If you had to stop working tomorrow, could your company continue without you? That’s one of the things Kenny Gott and John Piatchek of financial planning firm Piatchek & Associates aim to prepare businesspeople for in their new book, Bottom Line Financial Planning. “In a way it’s a love letter,” Gott says of the book. “It covers decades of stories and experiences that have led us to where we are.” Before you get the field guide, here are a few freebies.
Tip 1: Make clear priorities
“You can’t tackle everything at once,” Gott says. “We have people come in and get intimidated by everything needed to be done.” Instead, identify the thing that keeps you up at night, he advises. Once you have addressed your biggest concern, you’ll feel better as the next steps start to fall into place. Also make sure to identify your business’s greatest risks and central business strategies.
Tip 2: Use short-term problems to guide long-term solutions
Often contingency plans for the short- and long-term can have similar implementations and results. It might be chaotic and stressful when an employee suddenly leaves or when you find yourself temporarily unable to work, but use these experiences to prepare your team for other leadership transitions.
Tip 3: Groom your team
“We generally work with very talented people dedicated to their craft, but we need to get them out of the weeds,” Gott says. Identifying the key players who can help run your company’s day-to-day operations is vital to contingency planning, Piatchek adds. Take a step back and allow employees to take on extra responsibility that benefits their growth. Their multi-faceted skills will give you stronger candidates to fill open leadership roles.