I believe that through knowledge and discipline, financial peace is possible for all of us.
It has been a challenging and eventful three years for UK businesses with a series of high-profile incidents highlighting how situations can change suddenly and often without warning. From the continued pressure of uncertainty relating to Brexit, terrorism, fire, extreme weather and cyber-attacks, how would your business cope if it was affected by something similar?
Would your staff know what to do? Would the business be able to keep trading? And what about smaller events, like your biggest customer suddenly switching to a competitor or multiple staff experiencing sickness issues?
Creating a contingency plan
Start by putting together an operational guide for your business, outlining everything you would need to know to keep it running, such as who your suppliers are, how and when they are paid, and everything else that happens on a daily, weekly or monthly basis. As part of the same process, not only outline the roles and responsibilities of every key member of staff, but document the daily and weekly tasks so a replacement could assume those responsibilities quickly.