No one wants to think about the worst, but the unfortunate and unexpected occurs all the time, and in the world of business, it is always better to be safe than sorry.
You can’t plan for every calamity out there (and how could you?) but you can give your business and your loved ones some protection with a business continuity plan.
A business continuity plan is essential for your peace of mind. If you were to be involved in an accident tomorrow, who would take over ownership? If the business can’t go on without you, how would that affect your family and loved ones? How will financial and tax liabilities affect your loved ones during a difficult time?
A business continuity plan takes the guesswork out of these very important questions.
Long Term Plan vs Emergency Plan
If you already have an exit strategy in place, think about how that plan would be affected should you not be able to work tomorrow. If you would like to eventually sell your business to an interested buyer, that plan may be in jeopardy should an accident occur.
A business continuity plan ensures that you have a way for someone else to step in – either temporarily or permanently – and that they have the instructions necessary to run your business in your absence.
Keep Your Business Protected
In the event that you are incapacitated, who would be able to access important documents or key systems? Who would communicate to your employees?
Having a plan in place for the unexpected means that you can prepare for someone else that you trust to step in, who can execute your instructions and protect sensitive information. If you have loyal employees that rely on you, a business continuity plan will protect their interests as well.
Secure Your Family’s Future
A business can have tax and financial liabilities that can be further complicated should something happen to you. Who would oversee your company’s financials and how will the lack of a continuity plan affect your family and your estate?
Detailed instructions for the next permanent or interim owner will make sure that your family is not saddled with undue hardship during a difficult time.
These are uncomfortable questions but while no one wants to ever have to follow through with an emergency plan, the consequences of being without one can be catastrophic.
Download our free Continuity Plan Handbook to take the first step in protecting your business.