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The Challenge of Managing Risk and Reward
“There’s no reward without work, no victory without effort, no battle won without risk.”
The risk versus reward debate is familiar to us all. From dabbling in the stock market to choosing a life partner, the premise is the same. I have tried to find this balance in business, and in fact, life in general. Is the reward worth the risk? Just how risky is it? What do I need to know to mitigate the risk? Opening a business is a risk, certainly. However, the rewards – if managed correctly – can far outweigh the risk.
Hard Work Works
In my 30+ years in business, I have seen that hardworking business owners end up with the rewards that they were looking for. Yes, unforeseen circumstances get in the way (we’re looking at you C-19) but they just put their heads down and push through. As long as you’re not doing the same thing and expecting different results, you’re going to have a successful business.
Something that I’ve noticed recently though, is that the economic battle that we are all facing has resulted in some business owners thinning out their staff and taking on more work themselves. Smart business owners have chosen instead to talk with their staff and try to find some middle ground; perhaps considering part-time employment until things normalise. It’s actually quite amazing what a group of highly motivated people can do when placed under pressure.
Keep it Local
If your business is mainly tourist orientated, then it is time to start marketing to the local people. It’s important to always look after the locals and try and get enough local business to survive without the tourists. That way, when the tourists come back this will be your bonus. Locals are your most important clients, as they are here to stay.
To connect or for more information, articles and content visit www.gemlab.co.za, you can connect with Jeremy on social media as well:
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By Jeremy Rothon“There’s no reward without work, no victory without effort, no battle won without risk.”
The risk versus reward debate is familiar to us all. From dabbling in the stock market to choosing a life partner, the premise is the same. I have tried to find this balance in business, and in fact, life in general. Is the reward worth the risk? Just how risky is it? What do I need to know to mitigate the risk? Opening a business is a risk, certainly. However, the rewards – if managed correctly – can far outweigh the risk.
Hard Work Works
In my 30+ years in business, I have seen that hardworking business owners end up with the rewards that they were looking for. Yes, unforeseen circumstances get in the way (we’re looking at you C-19) but they just put their heads down and push through. As long as you’re not doing the same thing and expecting different results, you’re going to have a successful business.
Something that I’ve noticed recently though, is that the economic battle that we are all facing has resulted in some business owners thinning out their staff and taking on more work themselves. Smart business owners have chosen instead to talk with their staff and try to find some middle ground; perhaps considering part-time employment until things normalise. It’s actually quite amazing what a group of highly motivated people can do when placed under pressure.
Keep it Local
If your business is mainly tourist orientated, then it is time to start marketing to the local people. It’s important to always look after the locals and try and get enough local business to survive without the tourists. That way, when the tourists come back this will be your bonus. Locals are your most important clients, as they are here to stay.
To connect or for more information, articles and content visit www.gemlab.co.za, you can connect with Jeremy on social media as well: