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What’s Keeping You Awake at Night?

Worry is something that comes with being human and it has its source in issues of importance and of risk. We lie awake weighing up the probability of something occurring – usually bad!

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Worry is something that comes with being human and it has its source in issues of importance and of risk. We lie awake weighing up the probability of something occurring – usually bad! 

Business leaders and owners worry about the likelihood of failure. Of course they worry less if they have taken action to remove or reduce the risk! The Allianz Annual Risk Barometer lists the top risks that are least prepared for:

Cyber attack

Interruption of Supply Chain

Natural catastrophes

Political upheaval

Terrorism

What are the top 5 risks your business is least prepared for? Do you know? Have you started to prepare?

Each will have different levels of probability and impact and each will have unique qualities, so needing a separate approach. But, there is one common factor: each will impact (directly or indirectly) on consumers and stakeholders – who will deliver the success or failure.

Think of your top 5 risks and ask yourself if your customers will remain loyal if any of the risks turn into reality? How many of them will stay loyal and for how long? Will they turn to competitors? Will they continue to tell positive stories about your business?

Fundamentally, how much Trust and Confidence do they currently have in your business and is it enough to retain their loyalty in a crisis?

High Trust is a critical component of surviving a crisis and it must be earned beforehand.  Like any other contingency Trust must be deliberately planned for and there are steps to take that will enhance it. Of course, it has many other outcome-focused benefits too.

Maintaining high Consumer Trust is a Risk Treatment – it also aids restful sleep!

Building Trust to Reduce Risk is the subject of a two-day CPD Course hosted by the University of Liverpool at their new campus in London. The course will examine the psychology of risk and leave delegates with tools and techniques for deliberately maximising consumer and stakeholder Trust as part of Business Planning and Risk Management - http://bit.ly/1BJPQ77

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