If something debilitating were to happen to you, could your business carry on? This isn’t a pleasant scenario to think about, but it’s absolutely necessary to have a contingency plan in place for reasons like this. Also known as a business succession plan, if you have a plan in place, then you don’t have to worry about what the future holds, at least, for your business.
Currently, you might feel like you’re at the top of your game and in control of your destiny, but you know deep down that everything can change in a most-unfortunate instant. If you’ve put off implementing a business succession plan, then you’re not alone. According to a 2014 survey from U.S. Trust Insights on Wealth and Worth, 66 percent of business owners haven’t recorded a business succession plan, or even considered one.
This particular survey targeted 680 business owners with a high net worth, having assets that total millions of dollars. With so much at stake, one would assume that these business owners would have their act together and be prepared for the worst. However, for the majority of well-to-do business owners, this just isn’t the case.
Here are more interesting statistics from the survey that provide insight as to why this may be:
While every business owner who doesn’t have a business succession plan has their own reasons for putting it off, there is one reason that can likely be applied here: busyness. Most successful businesses became so thanks to the owner pouring themselves into their company, requiring them to be consumed with the day-to-day affairs. When you’re overly-occupied with the here and now, it becomes difficult to find time to prepare for hypothetical scenarios of the future.
Despite the reality of being crunched for time, it’s crucial that you make time to create a business succession plan. Making such a plan for your business isn’t as difficult as you might think. Here are four tips to help you get started with your own business succession plan.
In addition to having a business succession plan for your company, you will want to have a data backup plan. Without a business succession plan, your company will spiral into chaos if something were to happen to you. Without a data backup plan, your business will experience just as much chaos if something were to happen to your data, only this would be a problem that you will have to deal with. Quikteks can help your business with a data backup and recovery plan with our BDR solution.
For more business tips and IT solutions, give Quikteks a call today at (973) 882-4644… before it’s too late.