Think You are Immortal?

If you ask an entrepreneur about the qualities it takes to be a successful business owner you will get a whole laundry list of terms that revolve around work ethic, vision, energy, ambition, and adventure. That\'s because most see themselves as hard-charging cowboys. They rarely mention the word \"cautious.\"

But, if the CEO is responsible for the future of the company, the economic well being of the staff, and the commitments the company has made to its customers, the word \"caution\" should be part of the entrepreneur\'s vocabulary because no one knows when fate might intervene. Economic reversals, health problems, accidents, family issues, pregnancy, and stress all bring up the topic of succession planning. But in most cases, when the topic comes up, the company is usually in crisis mode and, by then, it might be too late. Companies that are prepared with well documented management systems and processes usually get through calamity pretty well while those that are chaotic when things are going well have to fight to survive even a short period of difficulty.

Every business owner and entrepreneur should ask these questions, \"What happens if I can\'t come in to work for a month? Who will run things? Who will see our commitments are met? If you are stuck for an answer, start preparing for this possibility today. At the very least, create a notebook that outlines the important contact people you deal with - customers, support professionals (banker / attorney / accountant / insurance agent / trusted advisor / etc.), and key vendors as appropriate. Review and update this list quarterly if possible or at least annually.

If you have a \"Second-in-Command\" review issues critical to the survival of the company on a regular basis. Implement a leadership-training program to get that person up to speed. If you don\'t have that key person on staff, start training someone to take over in your absence immediately because you never know when lightening may strike.

Larry Galler coaches and consults with high-performance executives, professionals, and small businesses since 1993. He is the writer of the long-running (every Sunday since November 2001) business column, \"Front Lines with Larry Galler\" For a free coaching session, email Larry for an appointment - Larry@larrygaller.com Sign up for his free newsletter at http://www.larrygaller.com

Website Marketing Strategy - Effective Website Marketing Strategy For E-commerce Website
Website Marketing Strategy provides an innovative way to promote your website in Search Engines likeGoogle, Yahoo & MSN and directing traffic towards ...