If your company is radically redesigning an exisiting service or product, or maybe you are running with a new idea for the first time, you know there are significant risks involved. Unfortunately, those risks aren’t always easily managed through standard financial models. For example, you can’t accurately predict if you will alientate existing clients by attempting a daring new brand extension or service change. So, what CAN you do to ensure your new offerings are not failures, but successes?
One way is to effectively manage the risk involved. According to author and managing director of the Corporate Executive Board, David Apgar, not only does your company have to understand its capacity for risk-taking, but it also has to be prepared to cope with the fallout if the outcome is poor.
BusinessWeek ran a recent interview with Apgar where he outlines how a business can evaluate and manage its risk.
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