Have you ever taken out insurance cover? Of course you have. We all do.
And when you insure your business, have you ever thought about what you are really covering? Are you covering the very things that matter? Most businesses fail miserably here. Why?
Whilst most business protect their basic business assets – and here I am talking about desks and chair, bookshelves, pcs and other kit – what they miss out is the one huge area of risk. The one that could not only seriously damage the business, but one which might well destroy it. What is that area of massive risk?
It is where a key employee leaves and takes advantage of the close relationship they have with your top customers by poaching them. That might be for a competitor company that the former employee joins or for their own new business.
Either way, the consequences for the former business are often dramatic.
It’s tough enough for businesses to survive in today’s economy. Acquiring new customers and preserving good relationships with long term clients is difficult, time consuming and expensive.
What better way for a competitor to grow their business quickly than to target a key player in your company who will likely have a good following of clients?
And what we see all too often today is the complete inability of the former employer to do anything about it. Why?
Well, they either have no written employment contracts, or contracts without post termination protection covenents for key players, or ones with covenants that are poorly drawn and simply do not work.
So ask yourself today about how you have protected your business. Are you content that you can prevent key staff who leave from taking major business away from you? If you are not comfortable that your business is protected, what are you going to do about it now?
alan4law 