April 6, 2022
Graham Goodisson
All Blogs

How can you reduce your SME business risk in times of uncertainty and chaos?

Rising interest rates, Covid, inflation, fuel prices, rising premiums, war.

2022 is already hard graft for many small businesses after an already trying time navigating the past two years. Some painful lessons have been learned along the way for many. For others, staying afloat might be the only goal for now.

As both a financial adviser and a business owner, our director Graham shares his insight on managing business risk in time of chaos. There is an important financial piece yes, but attitude and support play just as crucial role in surviving and thriving in this fraught environment.


Surviving in times of turbulence

 ·      In my experience, resilience is the key to business success. Today's environment is going to test the resilience of many business owners.

·      Adapt by diversifying your revenue streams, so that if one dries up you can switch to another, rather than having to close doors completely. In our case at Velocity, we started with mortgage broking and have since expanded out to multiple financial services. This has kept us afloat at times when the mortgage market has slowed due to external factors.

·      Choose a business partner who complements your skills sets, and is stable and resilient. Brendon is a details man and I am more big-picture focussed, and for that reason we work very together (and annoy each other as well!!)

·      Socialise and connect with other business owners to create a network of supportive people who understand your stresses and struggles.

·      Find a business mentor. Talk to people in the positions and places that you want to be. Buy them lunch and pick their brains.

·      Plan for ongoing chaos, make sure you have the right things in place, including - your support network, diverse income streams, built-up assets in your back pocket, and access to alternative credit lines.

·       Talk to your financial adviser about arranging the above. You will need sound advice and support in key financial areas when cash is tight.

·      Know when the cost outweighs the benefit, and when to end and start again. Remember, this is not a failure but a learning process...

·      Manage your mental health, don't isolate too much, and reach out. Spend time socialising with staff who aren't in isolation.

·      Have faith that the sun will rise again, and things WILL be ok.


About Graham

Hi there, I’m Graham and I started Velocity Financial nearly 20 years ago. I had for many years been running youth development programmes for The Salvation Army and I liked the idea of continuing to help people thrive in other areas of their lives. It started with helping first homebuyers, and I now work mostly with business owners. This is around planning, lending, and managing risk for them and their staff. I’m passionate about community and connecting those in need with opportunity. I’ve been very privileged to do this in my previous career, now in my business and also for 20years as a Trustee of the Te Aro Health Clinic. Our clinic delivers high quality health care for Wellington's most vulnerable and I'm very proud of the fact that Te Aro is now an integral part of Wellington City Health system. I work in New Zealand's two best cities, Tauranga and Wellington. In Tauranga I swim, bike and run (maybe YOGA if I'm feeling particularly aware!) and in Wellington I mostly seem to buy my adult children dinner and drinks.

Disclaimer: Graham Goodisson (FSP95428) is a Financial Adviser with Velocity Financial (FSP95466). No investment decision should be taken based on the information in this blog alone. Please see Graham’s disclosure statement on our website. 

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