Owning a small business requires you to wear many hats. One thing you may not think about is how your business will replace you! Risk management is often a whole department in a corporation but often overlooked by smaller businesses.
We recommend all small business owners have an emergency plan in place. This includes talking to friends, family or colleagues to determine who can step in and run your company if you are injured or ill. You will want to have a binder for people to refer to which has all your policies and procedures described in full detail. Who are your contacts for each customer and vendor? What are all your logins and passwords? How do you handle your accounting? How does the money get in the bank? How do your bills get paid-are any set up automatically?
The process of putting together the binder can be helpful not only in case of emergency, but also should you reach the point where you need to hire employees. You will have a good deal of the training information already to go.
Start jotting down your procedures as you go through your day and put the notes in a binder and you will have a good start to this process.
Planning for emergencies is even more important for a small business than a large corporation where there are others who can fill in should the need arise. Protect your business by developing a contingency plan today.