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It Happens

It Happens

So, it could never happen to you…….you take care of yourself, you eat right, you exercise, basically you do everything you should to live a long life.  GREAT JOB!  This isn’t about the things that you can do to live long, this is about what happens when something unexpected goes wrong…….like an accident!  Are you and your business prepared to not work for a month, two, maybe more?  And if you are self-employed like so many of us entrepreneurs are, where is the money going to come from if you are out for a while?

This article is about that, the unexpected, the accident, the unwelcomed mishap.  Remember, bad things happen to good people every day, and most of them probably had nothing to do with you or what you did other than, “wrong place at the wrong time”.  It can happen to anyone, at any time and if you think about it hard enough has probably happened to someone you know.  The accident!  The one that takes you away from your family, away from your business and away from your livelihood.  How would you deal with it, or could you deal with it?  At some level most males believe they are invincible, and truth is maybe some are, but for the rest of us mortals, we are not!  So what would you do?

If you have ever thought this through, maybe you purchased insurance, maybe you have a Team that could step in at a moment’s notice and handle things for a while?  But maybe not and that could leave you with nothing.  Personally, with this very thing happening to a close friend recently and myself 8 years ago this month, that insurance thing is starting to look priceless as opposed to expensive at this point.  But for those who simply can’t afford that option you need to have a plan.  A plan to minimize the impact of you not being able to do your job for a period of time, both short and long term!

Every year we ask all of our clients for a working handbook that includes notes on every aspect of their businesses.  We are talking about, information on logins and passwords to get into the simple areas, or access codes to bank accounts and billing operations.  This workbook should contain everything required for someone to either take over or step into what you do to provide for your family.  Whether it be to access the current list of vendors you use, or who your contact is at those vendors, to banking contacts and who signs on the checking account, it all needs to be written down and secured with someone you trust.  Checking account……are you the only signer??  Make sure that there is at least one other person that can or you may find yourself unable to pay bills even if you have the money available.  BTW—every year we get dozens of excuses as to why these didn’t get filled out completely or even at all!

What is the downside to having this information written down somewhere?  Maybe that someone knows everything about your business, maybe you don’t trust anyone to keep it secure?  OK, so what happens “if” the unthinkable happens and you’re involved in a serious accident, or you find yourself the recipient of bad genes and you have a genetic issue that cause your heart to stop, something that maybe you never knew about??  I have seen all these scenarios in the last couple of years and the result could have all ended up very tragic!  So what are those downsides again, you know, of not having a written plan?  Do those excuses seem a little less valid now?  They should because without a written plan, your trusted friends and family may be able to muddle their way through some of your stuff, but will it be good enough to help provide for your family in your absence?

The last part of this article is simply to make sure that you share this plan with someone you trust, because if no one knows where to go for the plan, well, it really probably wasn’t a very good plan to begin with.  Share your work with your spouse so that they can help whomever you have supplied this plan to.  Have your spouse be a signer on the bank account(s) and trust that the people you put in charge in the event that something does goes wrong, will handle whatever is required to provide for your family.

If you need help with your business and want to see and feel the successes you expected when you opened your doors, give us a call at:

If you need help with your business and want to see and feel the successes you expected when you opened your doors, give us a call at:

The ACT Group, 916-588-0775 or visit our website for more information http://www.automotivecoachingandtraining.com

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