
Neglecting to Prepare This Plan Can Cause Problems For Your Business In The Future

Being prepared for the unexpected is not really a new concept for small business owners. This includes having a plan B for the business’ management in case something happens to the owner themselves. However, not everyone has something like this in place leading to the possibility of numerous difficulties in the future.
The Succession Plan

Michail Petrov/Shutterstock
An estimated 72% of business owners say they have no succession plan in place regarding the transfer of leadership
A good succession plan would help in securing the future of the enterprise that an entrepreneur has spent time, money and energy building. It would also help in assuring a business’ investors and clients that they could continue to trust the product or services that the company sells. Without a well-defined document detailing the succession in leadership might leave a company open to risk in case of another unforeseen disaster.
The case of the New Jersey-based company BioAegis Therapeutics serves as a fantastic example of how a business’ owner and employees can deal with the tragic passing or incapacitation of their leader.
The company lost its co-founder Thomas Stossel after he died while working out at a local gym. The news came as a shock to the employees of the 10-person workplace given how fit and seemingly healthy Stossel was despite being 78 years old. What more, his passing happened around the same time when BioAegis Therapeutics was about to start raising funds for clinical trials.
Preparing For The Storm

dizain/Shutterstock
According to surveys, about 4 out of 10 entrepreneurs say that they feel that the future is still too far for them to spend resources on mapping out a plan
Fortunately, the company was resilient, according to COO Valerie Ceva. Not too long after being shocked by the passing of Stossel, the management team was already making changes to their strategies and communication plans. A week later, numerous individuals have already risen to the challenge and have helped in taking on the responsibilities left behind by their late boss.
Not many small businesses are as prepared as BioAegis Therapeutics, though. This fact is attributed to the tendency of most business owners to be too focused on supervising their company’s operations from day-to-day.
Laying the Groundwork

G-Stock Studio/Shutterstock
Encouraging employees to work together will also enable them to solve the coming challenges in a more creative way.
Based on the health treatment company’s experience, here are some things entrepreneurs can do today to ensure that their business would fare well into the future. First on the list is the cross-training of employees.
This would lead to a team where no one individual has the sole knowledge or responsibility for operating processes. Another tip is to hold weekly meetings with employees to ensure that everyone is up to date with the things happening.
It’s also important that the ‘silo mentality‘ is broken down. Instead, a culture of collaboration, support and teamwork should be promoted in the workplace. In the end, this would make workers more invested in the success of the company while learning to work more effectively with their colleagues.
More in Business Lounge
-
`
Starting a Business Can Be Overwhelming–Here’s How You Can Get Over Your Fears & Start Building Your Company
Successfully building a business from the ground up, is not an achievement that all people can claim to have done. It...
April 22, 2022 -
`
Are Chrissy Teigen and John Legend Having a Third Off-Spring? See Insides
Chrissy Teigen is an American model who poses like a diva with her kids at the 64th Annual Grammy Awards. Luna...
April 7, 2022 -
`
Reese Witherspoon English Country-Inspired House Listed For $25 Million
Laura Jeanne Reese Witherspoon, better known as Reese Witherspoon, is an American actress and film producer who appeared in a wide...
March 30, 2022 -
`
Aaron Spelling’s Wife Candy Lists Their Former L.A. Mansion For $165 Million
The famous American producer Aaron Spellings once owned a mansion with his wife, Candy. The property now awaits its new owner....
March 10, 2022 -
`
Here’s Your Chance to Buy or Rent Helen Mirren and Taylor Hackford’s Runyon Canyon Home
Helen Mirren’s is a face that Hollywood is all too accustomed to. The 75-year-old award-winning on-screen and on-stage star is an incredibly talented...
March 4, 2022 -
`
Pamela Anderson’s 4th Divorce After Being Married for A Month
Pamela Denise Anderson is a Canadian American actress famous for her roles as a model and as an activist. She has...
February 23, 2022 -
`
Things to Learn About Interior Design From the Gilded Age
The lavish series of The Gilded Age, set in New York in the last decades of the 19th century, you may...
February 22, 2022 -
`
NBA Star Chandler Parsons Lists Resort For $17 Million
Chandler Evan Parsons is a former American basketball player. He first played basketball in college for the University of Florida and...
February 21, 2022 -
`
Actress Sandra Bullock Sells Her Property in the Sierra Towers for $4.4 Million
Sandra Bullock is an American actress, influencer, and widely popular producer. As an actress, she has won many awards like Critic’s...
February 17, 2022
You must be logged in to post a comment Login