5 Tips to Personal Crisis Proof Your Business
One day, you decided to open your own business. Over the years, you worked hard and you achieved some success, everything is going great.
There is a car accident...
or you fall ill...
or you are arrested...
or your kid gets in trouble...
or your parents are found wandering
because of dementia...
This could be devastating. Not having your business ready leaves you and, possibly, your loved ones vulnerable. The fact is that many small businesses are very owner dependent. This means that if you have to walk away, there are no systems in place for your business to run effectively and you will lose revenue.
Ask yourself...is your business ready? If not, here are 5 points to consider and help you get there:
1. Identify the essential positions
Do you have a manager?
A Business Developer?
Client Services Rep?
2. Map out the responsibilities
What does each position do?
Break down the responsibility into separate tasks.
3. Implement a system
A systematic approach creates efficiency
Systems streamline training
Can increase business valuations
4. Train & Coach
Start from the top down
Cross train specific duties without changing the core job function
How adaptable is your system?
Do employees easily grasp the concepts?
Are new employees easily trained?
Can you comfortably be away and your business still runs smoothly.
Being able to create automation and systems not only protects your family and business, it can also increase it's value, therefore protecting your estate as well. Imagine having the peace of mind and freedom that comes with having your business flourish without you having to be always present. Take a good look at your operations and ask yourself, especially in this age of COVID-19 (coronavirus) you prepared?
If you would like more information on how we can help, contact us today.