Is Your Business Prepared for an Unexpected Absence?

Fires are a hazard that we can all take steps to minimize and prepare for. We check smoke detectors and change the batteries when needed. We teach our children how to get out of the house and where to meet outside if there is ever a fire in our home. From elementary schools to large corporations, organizations hold fire drills periodically to make sure everyone knows what to do in the event of an emergency. This concept can, and should, be applied to your business continuity plan. Have you held a company “fire drill” lately to prepare for an unexpected absence?  

In the unlikely event that you don’t make it to work tomorrow, do your co-owners and key employees know what to do to keep things running smoothly in your absence? If you are the type of business owner who is very hands-on and who does it all, consider the following questions:

• Have you shared how things are done and where essential information can be found?  
• Who will meet with potential clients or schedule jobs?  
• Who, if anyone, has access to bank accounts to pay monthly expenses and make sure payroll is taken care of so your employees are paid on time?  
• Do your right-hand people know the names and contact information of the professional advisors of your business, including your CPA, attorney, or Federated marketing representative?  

You and your key employees should know the answers to these questions before an unexpected event occurs that may keep you out of the office for a few days, weeks, or even longer. Make sure your employees know what to do by holding periodic fire drills to gauge their readiness to step in. Don’t let a sudden and unplanned management fire threaten the ongoing success of your business.