What’s Your Business Emergency Plan?

Every now and then I’ll talk about things that are on my mind. Recently I did a video on emergency plans, something I’m fortunate not to have dealt with. I was simply stating it was something we should all consider having as business owners. And then, abracadabra, in a matter of days one of my clients had an emergency. She’s okay but suddenly had to make adjustments to her business for months. So my question to you is, what’s your business emergency plan?

As entrepreneurs, our calendars are more than full, and don’t have any wiggle room for something like an emergency, which could be a bad case of the flu, an unexpected health issue, a storm, or an earthquake. They come in all shapes and sizes, as does the accompanying fallout.

Unless you have an emergency plan.

So where do you even begin to create this plan? Most of my clients work for themselves, at home, with one or two contractors, so that’s what we’ll make suggestions for in this article.

Come on now, get your mind out of the disaster zone, and consider what types of emergencies you could realistically experience. The top thing for most of my clients - solo professionals -? is the unexpected inability to work. Maybe they land in the hospital because of an accident, or they lose electricity and/or cell power because of a natural disaster. Situations where you’re okay but can’t get in touch with anyone or do any client work. It’s common for hurricanes, tornadoes, and power outages to be all over the news, so this is a real concern.

Then you need to work out a plan.?

#1 - Assess

Create a list of goals, priority tasks you would want taken care of in an emergency situation. Let’s say you’re a coach or consultant. Your goal could be to get in touch with clients to postpone and reschedule their appointments. However, if you provide a service like social media management that people rely on, then maybe you need one or two back ups to do the work for you if you’re unable.

#2 - Execute Your Plan

• Check to see that your information is up-to-date and comprehensive. We do so much through email and Zoom meetings, many of us don’t have client phone numbers. I recommend having an up-to-date client roster, both print and digital copies,? with phone and email contact information. You’ll need a similar list for any contractors, employees, and other vendors who are key to your business. Once these lists are created, set calendar reminders to update them.

• Cyber security is also a threat you should take seriously. Although having extra authentications with login credentials may seem like an annoyance, taking the extra five seconds can protect all of your data and your computer. You also want to change logins after you’re done working with a contractor, or an employee leaves. One of my clients recently made some staff changes and immediately changed all her passwords. Now that’s smart business.?

• If you haven’t already, set up an automated backup process for your computers. If your systems are complex,? it’s wise to ask an IT person to create an emergency plan for you. This is another opportunity to protect your data.

• Emergency funds aren’t just personal, they’re needed in business, too. Speak to your bookkeeper or CPA about how much you need to cover at least three months of business expenses. This will depend on where you work, if you pay anyone, and if you have to maintain an inventory or not.

• Review your insurance policies - business, home, auto, umbrella, and disability. Most disasters are rare, but they happen to somebody, and nobody is exempt. People often think they might be covered for something, but they’re not. And adding an item to your policy may be inexpensive and give you valuable peace of mind.

Having a clear emergency plan doesn’t mean you’ll never have an emergency. It means you’ll be prepared when it does and recover quickly and easily. If you have questions about this topic, the Small Business Association has a helpful document about business resilience during unexpected emergencies.

If you need help with your emergency plan or other strategies in your business, schedule a time for us to talk.