You probably have three people in your company that if you lost them right now, you’d be up the creek. Who are you going to replace them with?
Create ads and run through the interview processes as an exercise to help you prepare for this possible occurrence. It’s happened to me.
Cash On Hand
What amount of money can you have on hand immediately in the event of a crisis. How quickly can you get cash from your businesses accounts to address one?
Least Amount Cash To Operate On
Now that you know how much you can put together when you need it, how much do you actually need each week to operate on? Compare it with your cash on hand. How long is your runway? A few weeks…a few months…a year? There further you can go, the greater piece of mind.
Lines Of Credit
Have this BEFORE you need it. No one is going to give you money during a crisis. They don’t have to be used yet.
How would you respond/contest/remove a bad review for your company?
Do you have a lawyer in place to handle unexpected legal issues and certified mail. Do you know the three best attorneys in your area and their fee rates? Don’t wait until you need one, to find one.
Accountant With Audit Experience
You need someone with experience in the even your company is audited. I want my accountant to minimize my taxes while keeping me out of the “gray” areas yet be comfortable if an audit occurs.
Revenue Stream Dries Up
What would you do if 25% of your revenue dries up? What is your response and what are you going to replace it with.
I try to grow each of my streams 25%. It doesn’t always happen, but it can make up for losses in other areas. Try to grow one to four different pieces of your areas to make up for a potential revenue stream loss.