{"id":12070,"date":"2013-04-04T13:00:48","date_gmt":"2013-04-04T17:00:48","guid":{"rendered":"https:\/\/smarttan.com\/news\/?p=12070"},"modified":"2013-04-04T09:50:44","modified_gmt":"2013-04-04T13:50:44","slug":"identifying-smart-business-risks","status":"publish","type":"post","link":"https:\/\/news.smarttan.com\/index.php\/identifying-smart-business-risks\/","title":{"rendered":"Identifying Smart Business Risks"},"content":{"rendered":"

In order to expand your business, you need to be willing to take some risks, but only after you\u2019ve carefully considered the costs and benefits, the Small Business Computing article \u201cHow to Take Smart Business Risks\u201d explains. Here are three questions that will help you assess whether a risk is worth taking or not:<\/p>\n

    \n
  1. Does my idea fit in the context of my current business?<\/strong>\u00a0Random expansions are rarely smart moves.\u00a0 The first qualification for any idea for expansion or change is that it\u2019s compatible with your current business offerings and fits well with your brand and image.<\/li>\n
  2. Does my idea fill a want or need?<\/strong>\u00a0Proper market research is the first step for any new initiative. There may be demand for a new product, service or location in your eyes, but the general audience may feel differently. Small Business Computing contributor Maryalene LaPonsie suggests the following additional questions to start: Are there competitors offering the same product or service? Do these competitors have a weakness that you can exploit? Is there an underserved customer base or geographic region that could benefit from your proposed product or service?<\/li>\n
  3. Will my business survive if the risk doesn\u2019t pay off?<\/strong>\u00a0It\u2019s good to be optimistic, but it\u2019s necessary to always consider the possibility of failure. Make sure you know your financial standing and where you will stand if your new endeavor flops. If your business cannot withstand a failed attempt, it\u2019s most likely not worth the risk.<\/li>\n<\/ol>\n

    Click here to read the article from Small Business Computing.<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

    In order to expand your business, you need to be willing to take some risks, but only after you\u2019ve carefully considered the costs and benefits, the Small Business Computing article \u201cHow to Take Smart Business Risks\u201d explains. Here are three questions that will help you assess whether a risk is worth taking or not: Does […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-12070","post","type-post","status-publish","format-standard","hentry","category-news"],"yoast_head":"\nIdentifying Smart Business Risks - Smart Tan News<\/title>\n<meta name=\"description\" content=\"In order to expand your business, you need to be willing to take some risks, but only after you\u2019ve carefully considered the costs and benefits, the Small Business Computing article \u201cHow to Take Smart Business Risks\u201d explains. Here are three questions that will help you assess whether a risk is worth taking or not:\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/news.smarttan.com\/index.php\/identifying-smart-business-risks\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Identifying Smart Business Risks - Smart Tan News\" \/>\n<meta property=\"og:description\" content=\"In order to expand your business, you need to be willing to take some risks, but only after you\u2019ve carefully considered the costs and benefits, the Small Business Computing article \u201cHow to Take Smart Business Risks\u201d explains. 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