Planning for the Unexpected

by Shawn O’Grady
2 Minute(s) to read

Planning for the Unexpected

This type of event can take many forms. It can either be around a medical emergency or a life-changing event or even such a thing as Covid-19, are you prepared?

Planning for an event is essential.

If you’re a sole trader, who can you get to take over your forward contracts.

If you’re a director of a company employing staff, do you have a Key person to replace you.

Is your accounting system and other software tools to manage your business cloud-based or are they on a server based in your office. I have found it worthwhile having a cloud-based computer program with all key staff having their own laptops.  This worked really well during the recent lockdown which meant we could just carry on working from home without needing to take a  server home to create a new network and all the difficulties associated with this.

Have a business continuity plan that generally includes:

  • A detailed list of risks such as natural disasters, vandalism, terrorism, theft.

  • Actions to be taken if the unexpected event occurs.

  • A list of key staff and their specific roles in relation to the plan.

  • A list of activating events that could trigger the plan such as a flood or fire.

  • Emergency contact telephone numbers.

  • Details of where first aid and key documents are stored.

  • A list of key documents such as insurance policies and financial records that need to be retrieved if the plan is activated.

Speak to your insurance broker and get the right insurance to cover any left-field events.  This may include:

  • Key Man Insurance

  • Income Protection

  • Commercial property insurance

  • Business interruption insurance

  • Public liability insurance

  • Professional indemnity insurance

  • Cyber cover

  • Insuring your future

 

Who is doing your work, a key man or if you are a sole trader, are you just going to rely on income protection insurance?

Who is going to be your key man/who is going to run the business?

What contracts do you have to fulfil or can these be subcontracted out?

Do you have enough money to continue to operate?



HAVE WE GOT YOU THINKING?

 

Give us a call on (04) 563 6965 or email: dennis@taxman.co.nz or shawn@taxman.co.nz

Keep an eye out for October’s article!



TAX DATES TO REMEMBER

  • 20 September 2020 - monthly employers PAYE payment…

  • 28 September 2020 - Bi-monthly GST Return for Jul/Aug 2020…