You have worked very hard to get your business where it is today.
Many hours have gone into finding the right mix of products and/or
services, marketing and finding customers, building relationships
and so much more. What would happen to your business if you should
fall ill or worse yet, the unthinkable, you pass away? Protect
yourself, your business and your family by putting a few processes
in place.
Logins and Passwords
Keep a detailed list of all your login and password information
together in one place. I know most people do not advocate this
action. However, if you keep this list (hard copy) in a fairly
secure location you will be fine. Make sure your manager, spouse or
a family member knows where it is located. Include all your
financial institutions on this list such as your bank, Paypal, your
merchant account and gateways that are connected to your web site.
Subcontractors and Vendors
You also need to keep a detailed list of subcontractors and vendors
with their addresses and phone numbers in one place. It is also a
good idea to make notations concerning what is purchased from these
individuals as well as how much and how often, not to mention when
you pay them and how much you owe them. Having a list (or budget)
indicating who you pay each month and how much is a great tool to
have.
Customers
Keep a detailed list of clients and customers including names,
physical addresses, email addresses and phone numbers. You should
also keep a list of who owes you what and how often. You also need
to have agreements (verbal or contractual) where someone can find
them.
Employees
Keep your employee records and files current. This includes pay
rates, agreements for raises and evaluations, hours to be worked and
any special arrangements you may have with an individual.
Bank Accounts
Many businesses only have one authorized signer on their bank
accounts. If something should happen to you, your assets will be
inaccessible to your family and the business. Find a reliable
family member, CPA, bookkeeper or friend to be an additional
authorized signer on your accounts. This goes for your credit card,
merchant account, loans, line of credit and savings account in
addition to your checking account.
Financial Professional
You may not have a financial professional in your rolodex at this
moment. However, it would be a big help to your `stand-in'
if you have the name and phone number of an accountant, bookkeeper
or CPA that he or she can call for help. There are sales taxes,
payroll taxes, and annual taxes that must be kept current in
addition to everything else. As you know, it's tough enough for
you (the person who knows the business inside and out) to keep up
with these requirements. The person who will be filling in for you
isn't nearly as knowledgeable.
If you use an accounting software program such as QuickBooks or
Peachtree correctly most of the items listed above will already be
in place. However, you must keep the information current and have a
person trained to access the data. Don't wait until you get
sick, break a leg or are otherwise unable to keep your business
going, to think about these processes. Don't delay, get it done
today!
# # #
Suzette Flemming is the CEO / CFO of Flemming Business Services.
Providing financial direction to businesses since 1994. Learn how
to save money and increase your bottom line by subscribing to our
free newsletter v Make the Most of Your Money v at
www.FlemmingBusinessServices.com or send an email to
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questions at (425) 432-5870.