all fall apart? If you’ve taken a calculated risk, you’ll have Plan B up your sleeve for another shot.
