In Episode 210 of the Savvy Dentist Podcast, we are going to talk about managing risk in uncertain times. As I’m recording this, the COVID-19 pandemic has spread all throughout the world with various places under lockdown. The situation remains fluid and things are evolving and changing rapidly.
The reason I want to talk about risk today is that throughout this COVID-19 situation, the businesses that manage risk the best, the ones that can identify and mitigate risk are going to be the ones that have the greatest chance of survival. I’m going to discuss the things you can do right now to put your business in the best possible position to come out of this situation stronger than you went into it.
In this episode we discuss:
- [01:46] The importance of discussing business value in situations like this.
- [02:33] Reason why managing risk is an integral part of running a business.
- [03:04] Basic premise of any risk analysis and other questions it can lead to.
- Things you have control over when going through a risk analysis:
- [03:38] Concentration and single point of failure
- [05:13] Predictability and sustainability.
- [08:15] Risks identified in the balance sheet.
- [09:52] Decision making and assumptions that influence decisions.
- Areas of risk that we do not have control over:
- [12:47] Economic factors.
- [13:40] Industry-specific factors and market cycles.
- [14:07] Regulatory environment.
- [14:13] Competitors.
- [14:48] Things you can do to put your practice in the best possible position to get through any challenging time.
