If there is anything that a seasoned business owner will tell you about ensuring success, it’s to be ready for the unexpected. Sure, just about anyone can skate along while the economy is booming, and customers are pouring in. But what about when something goes wrong?
Whether you are a business with a sizeable staff or a solo entrepreneur, it would be a shame to see all of your hard work go to waste due to lack of foresight. Even the strongest business is vulnerable to unplanned events. If you want to weather just about any type of storm, you need to plan ahead.
Here are three types of contingency or business plans that you should have on hand that you can call into action when life throws you an expected curveball.
An Emergency Plan
The need for an emergency plan has become more evident than ever now that this country, and the rest of the world, is dealing with a global pandemic. COVID-19 aside, your business also needs to consider other potential disasters such as floods, fires, and massive snowstorms.
Your company’s emergency plan should have contingencies for remote data access as well as instructions on how you will continue to serve customers and take care of your staff. You should also make sure that your business has the right insurance coverage in place to protect its financial interests.
A Cybersecurity Plan
Security breaches have become all too common throughout the world, so it would be a mistake to think that your company is “safe.” In fact, it could be the next target for hackers that want to steal customer data, wipe your servers clean, or hold your information for ransom.
You can put some additional safeguards in place, but it’s also a good idea to create a plan that you can launch in the event of a data breach. How will you access backup data, and how quickly can this be accomplished? Include instructions for communicating with vendors and customers so that you can maintain and build additional goodwill as you work through your cybersecurity issues.
A Succession Plan
When a sudden illness or accident happens, it can be challenging for family members and other loved ones. But, when a business owner or top manager is suddenly no longer available, this situation can create havoc for a business and its clients.
It’s for this reason that you should have an updated succession plan in place for your business. Specifically, your plan should outline who will take over if the business owner dies or becomes incapacitated. The plan should also include details relative to accessing email, client files, social media accounts, and other sensitive data.
Nolan Accounting works with small businesses throughout Southeast Wisconsin. We offer bookkeeping, payroll, accounting, tax preparation, and consulting services, with a strong commitment to building long-lasting relationships. Contact us today to learn more about how we can help your business deal with its current challenges and plan for the future.