Business News President’s Focus
Chamberlink this month introduces President’s Focus, in which we will be presenting the views of the presidents of the six Chambers and three specialist sectors which make up Greater Birmingham Chambers of Commerce. This month, Burton Chamber president Simon Chapman, who is also managing director of Yee Group Limited, a multi-faceted specialist in electrical services relating to safety and space, offers some thoughts about risk, and how far businesses should go in managing it.
Among our Chamber members, I have discovered that there are widely held views on the ‘best’ - or should that be the ‘preferred’ way - of considering risk. Talking about this with two members in different industries, we agreed
that the same risk to one business owner that scores ten on a scale of ten, could to another managing director, be as low as three out of ten. That's a major discrepancy. It is probably driven in part by perception; plus the level of conservatism, namely aversion to risk, operating in that particular business. Looking back, when I started my first business in electrical contracting, there was undoubtedly some risk. I remember channelling all my energies and determination into making it a success. In fact, I don't recall having considered the level of risk. I was too focused and engaged each week in bringing in new clients. When I was later reminded by several bank managers that a high percentage
of new start-ups fail in the first 12 months, it occurred to me that during those early months those start-ups may in fact have taken too many risks. Bearing in mind that developing your business will involve some level of
risk, it is thus preferable to work within boundaries of risk that are acceptable without exposing your business to failure. This is made harder when your business grows and you employ staff for whom you are responsible for providing work and their regular income. One route that can sometimes lead to failure is engaging in diversification.
Keep in mind that you are 'an estimated 16 times more likely to fail, if you don't stick to your knitting' (meaning what you know and are familiar with), and sometimes you have to disregard what look like other potential openings. The Chamber membership now has businesses representing all sectors of
industry; as well as 'advisers' whose portfolio careers offer broad, cross sector experience. Many will be willing to share their advice and
experience via the route of networking during Chamber events. The business hub in Staffordshire is a good starting point to gather advice on critical areas for your business. If risk is an important subject for you, then please make contact with the team.
We have not yet finalised all the topics or speakers at Let's Do Business
at Uttoxeter Racecourse in June this year. Let us know via my email address below if you would like us to consider adding a workshop on risk to the list of topics to be presented.
I welcome feedback and comment on this column and the work and activities of the Chamber. Please contact me at
President@Burton-Chamber.com
‘I don't recall having considered the level of risk. I was too focused and engaged each week in bringing in new clients’
March 2017 CHAMBERLINK 11
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