Fires are hazards that we can 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 drills to make sure everyone knows what to do in the event of an emergency. This concept can, and should, be applied to the operation of your business. Have you held a company “fire drill” lately?
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 hands-on and “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 your business’s advisors, including your CPA, attorney, or insurance professional?
You should know the answers to these questions before an unexpected event occurs that might keep you out of the office for a few days, a few weeks, or even longer. Make sure your employees know what to do by holding periodic exercises to gauge their readiness to step in. Don’t let a sudden and unplanned management “fire” threaten the ongoing success of your business.
This article is for general information and risk prevention recommendations only and should not be considered legal, coverage, financial, tax, or medical advice. The information may be subject to regulations and restrictions in your state. There is no guarantee following these recommendations will help reduce or eliminate losses. The information is accurate as of its publication date and is subject to change. Qualified counsel should be sought regarding questions specific to your circumstances. All rights reserved.
Published Date:June 18, 2019
Categories: It's Your Life