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Small Business: How to Maintain Safety in a Culture of Innovation & Risk-Taking

startup contractors discussing risk and ssafetyRisk-taking is a mainstay in several business circles – particularly when it comes to entrepreneurs, start-ups and small businesses.

Many business owners see a lack of taking risks as a risk in its own form. Taking calculated risks involve putting your business at the best position to become a market leader over time.

But here’s the thing – taking risks doesn’t mean you need to throw safety to the wind.

Jettisoning caution could have several physical and mental implications for your staff. And in this ever-dynamic business world, you can’t afford to be short on your high-performing staff members.

With several inherent risks in today’s business world, safety for your employees is paramount. Learn how to help ensure safety for your workers with the information below, even in a risky business climate.

What Should Employers Consider before Taking any Risks?

The impact of perceived change

team planning construction work

The first point to consider is if the current business idea will bring any meaningful change to your business.

Also, it’s essential to consider how the idea will affect your business growth over time.

It is also essential to consider the impact of your new idea on clients and employees.

When it comes to healthy and safety, the risk may very well outweigh the reward. What could the consequences of a negative result be?

Is it worth the risk? Or are you better off staying safe (pun intended) when it comes to health and safety

Its immediate necessity

One of the main drivers of innovation is constant apprehension over what may happen if you delay.

Is the idea going to keep my business afloat? What will occur if I fail to execute this idea?

These are essential questions to ask before engaging any innovative effort.

How to Mitigate Losses from Risks in an Ambitious Small Business Setting

Document successes and failures of planned and executed strategies

Scalability is one of many major perks of small businesses.

Unlike larger companies tied by bureaucracies, things move much faster in a small business setting.

The smaller business model makes it easier to document successful and not-so-successful strategies.

small business owner assesses risk

Engage feasibility studies before venturing into any significant policy approaches

Today’s innovation-laden business world will be riddled with failed businesses if not for extensive viability studies.

Any new business venture should be tested as many times as possible to ascertain its success rate.

Keeping tabs on how well a given business model could perform is essential to mitigating losses.

Go small in venturing into uncharted territory for the first few times

When you’re planning to undertake a venture for the first time, it often helps to start small (while continuing to dream big!).

Investing a sizeable portion of your small business into a new idea may spell doom for your input.

But with a minimal input into any new idea, you tend to be much safer if everything goes south. And it’s not ideal to go small for the first time – keep the process running.

It’s better to keep putting small investments into your new venture until it is proven to offer sustained dividends.

Protect the Health & Wellbeing Of Your Team

entrepreneur weighs risks and rewardsThat goes double for health and safety.

Don’t take unnecessary risks that could jeopardize the health (physical or mental), welfare and wellbeing of your team.

While growth and profit are your goal, they should not mean having to sacrifice health and safety. The two can and do coexist well.

Keep your team’s health in mind.

During COVID-19, for example, this means checking in on staff who are working from home. It also means temperature checks, PPE, distancing and other measures in the workplace.

Some small businesses are tempted to skimp out on things they (mis)perceive to be “unnecessary” or “redundant” – like training or health & safety measures.

These are vital, however, for the continued safe operations of your business. A small investment in this area will pay off in dividends in the future (and help avoid downtime, losses, and lawsuits).

Advanced Consulting and Training Ltd – Your Top Choice for Workplace Safety Solutions

At Advanced Consulting and Training Ltd, we offer a variety of workplace safety solutions designed to help your business to thrive.

Contact us today to learn and apply best practices to mitigate risk in a dynamic business setting.