What is it?
In short, it’s keeping your business running so it’s not affected by disruptions. Spending a bit of time planning for those ‘hit-by-a-bus’ moments will pay back when things you never expect to happen actually do happen.
Who does it affect?
Whether you are a sole trader, an SME or a multi-national, you have clients to service, commitments to honour and you need to keep the money coming in.
No one wants to hear excuses about being ill or not having an internet connection
Your customers expect you to deliver what you promised, when you promised, for the price you promised.
Your staff probably need leadership, they definitely need to be paid, and they won’t like uncertainty.
Your suppliers need to be managed so they know what you need from them, and their invoices will need paying. It’s not just trade suppliers either – what services do you use? Do you have a mortgage or rent? What about your phone bill, or utilities like electric and water bills? Don’t forget the VAT and tax people as well – they definitely don’t like being kept waiting.
Finally there’s you. As a business owner or director, someone who relies on the business to pay your own salary, how will you get paid if you can’t work or if the business can’t operate?