Do you invest in Business Risks and measure their ROI?
Neetu Choudhary
Keynote Speaker? UAE's top Professional Development Coach?Corporate Trainer?Author?Presentation&Public Speaking Coach?Business Excellence Expert
Have you ever pondered the concept of risk ROI? Not the conventional ROI associated with risk management, but rather the ROI of taking risks itself? I know it's not often discussed, but that's precisely what I do: I inspire people to think in new ways for their professional development and business growth. Asking the right questions sets them on a path of exploration and discovery.
During a coaching session with one of the managers, an interesting discussion arose. He expressed a preference for playing it safe, avoiding exploration of what he perceived as unrealistic client ideas, and adhering to well-proven strategies. His concern was, "What if it fails?"
I asked him "What if it succeeds, and even if it fails, what do you learn?" He grasped the point—it's the perception of risk that often prevents managers from seizing opportunities that could yield tremendous ROI.
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“Risk is a two-sided coin with a threat on the one side and an opportunity on the other.”
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We're all familiar with Walt Disney's success story, but few are aware of the risks they undertook. Disney's initial studio went bankrupt, and his films were exorbitantly expensive to produce, often financed on precarious terms. By the mid-1930s, Disney had created over 400 cartoons, many of which were adored by audiences but incurred substantial losses.
Then came "Snow White and the Seven Dwarfs," a game-changer. Its $8 million earnings in the first six months of 1938 far surpassed anything the company had previously achieved, transforming Disney Studios. Despite hundreds of hours of film produced, it was those 83 minutes of "Snow White" that truly mattered in business terms.
"You meet Risk and ROI on the same Road of Growth"
How did this happen? It was the risks they took in pursuing animation despite numerous setbacks—the risks that ultimately led to their monumental success, overshadowing past failures.
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“You can fail countless times and still achieve success; it's all about the willingness to invest in taking risks.”
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Consider another intriguing case study: Toyota profited immensely from the Qualis, despite its association with taxis. However, unwilling to accept this branding, Toyota took the risk of discontinuing the Qualis entirely and investing in the future. Though successful, the Qualis was replaced by the Innova in 2005—a bold move. This decision yielded remarkable results, especially with the launch of the Innova Crysta.
In business, professional endeavors, or personal growth, risks transcend mere avoidance of losses; they embody opportunities for strategic investment and significant returns. Leveraging my background in science, IT, Business Excellence, Six Sigma, Service Management, and strategy, I guide executives as an executive coach. My expertise enables managers and team leaders to perceive risks as avenues for growth and innovation, empowering them to explore possibilities and capitalize on them effectively.
Preparing managers for this involves a shift in perspective.
Engaging in open conversations during coaching sessions can foster new perspectives and unlock untapped potential. I ensure to integrate risk discussions into my coaching, training, and keynotes, reframing risk from a source of fear to one of excitement and opportunity.
I encourage you to subscribe to the newsletter for more insightful content, and I'd love to hear your thoughts on risk perception.
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Having collaborated with hundreds of companies from 30 different countries and thousands of professionals to support their growth journeys, I understand the key ingredients to stand out from the competition and make an impact in a noisy world. When you're ready to grow professionally, you know how to contact me.
Feel free to explore my other published articles on business excellence as well!
Cost of Quality – American Society of Quality - https://prestocontinuousimprovement.com/blog/publications/the_cost_of_quality/
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Critical Objectives – Quality Progress USA
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5 WHY – ASQ USA
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A study in measurement – American Society of Quality
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Dealing with Tricky Situation - ASQ
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Neetu Choudhary