When you work as an employee, you have certain protections in place in case you become ill or injured. It's easy to focus on healing without having to worry about work thanks to sick days, paid time off, and workers' compensation. When you're an entrepreneur, however, a catastrophic illness or injury might be disastrous for your company. How can you maintain your business running if you're incapacitated, as you may have already wondered?
You never want to be in a situation where you don't have control over what's going on at your company. But, no matter how noble your intentions, you're still only human and may get handicapped at times. Here are some suggestions for how to keep your firm afloat in the event that this occurs.
The first step for any entrepreneur or small business owner should be to ensure that they obtain disability insurance to protect themselves against a potentially fatal disaster. Why not obtain disability insurance if you already have other types of insurance? "It enables you to maintain yourself or replace your income if you are wounded in an accident or become ill for an extended period of time." "It can last months or years," says Murray Newlands, an entrepreneur. "Keep in mind that it won't normally replace all of your income, so continue to construct an emergency savings account to bridge the gap between your salary and your insurance premiums."
When you're sick or injured, you need to put your health first before thinking about the future of your company. This should go without saying, but there will be no business if there is no "you." Consider the following scenario: you've been injured in a vehicle accident. You must seek recompense, as attorney David E. Gordon advises to his clients on a regular basis. You may believe you're fine right now, but hospital expenses and future health-care costs can quickly add up, so you should plan for the worst-case situation. If you can't get the help you need, it will be difficult to keep your business running.
It’s reasonable to assume that revenues will drop during the period you’re incapacitated. And if revenues are dropping, you need to find a way to reduce expenses so you can maintain a positive cash flow (or at least manage to tread water). Make a list of unnecessary expenses and start eliminating them. The leaner you can make your business, the better off you’ll be.
If you're going to be out of the office for a lengthy period of time, you should notify everyone involved. You don't have to share the personal details of your condition if you don't want to, but you should definitely let your clients and essential partners know why you're not available. 5. Take advantage of remote working options It's a different world now, and running a business from afar is far easier than it was 15 or 20 years ago. If you're confined to a bed or haven't been cleared to return to work, remote working solutions may allow you to keep an eye on things.
There's never a good time for an entrepreneur to get sick or hurt. It will always be an undesirable challenge, and your operation will almost always suffer as a result of your absence. The goal is to have a plan in place that will allow you to run your business while you're recovering, heal properly, and get back to work as soon as possible.
