Jan 7, 2020
122: Your Personal Risk Analysis
There are these almighty scales that you have to try and keep in balance wherever you can, and sometimes, they get out of whack. What we're going to be talking about today is risk analysis, but more specifically, your personal risk analysis.
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Now, what I mean by that is, if you're in business, you're doing something, hopefully, that other people in your business are not, and that means that you are a key player or performer or cog or reason to be in that business, and you might need to work out a way to overcome that. If you are a key person, you can get insurances to make sure that you are protected if something was to go wrong with you. You can get insurances with any other people in your business, that might be key people, to make sure whatever goes wrong with them doesn't come back and be a problem for you, but you need to have a look at the risk analysis for yourself.
Some people are high-risk takers who will jump out of planes, and go in V8 supercars and all this cool jazz. Some people don't, and wrap themself in bubble wrap, and don't even consider going on a plane. Your risk is up to you and how you go about doing that, but the amount of risk and the things that you do in business needs to be able to be formed up as well. You need to be able to analyse what you're doing, how you're doing it, how you could be doing it better, how you can remove yourself from business by creating standard operating procedures, knowledge-based articles, putting in KPIs for other people to overtake you, and make sure that you're not the person that's blowing the whistle.
Make sure that you're the person who has a whistle, but they're able to pull up themselves from their own mistakes, and that's the big difference between just being a manager and being a leader, making sure they have accountability, and they hold on to the project that they may have thought of, or you've may have guided them with, but more importantly, they hold on to the problems within the project and they're accountable for this.
Being able to analyse your personal risk, and seeing what happens if you remove yourself, and that could be from anything, it could be removing yourself from your kids' lives. Hopefully, it's not. Hopefully, it's spending more time with your kids, and that's why you're able to look at this risk and try and work out a way that you can remove yourself from the business, or remove any other risks from the business and from your life.
I think, back in the day, when I first started the business many, many, many years ago, I had a car, and the car was great, but it wasn't very reliable, and that was a big risk to me. It wasn't reliable, because sometimes, it would just stop working, and it wasn't reliable, because when it stopped working, it meant I was out of work for a long time. So it was not safe, which meant that other people that we're relying upon the services that we were offering could not rely upon myself, personally, but in addition to not being safe, it meant that being not reliable, meant that I had huge risk in keeping that car. Removing that car and buying a better vehicle overcame that risk.
So as I said, maybe just G up some time with yourself and just look at your risk analysis. I don't know. I said G up, that's pretty gangster. This IT guy goes gangster, thug life. Nevertheless, check yourself. Stay good.