I want to ask you one quick question. What business fears keep you up at night. What thought pops in your mind at 3:30 in the morning the turns a night of peaceful slumber into an hour of tossing and turning, puts your mind to racing at light speed and leaves you bleary eyed when the alarm goes off?

Today, October 13th, is National Face Your Fears Day, and it a perfect time to look at your fears and concerns about what can go wrong with your company.  I advocate taking 15 minutes to brainstorm your fears for the business.  Let your mind go, look at all the areas:   financial, competition, systems, supply chain, legislation, regulation, leadership, market saturation, productivity, economy,  quality, bad publicity, the list can go on and on. 

Follow the rules for brainstorming, don’t self edit, don’t justify putting it onto the list, don’t over-think it, don’t think the idea is just to crazy, or wouldn’t happen, JUST WRITE IT DOWN! 

Once the list is completed take a few minutes and look the list over, flesh out the thoughts that may be one or two words and describe the situation or a scenario or give an example that puts the fear into a context that is understandable.

In naming the fear and providing that concrete example you can begin addressing it.   People love to solve problems and by defining your fear you are defining a problem, something that can be addressed.

Turn this into a team exercise.  Gather your department, friends, peers, and others and host a “brainstorming break” to gather the business or company fears of others.  You will be surprised at the information that comes out, and you might be able to help someone in another department remove a fear because of information you know.

Remember the words of Franklin D. Roosevelt in his first inaugural address  “So, first of all, let me assert my firm belief that the only thing we have to fear is fear itself — nameless, unreasoning, unjustified terror which paralyzes needed efforts to convert retreat into advance.” 

So, take the first step, write down your fears, define them, it is the first steps into identifying risks within your organization.

I would love to hear what fears you have come up with.  Please leave a comment, or send an e-mail to me sharing your thoughts and fears.

Incidentally, tomorrow is Blog Action Day, a day where the blogging community comes together to speak on a specific topic and raises awareness of the issue.  Managing Business Risk is very proud to be part of this community.  Check back tomorrow for our posting and if you are interested in participating in the group of more than 3600 bloggers from 125 countries around the world, click here.