Five things a business should have

Five Things to Have In Case You Are Not Around


There is great joy in finding a passion and working hard to get a business off the ground. Every business owner knows the blood, sweat and tears it takes to get a business running smoothly and profitable. It can take years to move from concept to creation and profits. Owners know their businesses inside and out. Sharing that knowledge and storing it is an essential way to ensure that if, for any reason, the brains behind the operation is not around, the operation will still function.

This article addresses five pieces of information that, when documented, will allow the company to succeed without its leader.

Operations Manual: A solid operations manual can function as your company’s emergency plan. An operations manual will be the guide that allows the company heads to gain focus in a time that will require them to think quickly and remain effective. An operations manual can directly address each department’s logistics while keeping an eye on the bigger picture.

Contact Information: “It isn’t what you know, it’s who you know.” This stresses the importance of documenting the current and historical contact information necessary for the business to continue to operate with minimal downtime. Although it's imperative to include all client contact information, the master list should be broad enough to contain the full scope of people the business is dependent on. This includes a section dedicated to lawyers, accountants, website host, and any other outside resources your company utilizes on a regular basis.

Financial Records: It is crucial that a financial surrogate is created and given permission to act as the financial officer as needed. This surrogate can focus on any financial issues that may arise, including paying the business loan, using the business’ line of credit, and dealing with any potential crisis that may arise. The IRS doesn’t care about who is at the helm of the ship when they want to come aboard.

Business Plan: The owner may have a very good grasp on where the company is supposed to be headed over the course of the next year. Documenting the vision will provide a road map for the rest of the company. This direction will allow departments the guidance necessary to stay on task and on budget.

Technology Records: Technology is a key component of business. Keeping accurate records of domain name, logins, hardware/software inventory and backup file host and locations will ensure that if the infrastructure fails, the company will have the appropriate information to get back up and running as quickly as possible.

Focusing on these five key components will allow the business to manage the transition smoothly, thus maintaining a "business as usual" approach.


Privacy Policy | About Us | Contact Us | Terms of Use | Earnings Disclaimer | Disclosure Policy