Business owners and individuals alike have become well acquainted with the need for a back-up plan especially during recent times! We’ve all been told to expect the unexpected and plan for contingencies.
As owners, we cannot predict when a major disruption will occur in our business and/or our personal lives. We know these things can happen but we’re not always prepared for what comes next. Here are a couple of good tips for getting started.
First, make a list of what could happen; cybercrime, pandemic, theft, fire, health issues, family issues or other natural or manmade disaster. Then, prioritize the list based upon the likelihood that it could happen to you and your business. Next, assemble your management and leadership team, going through each department and obtaining input from each person so a comprehensive contingency plan can be drafted. A business that’s too dependent on the owner is one matter, but being that and having no contingency plan on top of it is altogether worse in so many ways. Lastly, keep physical copies of the plan offsite in the event of a fire, flood or other occurrence. Even though there’s no way to predict them, disasters can strike. Business continuity will be more probable with a solid plan in place that addresses the “what if…”.
FPA Owner Transitions 