Stand by, anything can happen in the next half hour
In my early years there was a fantastic children’s TV programme called Stingray it had a fantastic theme tune and some great stories. It was totally made up and involved a submarine called Stingray saving the world every week (well that was my impression!) In the opening credits some sort of event would happen that would be critical for the future of mankind and an announcer would say over the base tannoy system “anything can happen in the next half hour” adding to the tension of the story that followed.
The unexpected in the big wide world
In the last 48 hours there has been attack on fuel refineries in Saudi Arabia which will have a marked impact on world fuel supplies. As I write this, news bulletins are advising the price of Brent crude has gone up 20% and if you are in oil production you must be rubbing your hands together. For people who depend heavily on oil and the price of it, transport and chemicals for example, they must be feeling the exact opposite.
Preparing for the unexpected: The personal emergency bag
We all face challenges in our business and personal lives around planning for the unexpected. Radio Five live recently had a discussion, in the morning programme, about an emergency bag. Whether something in the car to cope with bad/hot weather or a bag for the imminent arrival of a new baby. My late mother-in-law used to keep a bag at the bottom of her wardrobe so that if she needed to go to hospital, at a moment’s notice, there was a bag with a clean nightie and certain key personal items etc which could just be literally picked up and taken with her.
Preparing for the unexpected: Brexit – emergency store
This sort of forward planning has been championed by the government to prepare for a hard Brexit. Encouraging businesses to think about the impact on them to make sure allowance is made for unexpected delays in deliveries of essential supplies.
What should we do for home? My wife suffers from a gluten intolerance and despite thinking we would not be badly affected by Brexit, as we started to consider it further , we realised one of her favourite types of bread is actually made in Germany . It could mean that she could be without a basic commodity for an extra couple of weeks. Do we need to stock up, as it has a shelf life of about three weeks?
Preparing for the unexpected : What to ‘do after’ planning
Following a recent Accelerator Club a delegate mentioned he was concerned about his own circumstances. As a sole director/shareholder if he stepped off a pavement and was hit by an electric bike, or other road user, who would actually look after his business for him? Who would make sure it was maintained, or wound down, in the best way for all interested parties? Options could include having a business executor in his will who would have authority, and responsibility, to carry on the business for a limited period of time after his accident. In the interim, it might be worth appointing a business lasting power of attorney to cover incapacity. This would need to be organised through a solicitor.
Preparing for the unexpected: An emergency bag for business
At a previous Accelerator Club we handed out a list to be used by clients called Important Info Business Summary. This came not so much from a sense of bad things happening but trying to save time when looking for key information that is rarely requested but when it does, getting the information quickly can be a challenge.
Items we could be included are as follows:
- the date the business started
- accounting year end date
- essential tax details
- whether the business is ICO registered
- who looks after the web hosting
- who provides IT support
- business insurers’ details and renewal date
- if there is a partnership/shareholder agreement in place and where it is
- details of professional advisors
- bankers and how account operated
- key software and agreements
- copies of passports
This list is not exhaustive but this sort of information whether for emergencies or irregular requests keeps all the vital information required in one place. But remember to make its presence known to those who will need to know.
This should prove time saving and also provide peace of mind so that the business affairs can continue with a minimum of fuss.
Planning for the unexpected is difficult but having an emergency pack is a great starting point, for not a lot of effort, and could prove invaluable. Remember anything can happen in the next……