Change is inevitable, however sometimes when that change happens to be a key employee working in a small business, the results can be devastating.
The University of Scranton SBDC works with small business owners on Business Disruption and Continuity Planning. This allows them to understand the importance of cross-training their employees so they can take on the job responsibilities of an employee who leaves or may be out of work for an extended period of time.
However, sometimes an employee may have specialized skills that make finding a replacement difficult. It can be a long and drawn out process. In those cases, a business might want to look into key employee insurance, which will help cover expenses associated with replacing that key employee if they are out of work for a long time.
Planning ahead for business disruptions is the key, because once something happens it’s too late.