TTPD – February – How well can your business run without you?
If you’re a solopreneur or small business owner, chances are you’re focused on growing your business. Or, at the very least, maintaining a smooth operation. A good mindset to have, but what happens when – Heaven forbid – something unexpected occurs and you’re unable to helm the day-to-day activities of your company?
If you were part of a large organization, there would be multiple people at the ready to take over in your absence. But, if you’re a one-person show, it’s very possible that no one else has a complete understanding of how your business is run. Every business has so many different facets that it’s more than just leaving passwords, mission statements and banking information for your temporary CEO; contracts, trademarks and even fonts and colors of your logo are all crucial information.
I’m following along with my book, Tame Those Pesky Details (TTPD), where I focus on one specific item each month to keep your business in tip top shape, February is Legalities and it covers a wide-range of issues. Having a way to provide a temporary – or even permanent – means of understanding and operating your business will bring peace of mind.
I’ve been busy updating a lot of personal and business items lately, and although I have binders and electronic and paper files filled with the proper data, I realized that it would take a concerted effort for someone to step into my shoes should that unexpected need arise. I also discovered that I was missing some crucial information because my business has been operating for so long and I’ve moved so many times, some things have gotten misplaced.
I also think in terms of emergency preparedness. I keep hearing stories of people who had to leave their homes with moments’ notice and left behind some key business info because they were unprepared and were worried about saving their lives, which, of course, is most important.
In addition, I’m looking forward to expanding my business in the foreseeable future. Parts of this data collection can easily be organized into an employee reference manual. A little extra work up front will pay big dividends down the line. Again, this is all normal in a larger organization, but smaller businesses might not view this as a high priority. I’m all about having a solid foundation to build upon so this data collection and coordination will benefit me greatly as I move forward. Having all my info at the ready will save me time and frustration and enable me to easily update any changes. Whew!
While you’re organizing your business, think about vendors or employees who perform key tasks that you personally don’t know how to do, for example, adding/deleting items from your online store. This may seem like a small item but your inability to make these simple changes can have an impact. That employee or vendor can disappear on a moment’s notice and your ability to run your business smoothly will be hampered until you either learn how to do it or find someone new to work with.
Aside from determining the safest place to keep this info, my next decision is whom to share it with. And, I’m even thinking about a permanent succession plan for down the road. If there’s someone in my family I’d like to groom to take over the business, one can never start the process too early!
It will take a couple of months to pull this all together, I suspect, but once I’ve completed it, I’ll post a free checklist in my store. I might even do another blog post with more details. So, keep your eyes on all my social media so you can access the information as soon as possible.
If you’d like to follow along through the year, purchase your copy of Tame Those Pesky Details. (link below) Print books will be available soon!
How do you organize your business data? Do you have a plan for someone to take over in case of emergency? Have you ever experienced the need to have someone step in your shoes? I’d love to hear all about it. Please leave details in the comments below.