Rolling Sands Consulting

Avoid Taking Unnecessary Risks

“You can’t be successful in business without taking risks.”
― Adena Friedman, President and CEO of Nasdaq, Inc.

Risks can lead to positive outcomes like engaged employees, brand awareness, enhanced brand image, revenue growth, higher stock prices and so on. Adena Friedman’s quote rings true simply because starting a business is a risk from Day 1. It is unlikely anyone can predict an outcome with 100% confidence. Success is never guaranteed, but the ability to distinguish between a worthwhile risk and an unnecessary one is crucial for any business leader.

What are ‘Unnecessary Risks’?

Unnecessary, foolish and/or unethical risks jeopardize the integrity and sustainability of a business.

Fudging numbers to meet standards.
Using misleading information in ads.
Making rash decisions based on hearsay alone.
Stealing intellectual property.

These actions make the business vulnerable and can have severe repercussions. For example, “shrinkflation” is a hot topic these days. Companies keep prices the same by reducing product amounts, which many consumers find deceptive. Raising prices is not welcome news but it does allow for transparency, making the change obvious to shoppers.

Making Informed Decisions

To make smart decisions and avoid unnecessary risks, follow these steps:

Collect data: Gather all relevant information, both qualitative and quantitative. Seek input from employees and other stakeholders for diverse perspectives.
Evaluate assumptions: Use past experience to understand the risk and critically evaluate your assumptions to ensure they make sense.
Weigh risks vs. rewards: Assess if potential benefits outweigh the risks. Can your business handle the worst-case scenario?
Evaluate potential consequences: If the consequences of failure are minor and the potential gains are significant, just do it. For risks with severe potential fallout, take time to explore all options.
Set success metrics: Define clear metrics to track the success or failure of the risk. Check these metrics regularly.
Plan for Contingencies: Be ready to pivot if necessary. Have a plan to mitigate any negative outcomes.

Consequences of Neglecting Risk Evaluation

Failing to evaluate potential risks can lead to serious consequences:

Inability to meet your business goals.
Damage to your brand reputation.
High employee turnover.
Strained relationships with partners.
Lost contracts and customers.
Decreased revenue.
In extreme cases, legal action and/or bankruptcy.

Today’s fortune cookie wisdom reminds us to carefully evaluate risks. By making informed decisions and considering the potential consequences, you can navigate risk-taking and steer your business towards sustainable success.

Have you taken a risk resulting in a great outcome?
A not-so-great outcome?
What lead you to take that risk?
Was it worth it?

A version of this post was published on LinkedIn, 2024-07-26.
For details on the FCF (Fortune Cookie Fridays) theme go to:
https://rollingsandsconsulting.ca/2024/07/12/introducing-fortune-cookie-fridays/

Celebrate Small Wins

Fortune cookie wisdom: “Do not let ambitions overshadow small successes.”

*Originally posted on LinkedIn on 2024-07-19*.

For any project to succeed, all contributors and stakeholders must remain engaged throughout.

Why celebrate small wins

Campaigns and projects can be long, multi-stage processes with lots of moving parts.
Inputs from outside sources can help or hinder your teams’ progress greatly.
Contributors to small projects can feel unimportant if their project is often overlooked. Even if the results are integral to a larger one.
There can be few positive indicators of progress toward your goal(s) until the very end, e.g., a primary campaign goal of sales growth.

Benefits of celebrating small wins

Builds momentum by creating positive energy and encourages further progress.
Improves overall morale by boosting your team’s spirit.
Encourages talented contributors to stay with your team by increasing job satisfaction.
Enhances productivity because motivated teams are more efficient and effective.

How to celebrate small wins

Create multiple opportunities for recognition by building milestones into your project plan.
Recognize achievements by both individuals and your team, highlighting specific contributions.
Share wins with the wider organization to demonstrate the importance of your team’s to the larger enterprise goals.
Reward progress with small tokens of appreciation, like gift certificates, a catered lunch, time off or learning opportunities.

Celebrating small wins is crucial for maintaining motivation, building momentum, and fostering a positive work environment. It helps teams stay focused on long-term goals while appreciating the progress made along the way.

For details on the FCF (Fortune Cookie Fridays) theme go to:
https://rollingsandsconsulting.ca/2024/07/12/introducing-fortune-cookie-fridays/

Introducing Fortune Cookie Fridays!

Returning to Ontario after after 8 years in Vancouver, I sorely missed the authentic Chinese food experience. 🥢 BUT, I’ve found one or two hidden gems in London (Ontario) that take me back to the West Coast.

What does this have to do with Marketing, you ask?
My love for Chinese food—and my particular fondness for fortune cookies—results in dozens and dozens of fortunes scattered around the house. (It seems so wrong to throw them out!) So, I’ve gathered them up, tossed them in a basket and, starting next week, I will pick one at random to inspire a brand, marketing or leadership post. I’ll keep going until I run out of fortunes or something else comes along to inspire my content creation. They will be published to both of my LinkedIn accounts (Rolling Sands & personal) first and then live here.

Stay tuned & wish me luck! 🤣