This month, take a moment to stop and consider your business (and personal) risks.
Here is how we manage risk at Sorted.
The number one risk to Sorted. is reputational damage or litigation, due to clients receiving unsatisfactory or incorrect advice. This would be true for most professional service providers, but reputational damage is also a risk to every organisation. Here are some ideas about how we manage our risks—which might be relevant to your small business.
Every project and every client is assessed to ensure they are a great match for Sorted., AND that Sorted. can clearly understand what they need and is able to deliver it.
The risk of not being able to deliver a large, unclear outcome is mitigated through breaking down the process of working together into stages. If there is any doubt, recommitment is obtained at the completion of each step. If the client isn’t happy at any stage, we review and adjust.
The risk of not meeting expectations is mitigated by providing very clear outcomes, before commitment is made. Agreements are made in writing, so all parties are clear. Nothing is done only verbally—all updates and amendments to agreements are documented. Timelines for projects are agreed up-front, with a proposed schedule being part of the quoting process. Workshop outcomes are clearly communicated in all marketing material. In face-to-face training, participants are regularly asked to share their expected outcomes at the start of the session.
Sorted. understands who all the stakeholders are in the investigation/scoping process, and ensures that they are consulted as required, to ensure the opportunity to contribute is given prior to any commitment being made. Opportunities for feedback are regularly provided—at the end of coaching sessions; half-way through and at the end of the webinar series; throughout consulting projects; and as part of facilitation—check-ins are held. We regularly check-in to make sure the client is on the same page with us and is happy with what they are receiving.
A complaint or refund due to a client not receiving what they expected has never been requested since 2000, due to the risk management practices listed above.
Clients are invited to consider options provided to them, since our aim is to provide them with the skills and empower them to make their own decisions. Ultimately, our goal is to become redundant, with our clients capable of running a successful organisation themselves. Therefore, we support clients to make their own decisions. We also make sure we are working within our areas of expertise, and regularly recommend clients to seek specialist advice from professionals such as accountants and lawyers.
We know what we do well and that is what we focus on.
It is vital that all small business owners review their risks on a regular basis and update their risk management strategies to ensure both they and their clients are protected.