"Can your business survive the flu?" Article by Tina Zawila

It’s an odd time of the year to come down with “the flu”, but that’s exactly what happened to me last week.  I was fine when I went to work Monday, but by the afternoon, I had taken an early mark and headed home.  I thought I’d be right after a good night’s sleep and be back at work Tuesday morning, but that wasn’t the case.  In fact, I didn’t return to work until Friday, and even then it was only for a few hours.

My business had to operate without me for the better part of a week, without any prior planning and during arguably one of our busiest months of the year.  Fortunately, I have a business partner who was able to pick up the urgent parts of my workload, and a great team that could just “get on with the job”.  But it got me thinking...

What happens to your business, when you are unable to be there?

Some of the leading business and finance writers refer to the concept of businesses that operate without the owner/investor working in the business.  Robert Kiyosaki author of “Rich Dad, Poor Dad” calls it the “automated business”.  Jim Collins in “Good to Great” identifies that great businesses have leaders, not owners who are operators/technicians in their businesses.

So take a moment and think about the unexpected...if you weren’t able to come in tomorrow, what would happen to your business? 

·         Is your team capable of operating the business effectively without you?  

·         Are there systems and processes for the team to follow that are not reliant on your input? 

·         Are there customers/clients that only you can look after, or work that only you can do?

Your answers to these simple questions, should either give you a warm feeling of security, or prompt you to create a project/action list to address these potential weaknesses.

By taking some simple steps you will not only set your business up to run without you while you take that much needed, and well-overdue holiday, but you will also add significant value to your business when it comes time to sell.

Savvy, potential business investors look for opportunities to purchase “automated businesses” – businesses that are not reliant on the current owners.  These are truly “walk in, walk out” operations and generally allow the transition from previous owner to new owner to be as smooth as possible.

So take a moment, as we approach this holiday season, to consider how your business would operate without you, and start your action list to improve any gaps.  If you need advice or support during this process, or assistance with implementing your action plan, call us at Sothertons on 4972 1300.  We are here for you in [Business] + [Life].