AUSTRALIAN

Top 10 risk management tips for business trailblazers

By Joshua Boorman · Published · QLD posts

In shortRunning a successful business requires you to take risks almost regular. How you go about managing those risks can often determine whether or not you experience long term success. We highlight below our top 10 tips to manage risk, particularly when you’re trailblazing in business.

  • Find trusted advisors
  • Consult early
  • Consult often

Australian law · law checked 21 Oct 2026

What's on this page

Running a successful business requires you to take risks almost regular. How you go about managing those risks can often determine whether or not you experience long term success. We highlight below our top 10 tips to manage risk, particularly when you’re trailblazing in business.

Find trusted advisors

Retain advisors with the appropriate skill set to assist you, and develop a relationship with them such that you can draw on their skill set and experience whenever you need it. There are many ways to do this, such as taking them in-house or consulting with external advisors on a regular basis.

Consult early

Seek out the advice on your risks before you are facing an imminent problem. More can be done to avoid a situation from occurring when you have considered the risks from the outset and taken steps to manage them.

Consult often

Dealing with many small situations as they arise can assist in moving things forward efficiently. Dealing with problems as soon as they arise can also avoid the situation becoming too complex and ultimately creating a mental hurdle for those involved to overcome them.

Know what your risks are

Conduct regular strategy sessions around what risks you currently face, and possible risks on the horizon. You can’t plan for them if you don’t know what they are.

Develop a risk appetite

Know what level of risk you’re generally comfortable with accepting, and consider how you will determine whether to accept certain risks above and beyond that level. This should be determined after consultation with key decisions makers of your business.

Have a plan

If you’ve properly considered the risk in relation to a certain situation, and determined that it’s worth accepting in the circumstances, put a plan around managing it. When you’re aware of the risk, you can put strategies in place to minimise your exposure. There are a number of tools that you can use to effectively manage your risk. Which tools might be appropriate in the circumstances depend on the situation and the risk that you’re effectively trying to manage.

Follow the plan

If you’ve gone to the effort of considering the risk, taking advice and putting a plan in place, then you should ensure that the plan is being followed.

Train your team

It’s one thing for management to be aware of a risk and know the plan for managing it, but if its your team that’s dealing with it on the day to day then training should be provided to them to ensure that everyone is taking steps to manage the risk.

Review the plan

Don’t adopt a set and forget approach. Risks can change over time as more information comes to light or situations change. Set intervals for which you will revisit the plan and make any necessary changes at the time.

Learn from experience

Certain issues may not be foreseeable at the time when considering your risks, particularly where you are trailblazing. As issues arise and are dealt with, take the opportunity to benefit from the learning by immediately making changes where appropriate to avoid the same issues from arising again.

Once you’re on top of these, you’re ready to push forward with confidence knowing you have a solid strategy in place to protect your business.

For assistance in implementing the above, contact our team on 1300 941 900 or email tboorman@boormanlawyers.com.au. Our LSPs may be the perfect option for you.

FAQs about this article

What does “Top 10 risk management tips for business trailblazers” cover?

Running a successful business requires you to take risks almost regular. How you go about managing those risks can often determine whether or not you experience long term success.

What is one point to take away?

We highlight below our top 10 tips to manage risk, particularly when you’re trailblazing in business.

Is this article legal advice?

No. It is general information published on 27 May 2019. Call 1300 941 900 or make an enquiry about legal representation for advice on your own situation.

Sources and date checked

Sources and references for this page, checked 21 Oct 2026.

This page is general information about Australian law only. It is not legal advice. Every matter turns on its own facts.

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