Do You Have Back Up Plan?

I know it may seem as if I have been M.I.A. since my column has been missing for a few weeks but that’s not the case. I tore a muscle in my right shoulder and of course, I am right handed. Need I say more? It’s been a grueling 3 weeks but I am grateful that it is healing without the need for surgery and thankful to be able to use my arm again. I guess you never realize how much you need something until you can no longer use it. I think this experience has taught me a valuable lesson. Something that we always say but perhaps forget and that is to never take anything for granted.

The great thing about being self employed is that you don’t have a boss. The bad thing about being self employed is that you can’t take off when you are ill. I never realized how much I used my arm until I could not move it. It’s funny (o.k. not really) when you think about it, but for 3 weeks my life and business almost came to a stand still. Luckily for me I have a great business partner – my husband Chris. He literally worked from sun up to sun down and beyond to get “our” work done and to keep things moving. Due to all of the medications I was taking, I was oblivious to what was going on around me. This event has made think even more about my business plan and how I operate my businesses.

Years ago, my husband and I had a large office with a big staff, etc. A couple of years ago we made the decision to downsize and go back to operating as a mom and pop operation. We felt as if this would allow us to better enjoy life, spend more time with the children. . . you know, all of that stuff. Well problem is, we didn’t think about situations such as one or both of us getting ill, hurt or any other family emergency that would require one or both of us to be off and away from our businesses.

This has been a rude awakening for us because we have realized that we do not have a sufficient back up plan. We always assumed that the other one will take up the slack if one of us ever got sick. We did not account for the duration of a long term illness. The other thing we never thought of was how that illness would affect the other partner. Obviously it was hard for my husband to operate knowing that I was in pain. It was also difficult for me to drive myself to all of the different doctor appointments because he was unable to take off for 4 hours every few days.

I now know that we need another back up plan because if something else like this should happen, then what? I know several of you are independent business owners like Chris and I and unless you have a business that creates residual income you too need a back up plan.

What’s a back up plan? Well for us, we realized the importance of hiring an assistant. One that would work with us on a daily basis. That way in the event we needed to leave we’d have someone who was familiar with our office, work and what we do on a daily basi. That way they could keep things moving for us without any interruption. My husband also decided to bring in a partner to help him operate his real estate firm. This would free him up to take over the operation of our mortgage company in the event I was ill again. We also determined that for our training and consulting firm that we needed to out source some of the work load. It would cut down on some of what I needed to personally be responsible for but also bring other people into the picture who could “pick up” when I am either swamped or unable to handle the load by myself.

And last but not least, disability insurance. We had this years ago when we had a large office and tons of overhead. We figured that once we moved the business home and we no longer had all of those expenses that we no longer needed disability insurance. WRONG. We probably need it now more than ever because with a large staff came additional income so if we needed to be off for a few days, we still have a staff generating income for us. If we need to take off a couple of days now, there is no staff to replace that income so it would be more important to us at this stage to have insurance.

Luckily for us, we dodged the bullet this time; there was no real setback and we did not suffer financially. But what about next time? We’ll be prepared but will you? Just something to think about.

I look forward to helping you strive to reach your goals and dreams. It is my hope that the information I've provided will help you to get there!

To Your Health, Wealth & Happiness!


To Your Health, Wealth & Happiness!

Pam Lawhorne

Pam Lawhorne is a serial entrepreneur, small business expert and creative marketing consultant, who provides advice, guidance, and encouragement to aspiring CEO's around the nation in her popular seminars and publications. She is the Chief Empowerment Officer of Empower U, Incorporated, a training and consulting firm that specializes in interactive workshops, seminars and coaching programs.

Ms. Lawhorne is the author of “From Minimum Wage To Getting Paid! - How To Become A Successful Entrepreneur With No Money, Education Or Experience!" and she is also a syndicated columnist who writes articles on empowerment, entrepreneurship, personal development, creative marketing and real estate investing. Her articles appear nationally in newspapers, magazines, and on numerous business websites and on-line publications. For additional information please visit her website: www.PamLawhorne.com.

The above article is copyright 2003-2008 by Pam Lawhorne. Permission to repost is freely granted so long as the text is not altered in any way, and the copyright and links are included.