Corporate crisis planning has been a hot topic in recent months, mainly around how to survive the economic impact of COVID-19. But alongside adverse market conditions, you need to be prepared for a genuine possibility that’s often overlooked: what would happen to your business on an operational level if you, the owner, became incapacitated and couldn’t run things day-to-day? A risk register is vital for companies to identify any potential threats, and this scenario should be near the top, whether it’s related to coronavirus or a different situation entirely. Once the risks are identified, you can design a mitigation strategy to minimise their effects, and there are several procedures that you can implement to keep your business afloat if this circumstance occurred.
Originally Published on August 6th, 2020.