Keep the Wheels Turning

This week has reminded me why processes are so important to micro businesses.  You see, we had ill children.  Now, this was just a minor inconvenience as it was the typical winter flu.  However, when running your own business, a serious illness or accident has a major impact on your income stream.

Of course, insurance is available to cover your income.  This could give you a six month grace period which is an excellent buffer.  Remember though, what happens at the end of this period?  How much of your business would you have left after six months?  Think about this seriously.  Some of you may work on large projects and this would mean missing out on one project but being able to take on the next long-term project that comes along.  If you are working in retail or in hourly or daily consulting, you will not have much of a business to come back to after this period.

Processes, can be a type of insurance as well.  Having solid processes in place makes it a lot easier to hand work over to someone else, either a manager, subcontractor or another small business owner in the industry.  With up to date records and easy to use systems for daily routines, you could have the business still moving along in ways such as:

1. Contracting out the work and scale right back to the administration work if you are still capable of a few hours a week.  This would keep business afloat and may be able to supplement the insurance payments depending on your policy.

2. Certain businesses may lend themselves to bringing in a manager.  Retail, tourism, food and beverage, are examples of industries that may lend themselves to hiring temporary or more permanent management.  Yes, you might have a certain style that you believe is hard to replicate.  However, processes can provide that personal touch to your business that carries on without you present.

3. Handing your business over to a "competitor" could be counter-intuitive.  However, many people in specialised consulting will often be familiar, if not friends, with others in the same industry.  If one or a few other consultants can take on some or all of your clients in an agreed way, this can keep things going for both you and the client.  Alternatively, this could be the ideal time for someone you know to move from employed to self-employed and help you out.

In the end, having processes gives you flexibility to be innovative in keeping your business alive without you present for some time.  Protecting your income means not only insuring it continues through illness, but insuring you have an income-producing business when you return.