8.2.3 Where the Benefits, Costs and Risks could be hidden?

It is wrong to believe that risks are hidden mainly in new activities for the business. And that your business will be safe only if you stick to the things that have already proven their benefits. The truth is that there's nothing safe in not taking risks and ignoring opportunities. No company or business, no matter how successful, is 100% safety.

Any one owner or manager has a great chance not doing anything new or different. But probably this will be the first risk. Аn initiative is a potential mistake - so do not take initiatives, and then you can never be blamed for making a mistake. That is how you get to the second risk - missing opportunities to bring potentially good ideas to life.

You should know however that there may be excellent ideas with lots of foreseen benefits, but the cost of change is such that the excellent idea is not worth using. In practice most companies that claim to 'have too many ideas' really have too few good ideas. And the next risk is that the new idea may not work in practice. A new idea promises benefits, but those benefits may never be delivered. It may be that the idea itself is faulty, that the timing is wrong or that competitors better the new idea. There are many, many reasons why a promising new idea may never work. Unless it is a known or copied idea, there can be no guarantee that a new idea is going to work. The very fact that it is new means there is uncertainty about success.

Risk is real for any company or organization. Things happen when you least expect them to happen. Are YOU ready for the unimaginable, the unexpected, the unwanted? As an executive, have you avoided risk? Do you pretend that all is well, and nothing will change? If so, it's time to face reality: data gets lost, people resign. When any of these occur, your organization is at risk of malfunction, inefficiency, chronic struggle, revenue loss, and even total failure. Is this the path you want to go down? It is careful analysis and planning of risks, benefits and costs that adds security.