Contingency Planning: In Case of Emergency -Break-Glass- Do This!
Business owners and individuals alike have been well acquainted with the need for a Back-up plan in these times! Our guest for this #PoisedforExit episode is Cindy Reid-Shelton, partner, co-founder and adviser with the Ready For Next brand of companies. Cindy has been advising business owners and other advisers for 30 years. She's an expert on planning for contingencies and I had the honor today of picking her brain on the topic.
As owners, we can't predict when a major disruption will occur. We know these things happen but we're not always prepared for what comes next when the 'fit hits the shan' as I like to say. Cindy gave us some great advice on how to methodically be prepared when disaster might strike.
First, make a list of what could happen; cybercrime, pandemic, theft, fire, 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 “what if…”. For more on this essential content, listen to the show now.
Find Cindy here and find Julie here.
Thank you to this month's sponsors! Sunbelt Business Advisors and JAK CPA's.
Are you ready for your best exit? There is no time like the present to prepare.
Check out these resources offered by KeyeStrategies:
- Business Readiness Transition online course
- Free Ebook download here
- Purchase Poised for Exit book here
