25 minutes | Nov 10th 2020

Managing Risks and Contingency Planning with Mary Beth Simon

What would happen if you had to step away from your business for a few weeks? A few months? Would everything come crashing to a halt? Or would there be a clear path forward for someone else to pick up the baton and keep your business going?

Being resilient means being able to bounce back from adversity, to pivot and reset after a change. But you only become truly resilient if you examine where your risks are. Where could hiccups happen? What could go wrong? And then you figure out a plan for how to handle that scenario if it really does happen.

We do this all the time with cash flow projections and with strategic planning in our businesses.

But we very rarely plan for what happens in the absolute worst-case scenario of you not being able to run your business.

As a business owner, YOU are a risk.

YOU built your business and most likely, it depends on you in some form or fashion to keep going. Even if you have a staff or other people that do a lot of the day-to-day work, they still look to you for direction. If you suddenly aren't there anymore, what happens?

That's what contingency planning is all about: making a plan for what happens to your business (and your personal business) if you need to step away for a while or you just flat out can’t run the business.

My guest on this episode, Mary Beth Simon, is an expert in planning for contingencies. Mary Beth is the founder of Niche Partnership Consulting where she helps business owners create plans for transitions and crisis. Mary Beth helps business owners teach those who depend on them so that they're prepared to step in if something happens and to minimize the suffering and prevent someone from experiencing added pain and struggle during already difficult times.

Listen to the full episode to hear:
  • Who should be creating contingency plans and what it looks like in the real world when you have to execute your plan
  • How important your preparation is when it comes to ensuring your business can survive a big change 
  • Tips for planning for a worst-case scenario 
  • How being prepared for crisis helps you be resilient in your business and personal life 
Learn more about Mary Beth Simon: Learn more about Susan:
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