Four Top Tips For Running Your Business While You’re On The Mend

As a business owner, you have to manage the added burden of keeping your business operating when you’re away.

If you operate your own business, you care about reaching all the targets that you’ve set, and hitting goals that you’ve mapped out is important, in order to grow your sales and profits.

However, life does tend to elbow in and get in the way occasionally, and it’s important to know how to keep your business running when this happens.

An Incident

Being sick or injured is an inconvenience, and the severity of your illness or injury determines how long you need help managing your business while you recover. You can learn more from Tengelaw.com to figure out how you can manage financially while you recover. In the meantime, you have to consider how to run your business from your sickbed. There’s no shame in wanting to keep your mind active, even if your body can’t be.

Your Assessment

There are going to be things that you can do and things you can’t. Client and customer meetings, for example, may be out, but you can still do the books and write reports. In addition, you can still debrief your second in command on events they will need to attend in your place.

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Be honest with how far you can really go, because you shouldn’t push yourself beyond your capabilities.

Open Up

Let everyone know via a video conference how you are. You can guarantee that your staff will be asking questions, and they will notice if you’re not around. Ask for help from friends and family, and explain to staff your condition and what it means for the future of the business.

Sources of Help

If you’re not available, you’ll need to pass the torch to others inside – and outside – the business to manage for you. You need a support team that’s reliable, and that you can count on when you have questions about how things are going. Social media platforms are perfect for staying in touch with people.

If you’re physically able, hire an assistant to work with you at home. Your recovery is so important, and you need to get work done to ensure that your business is running properly. There’s no need to push yourself when you can have others help you out.

Your recovery is vital for your own health and wellbeing, but your business will still matter for you. Allow yourself the time to heal and you won’t push yourself beyond your means.

Your business needs to keep running to its regular schedule with you at the helm, but that doesn’t mean that you can’t get better first before allowing it to carry on. Don’t be ashamed to ask for help.

Succession Plan

If you’re out of your business due to an illness or injury, it might be the perfect time to consider business succession planning. Work with your accountant and an attorney to create a plan that allows someone to buy your business, or empowers some key managers to operate the business on your family’s behalf.

If you have business partners, one critical part of this plan is to come up with a formula to calculate a purchase price, if one partner wants to sell his or her ownership interest. The formula is typically based on a multiple of annual sales or company earnings.

Putting a formula in writing makes it much easier to sell your interest, and it reduces the likelihood of a dispute over the sale price. Put a succession plan in place to give you peace of mind.

This post is for educational purposes only.

Ken Boyd

Author: Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies

Co-Founder: accountinged.com

(email) ken@stltest.net

(website and blog) https://www.accountingaccidentally.com/

(you tube channel) kenboydstl

 

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