Imagine you're playing a friendly game of disc golf with your spouse. Suddenly, you lose control of your left hand, and for a terrifying five minutes, you can't speak. Your face droops and your body feels numb. You might think you're too young to be having a stroke—but that's exactly what happened to Jenny Bristow, the 40-year-old founder and CEO of Hedy & Hopp, a healthcare marketing company based in St. Louis.
Jenny’s story is a wake-up call for every business owner. You never know when a personal crisis might strike, and you need to be ready. Planning could make all the difference in keeping your business afloat and thriving, just like Jenny managed to do. So, in this article, we’ll look at what advanced planning is, what strategies you can take to get your business ready for the unexpected, and what you can do now to get your plan in place.
What if You Found Yourself in a Crisis?
Jenny Bristow never expected to suffer a stroke, especially at just 39 years old. While enjoying a vacation with her husband in Arizona, she suddenly lost control of her left side and struggled to speak. Jenny had experienced a major ischemic stroke, one that left her facing a series of health problems in the months that followed. During that time, she endured another mini-stroke, debilitating migraines, and memory issues that left her unable to work for more than an hour a day.
For most business owners, this would spell disaster. You know how vital it is to be involved in every aspect of your company, from overseeing daily operations to planning for future growth. But what if, like Jenny, you found yourself suddenly unable to work? What would happen to your business? Would your business continue or come to a screeching halt?
Luckily, Jenny planned ahead with a thoughtful succession plan, and thanks to her careful planning and preparation, Hedy & Hopp didn’t just survive; it thrived. The company is now on track to nearly double its revenue to $4 million, all because Jenny took steps to prepare for the unexpected well before it happened.
I want to double-click on that last phrase: “well before it happened.” It’s so tempting to brush off any kind of planning for unpleasant things, like incapacity and death, especially if you think the chances are slim that either will happen to you any time soon. But if you don’t plan ahead of time, it could be too late. Your business will already be at risk.
So, what can you do to start planning now while you can? Read on.
How You Can Prepare for the Unexpected
Here are some strategies to get you and your business ready for any crisis:
Build a Strong Team: Your employees are your most valuable asset, especially when you’re not around. Make sure you have trusted employees who understand your vision and can keep the business moving forward in your absence. Train them well, empower them to make decisions, and keep them informed about critical aspects of your business. Create an environment where your team feels comfortable taking the initiative and solving problems. The goal is to create a team that can function independently so your absence doesn’t stop progress.
Document Your Processes: Think about all the daily operations that keep your business running smoothly. Are they written down somewhere? If not, start creating a manual that outlines each step. This could include managing clients, handling finances, or dealing with unexpected situations. When your team has a clear guide, they can keep things moving even if you’re not there to give directions. This documentation can make a world of difference in how smoothly things go when you’re away.
Secure Your Financial Future: Money issues are one of the biggest threats to any business. Make sure you have an emergency fund set aside for your company. This fund can help cover expenses if revenue slows down because of your absence or any unexpected challenges. Also, consider insurance policies that protect you in case of severe illness or disability. Life insurance, disability insurance, and key person insurance can all help ensure that your business has the financial resources to continue, even if you cannot be there yourself. Having a financial safety net in place gives your business the best chance to survive and thrive, no matter what comes your way.
Prepare for Leadership Transitions: Even if you don’t plan on leaving your company anytime soon, having a succession plan is a good idea. Identify who would take over in your absence, and make sure they’re prepared to step into a leadership role if needed. This might mean grooming a second-in-command, developing leadership skills in several key employees, or even considering an outside hire who could step in temporarily. Whatever approach you choose, make sure you have a clear plan in place so that your business isn’t left scrambling in the event of an unexpected change.
Communicate Clearly: Inform your team about your plans and ensure they understand their roles in your absence. Open communication builds trust and ensures everyone is on the same page. Schedule regular check-ins to review processes, discuss any changes, and address any concerns your employees might have. When your team knows what to expect, they’re better equipped to handle any challenges that come their way.
Stay Adaptable: Life is full of surprises, and the best-laid plans sometimes need to change. Stay flexible and be ready to adapt your strategy as needed. If you encounter a challenge you didn’t anticipate, don’t be afraid to pivot. Look for new solutions, ask for help if needed, and keep your focus on the long-term success of your business. The ability to adapt quickly and effectively is one of the most valuable skills any business owner can have.
Your Next Step
So, what steps should you take today to protect your business from the unexpected? Start by assessing your current situation. Do you have the right team in place? Are your processes documented? Do you have an emergency fund and the appropriate insurance? Then, consult with a trusted advisor who can guide you.
As your LIFTed Business Advisor, I know how a personal crisis can disrupt your business in ways you might never expect. That's why I offer a comprehensive LIFT Business Breakthrough Session, where we'll review your current business foundations, including what plan is in place to protect your company in case of unexpected events like a health crisis, and identify areas that need improvement. Together, we'll create a comprehensive plan that ensures your business can thrive no matter what life throws your way. With my guidance, you can build clear processes, and secure your company’s success so you can focus on what you do best—running and growing your business.
Book a call here to learn more and get started today.
This article is a service of a Personal Family Lawyer®. We offer a complete spectrum of legal services for businesses and can help you make the wisest choices with your business throughout life and in the event of your death. We also offer a LIFT Business Breakthrough Session™, which includes a review of all the legal, financial, and tax systems you need for your business. Call us today to schedule.
The content is sourced from Personal Family Lawyer® for use by Personal Family Lawyer® firms, a source believed to be providing accurate information. This material was created for educational and informational purposes only and is not intended as ERISA, tax, legal, or investment advice. If you are seeking legal advice specific to your needs, such advice services must be obtained on your own separate from this educational material.
We offer a complete spectrum of legal services for business owners and can help you make the wisest choices on how to deal with your business throughout life and in the event of your death. We also offer you a LIFT Your Life And Business Planning Session, which includes a review of all the legal, insurance, financial, and tax systems you need for your business. Schedule online today.