How do you balance risk and reward when pursuing new opportunities? (2024)

To achieve this balance, it’s necessary to evaluate the risks involved. In practice, this means first having a clear idea of success in a new opportunity, then analyzing potential threats, identifying areas of vulnerability, and assessing the likelihood of negative outcomes. At the same time, I examine the potential rewards of the opportunity, assess the potential benefits, evaluate the impact on the organization, and analyze the potential return of investment. Overall, it requires examination, informed decision-making, and a willingness to take calculated risks. By carefully weighing the potential benefits and risks of each opportunity, I can pursue them while minimizing risk and maximizing reward for myself and my organization.

These are good. The key here: you must be honest with yourself. Do you have the skill set? Is this a passion field? Had your ABC prepared you for the XYZ?

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For myself personally when I weigh on taking on different projects. I weigh on the impact of the project itself who it affects. The end of the day my main focus is on cause-and-effect, all the other factors really irrelevant at that point. My apologies for being short on my answer but these questions are too vague, my suggestion is in the future when you ask more specific surveys. I really hope this helps, Frank Scordato

Defining your vision should precede assessing your current situation. How do you know whether or not you are headed in the right direction if you don't have a vision for where you want to end up? SMART goals are a given. Unnecessary to call them out here. The most important engagement is gaining alignment across the team on objectives and KPIs.

Decompose the SWOT and set goals to lay out the path forward. My suggestion: make a list of do goals and don’t goals. You are propelled faster toward your goals when you have clearly defined boundaries. The don’t goals are just as important as the do goals.

Actually, I disagree. Vision comes before all of this. Without the vision contextualizing current situation or initiative objectives or SWOT is a bit like putting a cart before a horse.

If you want to go quick, then go alone. If you want to go far, then go with others. If you want others onboard, then you need their engagement and their involvement. Listen to them. Ask them questions. Engage every single person in the room. If you tell them what to do, you are a boss. If you help them with a plan given to you, you are a manager. If you get them from A to Z with everyone’s buy in and effort, then you are their leader.

In my experience, we have been most successful at my company when we assess our assets, including human resources, current projects and then we take inventory of our team output and existing obligations and deliverables owed. We survey the team periodically and make sure there are upstream and downstream assessments and feedback. These processes ensure that all members of the staff feel valued and their input appreciated. It works for developing healthy work morale and retention. We celebrate our collective wins as a team at events like Ice cream socials, mid-day yoga breaks, holiday parties and other celebrations. We invite our team to offer suggestions. All of these efforts are purposeful and foster a balanced work environment.

Some of the best innovations and solutions to big problems are pulled from another industry that has already dealt with a similar issue. Early in my career when I needed help solving a complex inventory prediction situation in digital advertising, I found some great resources in the travel and hospitality sector, where variable supply is common to both airlines and hotels. Innovation is great but sometimes you can make progress more rapidly by borrowing a wheel instead of reinventing one… 🛞

Start by trying to find past examples of other companies that attempted what your company is trying to attempt. Finding a past failed attempt by another company can help your company save time, effort, and capital. Sometimes the best lessons in life (and business) are indeed, free.

Make goals weekly, monthly, quarterly, yearly, and maybe project two years out. Be open to movement and shifts in projected goals create 2 quarters back. When you are reviewing goals, ask people if we made it. Did we hit the target? Was it 75% on target or was it 95%? Plan ahead for how much error room you have. Maybe 90% is success. What does the team thing? What does the user or customer think? Get feedback and apply it to the goal. Then review how aligned you are.

There is nothing worse than a sales org or project team that doesn’t celebrate wins. Even worse when they celebrate and the team shows little joy. If you don’t practice wins, showing joy, being excited about moving the revenue or project needle towards the goal’s completion, then you have a bad culture. Small celebrations: a high five, a public shout out, a hand written note, a card, or a simple thank you. These are free and simple ways to make your people know you listen, you act and you care. Celebrate little wins BIG and celebrate BIG wins BIG. Ever win, sale, project completion whether small or huge are small steps forward. Small steps consistently moving toward the goal will eventually make a trail of success in the company.