SCORE Small Business Blog

Are You Prepared?

Your business is probably the most important and valuable asset you own. You depend on it to provide a steady income and predict that, over time, you will cash it out and retire to a life of leisure. These dreams can be possible! The key, however, is to plan for the end of your business at the beginning. Perhaps you’ve heard the old saying, “Failing to plan is planning to fail.” This really applies to the demanding life of an entrepreneur. You’re concentrating on the day-to-day of running your business, but you need to take the time to plan for the its long-term success. Get started by asking the “Four Questions That Business Owners Should Be Asking Themselves”:

1. What would happen to you, your family and your business if you became disabled and couldn’t work?
2. Is the survival of your business contingent upon one or more key employees?
3. What will happen to your business at your death or retirement?
4. How can you make sure that your key employees will remain active and motivated so that your business can continue to thrive?

Over the course of four articles, each question will be discussed, along with suggested strategies to help you feel more confident in the future success of your business. But the single biggest tip I can give is to start the planning process early so that you will have flexibility as circumstances change.