Home » Business Coaching » What do you do when you’re ‘lost for words’?

3 Responses so far.

  1. dongrgic says:

    I agree with all your points Tony. Hope you are back up to speed soon.

  2. dongrgic says:

    Yes, you can certainly plan for events like this. It comes down to risk management and you can identify the actions you will take if say an illnes occurs.
    The first and obvious is “Avoid the risk”. That is stay healthy and try not to sucombe to an illnes… not a practical plan if things go bad.
    2 – “Accept the risk”. We all get sick at some time or another. It just haoppens and there isn’t much we can do about it. put a plan in place to reschedule your appointments and inform your customers.
    3 – “Mitigate the risk”. This in the instance of an illness would mean having contingencies for others to take on your workload or maybe communicating via email etc. In affect reducing the impact of the illnes by being able to carry out some of the tasks without impacting your clients severely.
    And the last one being “Transfer the risk”. This effectively is insurance against loss of income.
    So to answer your question, I would use all of the above together to reduce the impact to my business and clients.

    • tonyozanne says:

      Thanks Don,

      As always you offer insight and eduacational thoughts.

      I absolutely agree with (dont get sick) as the best option, and this is one of the few times in my life when I have, so I guess it’s Murphy’s Law it happens when working for myself, but @#@# happens. So I am not sure how to ‘avoid the risk’ 100% in this instance?

      I absolutely agree with ‘accept the risk’ as this was the approach taken. Nothing could be done about it, apart from manage the client relationships and implement a forced re-schedule, this is about all that can be done. It’s frustrating, but a simple unavoidable fact that we must accept, espeically if there is no back up plan. Clients get sick and re-schedule too, so managing that expectation of flexabiliy is essential in establishing client guidelines up front, and not being too rigid (espeically in a service based sector).

      The point on ‘mitigate’ the risk, is the biggest challenge I see for the solo proprietor. Often there is no one else who can ‘take the workload’ as in this case, and other technology may be an option if simple communication is sufficient i.e email, but not suitable for coaching or consulting, as you generally need to ‘talk’.

      “Transfer the risk’ is a no brainer- all business owners should have an income protection plan in place for long term illness or injury. I think the challenge still appears with a short term absence, such as in the intital article, as there is usually a minimum time frame for claims I believe (and I’m no Insurance expert). Fortunately this instance caused no loss of income based on my cycle and process, more an inconvenience of time and potential income from potential clients.

      The four point plan, which I know you have Blogged about previously is a solid, critical plan that business owners need to consider, but I am still a little perplexed as to how to mitigate some of the risk if it is only you and no one else can replace the offering? But I guess that is another article based on how to diversify your offering to be less dependant on time for money!

      Appreciate the comments…Tony