Have you planned what will happen to your business when you’re gone?
To distill what could be an overwhelming process into something manageable, here are four important steps for successful contingency planning:
1. Implement a Communication Tree: If anything happens to you, decide who needs to know what within the first 24 hours, 48 hours, a week, and a month. Delegate communication tasks to specific team members so no single person is burdened with the task during stressful times.
2. Establish a Temporary Leadership Team: Identify individuals or a group who could keep the day-to-day operations running—making sure the lights stay on and the customers remain happy.
3. Share your Long-Term Vision: Communicate your long-term goals for the company clearly, so the team knows what you would like to happen if you’re suddenly not around.
4. Have an Annual Review: Set an annual check-in to review and update your plan as needed. Because we’ve had this conversation, I’m confident that my team is well-prepared and knows what to do if anything happens to me.
👉 For my fellow business owners—do you have a contingency plan in place? Have you communicated it with your team? Let me know of assistance helping you get started!
-Rusty Fulling