So today marks the sad loss and demise of another UK Household name, Thomas Cook, it has really got me thinking about our longevity in business and how we can protect ourselves and our clients in many ways.
Have you thought about what would happen if you could not trade anymore, maybe you were poorly, could you hand over to someone else?
Do you have a business that is saleable without you at the helm or are you the business?
What if one of your main suppliers went bust?
Do you have contingency/safety net money put aside in case one of your clients went bust or didn’t pay you?
If you have staff how are you protecting them?
How are your terms and conditions, payment terms etc?
Do you get complacent when you are really busy with work coming in then panic when the work dries up and they you step up your marketing activity?
I know for many of us we are nowhere near the size of Thomas Cook but many of us have clients who are large firms, with the uncertainty of Brexit and now the high street suffering as well as one of the oldest travel firms in the UK, maybe it is time to take stock, have a look at your business and just as best as possible have measures in place. If in doubt or you want to chat it through with me, let me know and we can get you on track.
Nothing is guaranteed or certain but we can all be responsible and put measures in place.