What happens to your business if something happens to you?

For many entrepreneurs, their business is their most valuable asset. Yet they’ve done little to make sure its value is sustained if they’re out of commission. Even if you’re unavailable for a relatively short period of time, can your business keep going without you?

On the most basic level, you want to make certain your business can continue if you’re merely indisposed. You don’t want to lose money just because no one has the authority to pay a bill or has the password to access your email.

Ideally, it would be best if you don’t lose customers while you’re out of pocket, and there are ways to find back-ups even if you work alone. Here are some of the things you can address to handle short-term difficulties:

Minor expenses
To make it easy to handle day-to-day purchases, get a credit card (with a low credit limit) for the person who’s going to handle your administrative matters.

Passwords
Can anyone else access the information in your email, computer documents, bank accounts, or manage your website? Make sure someone trustworthy knows where to find your passwords.

Basic knowledge of business affairs
If you don’t have an administrative employee, does anyone in your family know how to locate your tax records, find your accounts receivable or use your software program? Do they know who your attorney or accountant are? Make a list of such details and show a family member.

Categorised in: Firm journal

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