Seven Tips To Help You Minimize Risk and Protect Your Online Business

I think we can all agree that far too often we get caught up in the busy life we lead as business owners, internet marketers, and entrepreneurs. Days are filled with tasks, management decisions, flushing out new ideas, running errands, book-keeping and more.

These full days make it easy to push aside necessary tasks that can ultimately help you minimize your risk and protect your business should something unexpected occur in your life. You have worked really hard to build your online business and create a source of income for yourself and your family. Online businesses, just like traditional brick and mortar offline businesses require people to run them.

If you are unable to work or pass on from this life, who will run it for you to ensure that you and your family are taken care of? Tough question, but it’s one that we should all consider answering. Nobody likes to talk about this subject, but as responsible business owners, entrepreneurs, marketers, whatever you are – it’s the right thing to do. Can your significant other, family member or even a close friend run your online business? The answer is probably “NO” if you haven’t documented your procedures, relationships, passwords, and more.

STEPS FOR MINIMIZING RISK IN YOUR ONLINE BUSINESS:

  1. Create A Master Account & Password List
  2. Create A Contact List of the following: Third Party Vendors, Business Associates, and Friends
  3. Document Your Daily Business Practices – Every Minute Detail! (Use screencapture software to create videos)
  4. Document and Date Your Existing Business Relationships
  5. Make Note of Any Contractual Obligations
  6. Make Note of Any Outstanding Credit Obligations
  7. Contact Your Mentor/Mastermind Group and Give Them The Name of Your Appointed “Take-Over” Person

This is easier said than done. Below you will find some methods and best practices for recording all of your data

TOOLS FOR DOCUMENTING YOUR BUSINESS:

  1. Create separate word documents that address a Major Heading (Master Accounts & Passwords)
  2. Make duplicates of these documents – Give one set to your appointed helper and place the other in a safety deposit box or fireproof safe.
  3. Use a program like screenflow to document your daily tasks by screen-capture video. Be very meticulous and detailed.
  4. Back up your files to a cloud service like dropbox, or carbonite
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