As part of the review process of your business, it is sensible to try assessing risk and how you could mitigate it.  This can be carried out on a short-term basis but should also be thinking on a longer-term basis also.  There is a tool that is often used that is known as a SWOT analysis.  This stands for Strengths, Weaknesses (tend to be short to medium term in scope and within the business), Opportunities and Threats (tend to be longer term by nature and outside the business).  To do this you should be thinking of every of your business in terms of physical, financial and personal aspects.  Being truthful about it all is important and having a trusted third party help you or give their opinion gives a differing insight to what the reality is.  Are you being a dreamer or a realist?

When you understand the short and long-term risks and threats to the business, you have a far better chance of mitigating them and planning for a successful outcome.  This may mean that your original ideas need to be adapted, and in some instances, quite significantly.  This can be challenging, but to ignore the messages can have major consequences to your long-term plans and ability to meet goals.   Those who are honest with themselves at this stage are the ones who develop the best businesses that have strong long-term futures.  It is also fair to say that this process needs to be repeated at regular intervals of say every three to five years.

Contact Ian at ianbrowne@fcgagric.com or your local FCG office, to help you reduce risk in your business plans!