Captain’s log, stardate 20210705

Battling Invisible Risk

This week on TBOA, Rochelle and I talk about invisible risks.

It’s one thing to manage all the obvious risks in running your business (who wants an IRS smackdown?) But what about those that are invisible until you hold them up to the light?

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Talking Points

Understanding how bad things could go—what’s the worst that could happen and how are you protected?

Pricing your work based on the amount of risk you decide to shoulder.

Saying no to high risk / low return client requests.

The role and value of defining work processes to manage your risk exposure.

Using peers and sounding boards when you’re doing strategic, high-impact consulting.

Quotable Quotes

“What’s the right thing to do when you’re engaged in client projects, where there are risks and project failure can cost lots of money?”—JS

“How bad can things go and what’s your role in that? That’s a strategic business operational question that we all have to ask ourselves.”—RM

“If you take hidden risks and make them visible, you can price based on that.”—JS

“Most of us who go into our own businesses, we don’t like the word discipline…but there’s a certain amount of discipline in running a business.”—RM

“E+O insurance, that was my net. I could walk the high wire with confidence, knowing that if things went horribly wrong, at least I wouldn’t end up living on the street.”—JS

“If what you’re doing is more of a strategic thing, you really want to have a sounding board or two that you can use when you uncover an unusual client situation.”—RM

“Knowing that a second pair of eyes will be reviewing your work is a very interesting little safety valve.”—JS

“We had peers excited about the work that we were doing, trying to figure out how to make it great for the client.”—RM

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Yours,

—J

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