Plan for the Unpredictable

In my book “The Success Factor” I share with readers how important it is to “Plan for the Unpredictable” as a means of insulating your small business or start-up from the perils of the unexpected. We are witnessing daily the importance of this notion as we watch the horrors of Hurricane Harvey play out in the Gulf coast region of Texas.

It is human nature and so very common to put things off and not plan adequately. Your reasons can go from not really wanting to face-up to the unexpected and ask the hard questions, to the basic “nah….it won’t ever happen to me” However, in the advent that it does, what do you do now?

To avoid this, or at least diminish its potential repercussions on your small business, why not begin by asking yourself “what have I been putting off”? that really needs to be addressed to provide you, your business, and your family, protection from the “unpredictable”?

Start with the basics: insurance. Do you have the adequate life, disability, liability, and workman’s comp coverage to protect you, your business, employees, and family? When examining your particular business, do you have key man insurance, or alternatively D&O (Directors and Officers) insurance to cover certain fiduciary risks you may be exposed to?

Does your small business or family business have a Succession Plan spelled out in the Operating Agreement of your LLC, on how to handle ownership and management succession in the case of your unexpected departure?

In your personal life, in the event of a loss, do you have a Will & Testament, or Estate Plan, spelling out how and who will manage the disposition of your assets, both personal and business, in your absence?

Or at a more simple and business opportunity level, are your Financials (Balance Sheet, P&L, Tax returns) up to date so you can get needed financing when unplanned business opportunities present themselves? I am always shocked when I talk to new or current clients and it is well past mid-year and their previous year Corporate returns are still not done? How can any lender begin assessing their creditworthiness to leverage unexpected business opportunities without last year’s return? This is simply bad planning and shows they’re ill prepared to take their business to the next level. Financing alternatives need to be in place…in case you need them – like now, in the case of the emergencies prompted by Hurricane Harvey, or alternatively, when a new, unforeseen opportunity presents itself.

The notion of “planning for the unpredictable” is one of the many examples of “unconventional wisdom” I detail in my book, and if you want to learn more please contact me directly, or visit me at and purchase your copy of the “The Success Factor – Unconventional Wisdom for Small Business Success” published by Morgan James Publishing.