Have you ever asked yourself if your business could survive without you? Often, especially with small businesses, there is a major risk if anything ever happens to the owner, as they usually are the ones who wield the greatest influence, do more work than anyone else, drive the direction and generate the most revenue. To mitigate risk you should therefore seek to make yourself redundant so your business isn’t solely relying on your presence day in and day out. In this episode of Business over Breakfast, Bree James and Andrew Griffiths will tell you how you can properly safeguard your business and team. By taking the steps to remove dependence on you as the business owner, you will end up building a stronger business with greater chance for increased revenue and success.
Bree also chats with financial advisor, author of Finance Action Hero and speaker Peita Diamantidis. She talks about the impact of unexpected exits from a business, whether that be the owner or key team members, and what you should do to prepare for those situations. Additionally, Peita introduces the value of key man insurance and how that can support businesses cope with a loss of major players. If you want to know what steps can make the difference between your business surviving a disaster to it being sold for almost nothing, then this episode is for you!
We also discuss things like:
- Understanding the concept of if your business would survive without you
- Top tips to make sure your business is safeguarded
- What plans business owners should have in place for worst case scenarios
- The idea of “me proofing” your business
- How outsourcing can be a win-win for owners and employees
- The 5-step rule of thumb for designing tasks
- Why you need to have a documented business plan
- The case for an excellent insurance plan if you are your business brand
- How you can increase your business value by making it less dependent on you
- A few brilliant business ideas from around the world!