Excerpt – Whether you’re steering a one-person enterprise or overseeing a team of 200, the multifaceted nature of business often requires wearing numerous hats. Despite our inclination to perceive ourselves as invincible and shy away from contemplating worst-case scenarios, anticipating the unexpected is indispensable for the vitality and prosperity of your business. 2-minute read
To expect the unexpected shows a thoroughly modern intellect.
Do You Have Plans for the Unexpected?
Losing a family member, dealing with hospitalization, or experiencing the resignation of a key employee is never opportune. Yet, preparing for personnel disruptions, whether short-term or prolonged, is imperative to ensure the seamless continuation of business operations for the benefit of customers, investors, and the entire team.
Here are some key strategies to mitigate the impact of such unexpected disruptions to your business:
- Document account information and passwords in a secure location. Business owners and employees alike should meticulously record account information and passwords in a secure location. This includes details for bank accounts, tax remittances, vendor accounts, and any other online platforms. Regularly update this information and ensure a trusted individual knows where to access it in case of necessity.
- Expand Access. Acknowledging that no business owner can do it alone, ensuring access redundancy is crucial. Both authorized employees and the owner should have independent access to critical accounts. This guards against potential issues, such as a disgruntled employee changing passwords and causing a headache and potential delay in accessing the account.
- Desktop Procedures. Each position within the company should develop comprehensive desktop procedures outlining their responsibilities. Beyond serving as a valuable training tool for new hires, these procedures enable a seamless transition in the event of an unexpected employee absence.
- Cross-train. Embrace the benefits of cross-training employees. This practice provides backup solutions and fosters a holistic understanding among team members regarding various roles and their interconnections. Cross-training proves invaluable during employee vacations or unexpected vacancies.
- Have security measures in place. Prioritize security measures, especially when an employee departs either voluntarily or involuntarily. Safeguard against potential risks, both financial and reputational, by having a well-defined checklist and security protocols for such situations. This prevents ex-employees from maintaining unauthorized access and protects the company’s integrity.
Remember the adage, “Hope for the best, but prepare for the worst.” The consequences of being unprepared or caught off guard can be severe. Invest the time and effort now to devise meticulous plans and establish processes that fortify your business against potential disruptions. You won’t regret the foresight when faced with unforeseen challenges.
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To paraphrase Mr. Wilde, it’s smart to be prepared! Having plans and processes in place can help stabilize your business, not just in the event of an unexpected loss of personnel. These measures just make good business sense. If your business is growing, taking steps like these will help you manage that growth. And if your business is growing, then you are nurturing an asset that is increasing in value, either to sell or to pass on to the next generation one day. None of us exist or operate in a vacuum, so be prepared.
Does this make sense, but you don’t know where to start? Let me help. To schedule a complimentary consultation, email Info@FlourishBiz.Consulting, call 480-980-6066, or use the contact form to reach me.