Project Risks – How to Manage and Deal with Them Effectively

Project Risks – How to Manage and Deal with Them Effectively

Every small business owner knows that their venture carries a certain amount of risk. It's the same with the launch of any new project and there are a number of variables that can affect its progress. It's not uncommon for hurdles such as delays, quality issues, escalated costs or accidents to impact the timely and successful completion of your project. To a certain extent, having a detailed risk management plan helps mitigate these risks.


Things to focus on


While it may not be possible to avoid all the problems, having this kind of a plan in place, gives you the chance to create a back-up plan and you can also keep your client informed about delays or project cost increases, if any. Here are some pointers that will help you manage and deal with project risk in a more effective manner:


#1 Plan it right


As mentioned earlier, having a risk management plan in place is very important. It's a very efficient way to handle hiccups that surface along the way. It helps you know what the potential disasters can be and you can stop them before they severely impact your business. You should also assess the progress of your project on a daily basis; so even if some unexpected issues do crop up, you would be able to quickly deal with them in an effective manner.


#2 Early identification


When you have a comprehensive risk management plan incorporated into the daily operations of your business, you will be able to spot signs of trouble before they touch you; in many ways, this becomes the best way to contain the damage these risks can cause. And it saves you a great deal of time, trouble and expense over the life of the project.


#3 Constant communication matters


As the person at the helm of your business, you may want to manage everything, but it's not always possible for you to be in different places at the same time. However, if you keep all your project team members in the loop, and keep the communication lines open, you can rest assured that you will get to know of potential issues, no matter where and when they crop up, and are noticed.


#4 Take advantage of the risks


In many instances, risks are opportunities in hiding. If you look hard enough, you will find there are certain elements of your project which you can transform into opportunities and move forth with more vigour. When you make an attempt to identify the potential risks, right at the outset, it helps you take better advantage of them at a later date.


#5 Set your priorities right


Every risk is different from the next; you would have to deal with some of them very promptly, while others can be dealt with later. Some of these risks have the potential to cause a significant amount of damage, while others are lower on the damage scale. If you keep these aspects in view while dealing with them, you would be able to manage them in a much more efficient manner.


Manage risk the right way


Even as you do all this, it's also important that you keep a record of all the risks you have had to deal with. This goes a long way in keeping your project on track and allows you to maintain a level of transparency with your clients and others involved in the project. Launching and completing a project successfully is a lot about managing risk in the right way.



About the Author


Ben Fewtrell is a sought-after Business Coach, Keynote Speaker and trainer who has featured in Virgin’s Inflight Magazine and Entertainment Portal, SKY Business and “Secrets of Top Business Builders Exposed”. He is also the host of the popular Business Brain Food Podcast where he interviews leading experts on anything and everything business.

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