What is Going on in Your Business When You Cannot be There?

BusinessThe previous article related to this topic, When Life Events Happen, What is Going on in Your Business?

In this article the closing comment was a call to action:

“You might not have spent much time thinking and preparing for these situations before. Spend some time this week thinking about what you can do to prepare yourself, as a business leader, for when these life events occur. Also, stay tuned for next week’s article where I will share three tips to successfully keep your business running smoothly when you are not able to be involved in the business for a brief period of time.”

Here are three tips for you to implement immediately. You may find there are numerous other steps or actions to be taken. Go for it! Meanwhile, be certain you have taken care of these three in order to keep your business running smoothly in case you are not able to be there in case of an emergency.

First is, how do you run your business now?

You do not need to be the point person for every single thing. Other people need to either have the information and contacts you have, or know where they may access the information. Frankly, this is being a complete control freak. It does not serve you well or your business well, especially in the case of an emergency. You may utilize paper files, the cloud for sharing information online or whatever method works best for you, your people and your type of business. A full set of contact information should always be available for everyone involved in your business.

Second is your staffing. Are you working alone? What type of people do you hire?

Yes this is one point. Numerous solo-preneurs have no one, not a single person, working with them in any capacity at all. This is a disaster waiting to happen.

Aside from the fact that they are limiting their own potential for growth which is a future article in and of itself. If you have one or two people working with you, are they empowered with information and instructions on what needs to be done and when to keep everything running smoothly? The people you have working with you, do they have leverage of other people they may call in to assist if needed? Or do they have the personal bandwidth to add more time into their schedule to keep your business on track when you cannot be there.

Third is your cash flow. How much cash on hand, or credit facilities, are available to your business?

If you are not able to attend to your daily business activities for a period of time, even if you have done your best to have others take over for you to keep your business running smoothly, there may be the possibility of a fall off in revenue.

If you have cash available, or have set up lines of credit in advance, you will be able to handle this short term blip. If not it is another story. Take the time now to run through the numbers with your accountant and determine how this area should be handled if something unexpected were to take place.

In summary, take the time now to plan in advance for an unexpected event or an emergency which takes you completely out of the picture in your business for a fews days or more. Pay specific attention to the three tips in this article as a starting point and add other items specific to you and your business as necessary. Don’t let the unexpected take away everything you have done to build and establish your business.

Mitch Tublin is an advanced certified executive and personal coach who resides in Stamford, CT.

When Life Events Happen, What is Going on in Your Business?

BusinessYou are the top person in your business. You have your own business. If you are the chief cook and bottle washer, what happens when something takes you out of the immediate day to day business operation? A vacation is one topic. You plan ahead. You might schedule a few hours here and there during your vacation in order to conduct some business. Instead this topic is when there is some type of family or personal emergency and you are not able to focus for one minute on an email, a phone call, or any one single item related to your business. This may last for a few days or a week or more. It takes place immediately and without notice. What happens in your business?

For Example, let’s utilize a recent personal example. A loved one passes away. You and your family are going through the emotions related to this life event. There are people to notify. The events around the process must be planned. People may need to travel into the area and they require everything from transportation, living arrangements and the information around a schedule you may not even have ready yet. There is no time, not one second, for anything related to your business.

The question is, what happens to your business? How are your clients and customers being cared for? Do you have people and processes in place that allow you to immediately (and with little notice) step away from your business? So that you don’t miss a beat in your business operations and successfully conducting your operation? Are you able to keep your customers and clients satisfied so that you are still on top of your game and they will be taken care of?

The immediate answer most people give is, “well. just hire some help.” While hiring an employee or two might be the answer for a solo-business owner, it may not be the answer for the larger business owner with similar concerns. The addition of personnel by itself is not the answer if you, the ‘boss’, are a total control freak and you keep all of your cards very close to only your eyes. You may already have a fully functioning and capable team. However, if they were never given the access or the knowledge necessary in order to fill in for you when you are not available, how would they?

You might not have spent much time thinking and preparing for these situations before. Spend some time this week thinking about what you can do to prepare yourself, as a business leader, for when these life events occur. Also, stay tuned for next week’s article where I will share three tips to successfully keep your business running smoothly when you are not able to be  involved in the business for a brief period of time. Mitch Tublin is an advanced certified executive and personal coach who resides in Stamford, CT.