If you caught our blog from a couple of weeks ago (https://www.patelandsciabica.com/blog), you remember that the American Red Cross deemed the month of September to be “National Preparedness Month”. We hope that it gave you some good ideas about how to manage your cash flow a bit more efficiently.
We also hope that it got you thinking about your business, and how prepared it is for the things that might go wrong.
Here’s a helpful checklist of items that we help entrepreneurs address regarding protecting themselves, their families, their business, their partners and co-owners, and their employees:
- Have you fully addressed what is at stake if you pass away or become unable to work?
- Have you fully protected your income with personal life and disability insurance?
- Do you have a buy-sell agreement, or a one-way buy-out agreement, in place?
- Have you effectively funded that agreement?
- Have you insured your key people, and implemented ways to adequately reward and retain them?
- Do you have a plan for covering your business expenses and pay back business debts if you are not able to work?
- Have you systematized your processes so that someone else could step in and get the job done if you are away for an extended period?
- Have you diversified your vendors and your clientele so that you are not too dependent upon just a few of either of these?
We could go on…
You’ve heard us compare the protection components of your business to the brakes on your car. Now is as good a time as any to perform an inspection and run some diagnostic tests.
Not sure where to get started? Let us know and we’ll get you moving in the right direction.