In the Pacific Northwest, it’s well known that there could be a catastrophic earthquake or volcanic eruption at any time. From shoes under your bed to the family communication plan, we’re counseled to have and practice a plan.
How about your business?
Most business owners believe that they have control over how, when, to whom to hand over their businesses. That’s a delusion. More often, small businesses are the victims of divorce, a health crisis or family disagreements.*
Beyond disasters, if market conditions are favorable, will you be ready to take advantage of the opportunity?
The solution is to replicate yourself and have a plan for all your key employees.
Get all of the knowledge about what your job is and how you succeed into a form that other people can follow.
Make sure there’s a resource for all emergency information and a crisis communication plan
Systematize as many of your key processes as possible
This work reaps multiple benefits:
Clients and customers increase confidence because the business can continue to provide products and/or services without interruption.
Your employees will know you’re focused on their long-term future by preparing for the worst.
It helps focus employees’ attention on the competencies they need to do an excellent job.
It results in developing talent from within your organization. People will know that with targeted education, training, and coaching, they could move into key positions. This boosts overall motivation, morale, and satisfaction in the organization.
* Hopefully, you have a will and durable power of attorney for finances and health care for yourself. If not, stop reading right now and take care of them!