The creation of an Emergency Backup Plan should be a priority of every small business owner, especially sole proprietors. If unforeseen events results in your inability to run your business for even a short period of time, the results could be severe and long lasting.
- Written information, instructions and authorizations must be readily available to allow those you designate to fulfill orders, provide services, pay bills, and all other responsibilities necessary to run your business.
- Written passwords, user names, log-in data and similar information will allow others to answer your phone and email messages, access business accounts and enable them to continue to communicate with business associates, clients, buyers, lenders, and all important work contacts.
- When designating those you want to help with your business in an emergency, assign specific responsibilities to specific individuals and make your choices based upon their capabilities and time availability.
- The written information and instructions that are instrumental in an emergency will also be invaluable to your heirs whether the business will continue to operate, be sold or closed upon your death.
Use the tools from the Living Smart Guides to create a business Emergency Backup Plan to protect your livelihood should the unexpected happen.