We talk in The Three Laws of Empowerment about preparing, planning, and protecting (www.rshawnmcbridelive.com). If you’re reading this, you’re probably thinking about how do you protect yourself. Here’s a list of seven ways to help protect yourself.
#1 Look at where you are. Where are you at now? What are your assets? What’s your inventory looking like? What do you have in your favor? What would you want to make sure you have in the future? What’s of value to you?
#2 Where are your weak spots? Now that you’ve determine what’s of value to you, which one of these are at risk? What’s under insured? Where do you not have contingency planning? Where could things go wrong?
# 3 Do “what if” testing. What if certain things happen? What if things evolve? How will you move forward? Start testing what if on various scenarios and risks to make sure that you understand how things will happen and make sure that you understand the risks.
# 4 Get others involved. You want to have others take a look at it. It may be an insurance professional, who has had years of experience in the industry, or other business owners or advisers who can look over your shoulder and tell you where to focus your time and attention.
# 5 Build solutions to real problems. Now that you understand where the risks are, start thinking about solutions and how you can close some of these “what if” contingencies. What processes and procedures can you put in place? How can you evaluate your management structure? How can you make sure that your company is going to stand the test of time? Start building solutions to these problems.
# 6 Implement. Start putting these solutions in place. Start understanding how you’re going to get from here to there and what the process is.
# 7 Revise and update. Rarely do these things go in a direct line. You’re going to have multiple things to get done. Revise and update your protection plans as you go along. Revisit occasionally where you’re at. Work back through this seven-step process and make sure you know where you’re going.
What’s been your process of protecting yourself? Do you feel like you are prepared for the unexpected? What will you do differently in the future? Join us in the comments below.
Plan for the unexpected.
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This posting is intended to be a tool to familiarize readers with some of the issues discussed herein. This is not meant to be a comprehensive discussion and additional details should be discussed with your attorneys, accountants, consultants, bankers and other business planners who can provide advice for your circumstances. Each case is unique. Past results do not guarantee future outcomes. This article should not be treated as legal advice to any person or entity. Freeimages.com/photographer Marsy.
About the Author
Shawn McBride is the Chief Innovation Officer at McBride For Business, LLC. His signature keynote, The 3 Laws of Empowerment (www.rshawnmcbridelive.com), gives audiences an entertaining look at how they can prepare, plan and protect themselves. You can reach R. Shawn McBride at firstname.lastname@example.org or (214) 418-0258.
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