There is always risk in business, and more so since we are now live in a globally connected business world. No longer is even the humble shop keeper in the suburbs or country Australia for instance, immune from what is happening in Europe, China, the USA or elsewhere in the world.

As business people we also need to be aware of changing legislation, the effectiveness of our websites, payment methodologies, of ecrime, economic conditions, the reach of social media etc. You can see therefore, on top of our normal day to day business activities, being a business person is pretty full on these days.

It is therefore difficult for business people to take time out to review where their business sits in the modern world in these circumstances. However it is an important task which is required periodically. I am also sure you have heard the term of "...working on your business and not just in it." What this term stands for, is taking the time occasionally from working day to day for reflection on your business strategies and development.

At some stage of your reflection process, it would be wise to include the help of trusted advisors, friends and peers. Reflection by Google is only part of the deal. The problem with Google is that  you only find information. Google does not help you make meaning of what you are reading. Interacting with people and hearing their business stories, asking questions and putting forward propositions, helps you understand what may work for your business.

In the modern and globally connected world, no business can afford not to just exist anymore. To maximise the ongoing survival and growth of your business, reflection and interaction with trusted advisors and mentors is a worthwhile exercise.

If you would like help in understanding the financial risks and taking the time to work on your business, contact Kim Radok at kim@creditmatters.com.au