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A person may cause evil to others not only by action but by inaction.

And, in either case, must be held justly accountable for the injury.

Being a business owner yields many opportunities. There are unlimited potential rewards for those prepared to work hard for them and make the necessary sacrifices required. However, these are not without inherent risks that simply must be taken into account and managed effectively throughout the life of your business for your own protection.

The risks are particularly high for digital businesses owners and others who, in effect, are the business.

Revenue disruption due to illness, accident, and acts of God can be devastating both to the individual and his/her business. There are, of course, logistical and practical measures you can put into place to help mitigate this risk.

For example, making the necessary provisions to ensure:

  • your physical health and mental strength are kept in top form,
  • you can cover an entire year’s worth of operating and personal living expenses,
  • your insurance premiums are always paid up and current,
  • you have a workable business continuity plan in place, and
  • your business activities (both processes and financials) are thoroughly documented.

It isn’t just a matter of being a savvy, responsible business owner; it’s a matter of self-respect!

Now, you can do all of these things and still find yourself in a situation where your life’s work and livelihood are in danger of total annihilation. An accident can leave you severely disabled and unable to return to work in your former capacity. Recovery from injuries and major illnesses can keep you away from your work for several months. Insurance and personal injury claims can take a great many years to be resolved.

All of these situations can end up leaving your business completely without any cashflow at all while exhausting all your credit and shareholder equity and crippling you with debt — an owner’s nightmare!

While you cannot protect yourself to infinity, doing nothing at all and expecting that bad things will never happen to you is simply irresponsible.

If you value your business and sanity (and I know you do), you must make an investment in these not-nearly-as-sexy-as-creating-and-marketing activities. A good starting point for directing your thinking is:

  1. How will I explain my business to strangers (medical care providers, claims adjusters, other people who step up to help you)?
  2. What are the priorities and projects that must be dealt with immediately and how and when (ideally) should that happen?
  3. Where are the resources needed to keep things going located and how can they be accessed?
  4. How can any/all losses be measured, verified, and communicated?
  5. Who needs to be in the loop and can be depended upon and in what roles?

You cannot always trust insurers to be reliable in helping your recovery — physically, mentally or financially — even when there is no doubt as to liability. Many have a fistful of dollars and absolutely no common business sense. In which case, they are, in fact, part of the problem rather than being of assistance in finding resolution.

I know this is a lot to think about and not particularly pleasant either. However, should you ever find yourself in a situation like mine (and I certainly hope you never do), you’ll be extremely glad you took my advice in this regard. (You’re welcome.)

More next time. Until then, remember to LOVE YOUR WORK, whatever it may be.

PS I hope you’ll find the new RAISING THE BAR series inspiring. If so, please share this post with friends and followers. You never know what burdens others are carrying or how much their load might be made lighter by doing so. ♥♥♥


Raising The Bar is a new series for the SMARTSTART community that has been taking shape in my head for most of the time I’ve spent working to recover from catastrophic brain, spinal cord and psychological injuries resulting from a near fatal accident in 2009. Success, whether it’s in rehab, business, relationships, or life, hinges on our ability to master this simple formula: Belief (B) + Attitude (A) = Response (R).

I’m excited to be sharing it with you now as a next step in my injury recovery. Consider this your invitation to join me on a grand adventure. Oh, the places we will go! Including all the places that scare us most. For that is where the greatest opportunities for joy and happiness — the true measures of success — reside!