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Can Your Business

Survive Without You?

by Vladimir Sasic,

ChFC®, CFP®, AEP® | Managing

Partner, WestPac Wealth Partners

If you didn’t show up tomorrow, would your employees be able to go it alone? Whether you’re taking a vacation,
taking a leave of absence due to illness, or contemplating the ‘R’-word (retirement), it’s a question worth asking.
A business that can function without you, should it need to, is a stronger business.

CREATE A CULTURE OF on one manager or management KEEP THE LIGHTS ON, NO
MENTORSHIP style. By conducting regular MATTER WHAT
It may be your business, but if reviews, you’ll document the You might have supreme confidence
you’re the only one who knows business’s performance against key in your employees — it’s still good
how it works, you’re courting performance indicators (KPIs) and to be covered, and that’s especially
disaster. Get in the habit of letting sales forecasts, data your employees true if your absence is caused by
your subordinates run the show will need if you are absent. illness or injury. Disability insurance
periodically. Groom a successor for business owners can help make
— or a few. Mentoring the next SHARE THE BIG PICTURE (IN sure your business continues to
generation will help your employees WRITING) meet its daily expenses — such as
see themselves advancing and keep There’s a difference between rent, utility bills, and salaries. It also
them looking forward to added knowing how to do one job and helps to safeguard your firm’s ability
responsibility. It’s a good way not understanding how the whole to cover contractual commitments
only to ensure continuity of your business works — you want to push such as equipment leases, and
business but also retain talented your employees toward the latter. business loans repayments. And
staff — 86 percent of employees Your business has a rhythm — cycles if it turns out that you can’t return
seek companies that offer career you’ve identified, forecasts you’ve to work, disability insurance for
development opportunities.[1] made, basic principles for how your business owners can empower your
business operates day to day and, partners or employees to buy you
GET AN OUTSIDER’S OPINION — more importantly, how it expands. All out.
REGULARLY of that is need-to-know information
Conduct a quarterly review of for the boss — whoever it may be. It’s liberating to know that you can
your business plan with a financial Without your years of experience take time off from — or even leave —
professional. An outsider looking to rely on, your employees will have your business without catastrophe.
at your plans with fresh eyes only your teachings and whatever The good news is, the planning
may notice problem areas that records you’ve created. Outline you do for such a future event also
you’ve been glossing over. And your principles and structures in a makes your business fundamentally
an impartial evaluation will make document to ensure your success is stronger in the present.
sure your business isn’t dependent repeatable.

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