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Adapting Your Business Succession Strategy To Any Crisis

David Auer CPA

The Covid-19 pandemic created uncertainty for all business managers. These times are especially problematic for anyone wanting a significant change in their lives. It might seem impossible to follow a previous business succession plan amid such a discombobulating maelstrom. But while there is no way to do away with the uncertainty of the current situation, there are strategies a manager can employ to deal intelligently with a business in transition even while the coronavirus ravages the globe, leaving the business world hanging in the balance.

Typically, before a transfer of power, a business should account for its viability, stability, sustainability, and profitability. In the present moment, it might seem like all of these criteria are suddenly impossible to meet. But while there can be no denying the pernicious corona complications, there are measures a manager can take to keep a business on track.

First of all, a manager needs to do everything possible to ensure the continuity of the business’s activities, no matter what circumstances this emergency throws at it. The CEO and other critical members of the staff could become infected with the virus, and a plan should be drawn up to allow the business to survive such a disruption. The team at large may be subject to a large-scale contagion, and this possibility must be accounted for, and contingency plans readied.

Managers should understand that while a full-blown plan and perfectly drawn-out strategy might be impossible to whip up at a moment’s notice, staff will need some playbook in the event of severe disruptions. Talking to various people within and without the company will be vital in accounting for all potential problems. As in any crisis, communication is critical.

If a business is operating okay, then this is the time to take advantage of the relative calm before disruptions hit. No manager wants to be the unenviable position of making decisions on the fly as their workforce falls ill all around them. By being prudent and earnest in composing a contingency plan, the viability of the business is further protectable. This, in turn, will allow the planned transition to go ahead as planned.

This article was originally published on davidauercpa.net

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