Entrepreneurs, by definition, are risk takers. "Ee-haa!", right? You can probably relate to this just like we do... and are proud of it too. But what does risk-taking really mean, and where is the line in a world where the drama about disaster--human and natural--just seems to have gone around the bend?
In the aftermath of the disastrous explosion at Apple's Foxconn Chengu plant in China where the iPad2 is manufactured, we talked with our trusted 1424 business and financial advisor, to see what he had to say on the topic of protecting your assets (as well as your ....well, you know) in the event of disaster. We at 1424 benefit from William's wisdom and guidance every day, so wanted to pass a little of that along to you, our readers, clients, and friends.
What would spell D-I-S-A-S-T-E-R for your business?
When I asked him how worried any of us should be about protecting our businesses against disaster, his answer surprised me (but not really, which is why we lovelovelove William...).
"Floods, tornadoes, explosions, tsunamis, cave-ins, landslides...? Sure...those would pretty much wreak havoc on any of our businesses if we were unfortunate enough to be in their path. But the things that actually spell disaster for many small businesses and sole proprietors won't make the evening news or end up on You Tube."
Then he asked these tough questions:
• What if a key person in your business were to die, or leave the business?
• Would the rest of the business, or the one(s) left behind, be impacted financially?
• What would it cost to replace that person?
• What would it cost NOT to replace that person?
• Could your business (or the people who depend on its income for their needs) survive the disaster of losing you?
Okay. Zap. You got our attention.
Deborah and I rely on each other, and together we rely on our brilliant web design and development guys--Mac and Daniel--as well as the hard work and talent that our other very cool team members bring to the table. If anything were to happen to any of us, the whole business would be impacted--perhaps fatally. That is just not a risk we are willing to take.
When we stopped and considered that horrible possibility (as unlikely as we believe it to be), we realized we needed to be proactive in stabilizing the future for each other, our clients, and anyone dependent on the strength and continuity of the 1424 Marketing Group. We turned to William with our concern and he came up with a few really good solutions.
If your business already has a financial professional that you trust, ask him or her for their ideas on this--and then listen and follow that guidance. If you don't have someone like that--but would like to--just let us know and we'll put you in touch with William. He has graciously offered to chat with anyone, anywhere, who comes as a referral from us.
Posted by Thia Hamilton
Thia chalks her success in small business development and strategic marketing consulting up to an intrepid entrepreneurial spirit and an unwillingness to stay inside the box — any box!