Ø Identify the warning signals. How, where, when and why did they come to light? Have you missed any others that might have a bearing on the eventual outcome? What the ear doesn't hear, the eye cannot visualise - so listen, observe and analyse.
Ø Evaluate the situation. Do it calmly but with a sense of urgency, using this strategy for swift and decisive evaluation. Take a sheet of A4, draw a line down the middle, put a 'plus' at the top of one side, a 'minus' at the other. If you end up with no plusses, you have a real problem on your hands.
Ø Analyse the risks. Do this conscientiously even if it scares the hell out of you - but don't start yet on searching for solutions.
Ø Discriminate between types of risk. Not every risk results in the same outcome. Review your analysis and scale the risks in order of gravity.
Ø Devise risk strategies. Now you can start looking for solutions. Devise a series of remedial strategies starting with the most serious risk on your list.
Ø Avoid analysis paralysis. Accomplish all of the foregoing rationally and rapidly; leaving emotion out of the equation (you can handle the demons later). Above all, resist the temptation to cover the same ground over and over again or you will contract analysis paralysis and end up in total frustration.
Ø Discuss your findings with others only if you must. If you are a one-man operation, keep your findings to yourself for now. If you have partners or co-directors you may be obliged to open up but restrain anyone from pressing the red alert.
Ø Take your own counsel in the final analysis. It is your own business you are minding, so make sure that any proposed course of action is based on your own findings.
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