Business continuity …do you have a plan?
What would happen if you did not turn up to work today?
This is a very important question for business owners.
Would your business continue to operate?
Can it continue to grow and can you sell it?
In a recent bog, I wrote about my friend Tim Boyle, Australia’s first kidney lower intestine transplant recipient and his positive attitude in the face of a seemingly impossible situation. This helped him get through a complex and lengthy surgical operation and be out of hospital in five weeks. At the time of writing this blog Tim is recovering well.
As a finance broker, he was passionate about providing people with opportunities to own their own home. Over the long years while he was waiting for a suitable donor, Tim continued to build his business and put in place contingencies for the business to operate without him. Whilst recovering in hospital he talked to staff at all levels explaining how important it is own your own home. I witnessed nurses coming up to him and thanking him for giving them hope. His business continued to operate.
However the real message was that his business continued to operate whilst ‘not being there’. His staff of two continued to work without him being there.
Because there was a business continuity plan – it could operate without Tim, the owner being present.
This is one of the biggest issues for small to medium sized (SMEs) owners – the elephant in the room. Would your business survive without you coming into work?
If your business cannot operate without you, then your business is vulnerable. This goes to the next step. Should you wish to sell your business in the future, and the business is dependent on you on a daily basis then the value to a potential buyer is significantly lower.
The following link summarises how it is important to be a ‘leader’ rather than a ‘doer’, otherwise your business cannot operate (or grow) without you.
Putting it bluntly, the first step is to put your ego aside and plan to have your business operate without you……………you can go on holidays, be absent, protect your wealth, family relationships and your health.
You have nothing to lose and everything to gain………….