As a business leader, you exert a lot of effort planning. You plan for positive things like financial growth, new products, hiring new employees, and moving into better offices. But you also plan for negative things like employee conflicts, economic downturns, and unexpected emergencies. Another negative scenario your business should prepare for is key person risk (sometimes known as key man risk).
Your company ran through the scenarios and analyzed the potential outcomes. And you committed to figuring out how to manage your key person risk. One option on the table? Executive health.
Almost every company has some level of key person risk (sometimes known as key man risk). And during COVID-19, the definition of key person risk changed, so if you didn’t have it before, you almost certainly do now. This means, as a business leader, you should be thinking about what you can do right now to manage your company’s key person risk.
The business consulting industry is as old as time. But it’s especially important right now, as businesses look for help in figuring out the many issues presented by COVID-19.
During COVID-19, many businesses are using consultants to help them navigate the many, ever-changing challenges. From management consultants to accountants to benefits managers to lawyers and more, businesses have several options to choose from when it comes to getting help during the pandemic.
COVID-19 has affected every business. Some have managed to operate reasonably well. Others have just been trying to keep the door open. The virus has changed the world as a whole, but it’s also changed the business world enormously, from switching to remote work to creating an entirely new set of priorities.
Almost every business uses some sort of business consultant. You might get legal counsel from your outside attorney. You might get strategy advice from a consulting firm, financial advice from a CPA or CFA, or maybe you just bounce ideas off a friend you trust informally.
We’re now almost six months into the worst pandemic in a century. In some states and cities, cases continue to rise. Others remain steady and, at least for now, reasonably controlled. Many businesses have reopened in some form, whether that’s a restaurant welcoming diners back or a professional services company bringing some of its workforce back to the office. Other businesses continue to operate almost entirely remotely.