Whatever you do, do not take those business risks for granted. Of all the risks, the most ignored is the need for diversification of the business, its offerings and focus. It’s understandable why the mitigation of this type of risk is often trivialised and not prioritised. That’s because many small-business owners either focus on increasing the scale of their businesses or their specialisation, that thoughts about introducing new offerings to reduce risks to the business are not foremost.

But some owners do not even bother focusing on expanding their businesses, but are quickly excited by increased turnover of their businesses and have shifted their focus on their lifestyles. You see them working fewer hours and spending most time galivanting the world when they could be opening new branches or adding new offerings or buying new businesses to diversify their business portfolios.

While commendable that entrepreneurship enables some to have a better life, it is also easy for one small change in the market to disrupt it all and for the business to lose everything resulting in premature permanent closure. By Nimroth Gwetsa, 31 May 2019. Continue reading →