If you own a small business or are a sole trader, have you considered whether you have made adequate provision for when you are no longer around?
Business Continuity is important for everyone – but especially so for small businesses.
Even a short interruption can have a disproportionate effect on a small business – totally halting output and letting customers down. Plus, it is more difficult to absorb the financial impact of any business interruption. A high percentage of small businesses affected by a major incident either never re-open or close within 18 months.
It is therefore essential that you have a Business Continuity Plan together with appropriate insurances, a will, and any Lasting Powers of Attorney needed in place. Make sure your employees/family know where all these documents are kept!
What could happen to you or your business, and what effect would it have?
How likely is it to happen?
Give someone responsibility for this and ensure it covers basics like:
Discuss the plan with your staff/family to hopefully expose any flaws and if possible try it out.
At Curwens LLP, we can help with preparing a Will or Lasting Power of Attorney and are always happy to have an initial chat with you on the telephone to run through exactly what you need. So if you have any questions just give us a ring on 01992 463727 or have a look at our website www.curwens.co.uk.
Curwens LLP are your local solicitors based in Royston, Hoddesdon, and Enfield.