Have you considered and planned for what would happen in the event of an emergency?
It’s common for a significant portion of organizational value to be tied to one or two people. That’s indeed the case for many Canadian businesses.
But this begs the question: what happens to that value if a leader were to suffer from something unexpected and they need to step away from the business?
It’s bleak. But it may also be reality. A mere 15.5 percent of business owners can answer that question with confidence, as they have an updated will, power of attorney, and emergency continuity plan in place.
But emergencies — like medical issues, accidents, or natural disasters — happen. And when they do, there’s a ripple effect.
It can significantly impact the value of your business. Your employees who depend on you will be affected, and your family will have to manage the stress of an emergency on top of trying to keep the business running.
An emergency plan acts as a safety net, making sure your business can continue to operate seamlessly in the face of unforeseen circumstances. It protects your assets, maintains business continuity, and offers peace of mind.
Digging into the data
“For many businesses, a lot of value is tied to just one or two key people. And without an emergency plan in place, one sudden event could disrupt your operations and diminish your business’ worth. Our team is experienced in the unexpected, making sure your organization remains strong no matter what.”
– Kerry Smith, National Leader, Family Office Services
Ask yourself:
- What are the potential unexpected risks that could impact my business?
- Who will take charge in my absence?
- What immediate actions need to be taken in an emergency?
We suggest:
- Identify the key unexpected risks to your business
- Develop a thorough emergency response plan
- Invite team members to meet and learn about clients, so their projects go uninterrupted
- Communicate the plan to your team, family, and lawyers