As an entrepreneur, I’m finding that the more success my companies have the more I need a backup plan. In fact, there are several times where if I didn’t have a backup plan, or came up with one very quickly, my business would no longer exist.
Due to this recent revelation, I’m starting to create backup plans for the following:
People – mostly if people become unavailable for any length of time, who do I put in their place or how can we still accomplish their general tasks.
Money – What happens if none of our clients paid us one month? How would losing our largest clients affect us?
Resources – What our my critical resources? How can I keep my businesses running if one of more of these resources not be available all of the sudden?
In everyday life, it’s also good to have a backup plan and you can use the same list as above. Though, people are probably going to be more family related, they could also be the nanny, daycare, gardner, etc. In regards to money, we should always have 3 or months worth of savings, as you never know what’s going to happen with your job or getting an illness the prevents you from working.
Resources can be the big things like your house and car down to the small things like your sink getting clogged or your bike tire becoming flat. While, you may not need a backup plan for all of them, look at the things and services that you use on a daily basis and ask yourself, “how does this affect me if it suddenly becomes unavailable?”
Save yourself from future headaches and start creating some backup plans for you and your family and make sure you have a good understanding of them and have communicated them to your key people. Oh, and don’t forget to create a plan for them should you not be around.