08/10/2026
This week, a client's experience brought the significance of business continuity and supplier vetting into sharp focus.
Here's what happened: My client, a small business, outsources their accountancy to another small firm, a partnership of two brothers. When one brother was hospitalised, and the other understandably preoccupied, the accountancy business grounded to a halt. The ripple effect? My client's business also came to a standstill. 🛑
With no access to make payments, check invoices, or run payroll, it was a disaster waiting to happen. The aftermath? Disgruntled suppliers, delayed staff payments, and a significant disruption to their operations.
What's the lesson here? The need for due diligence and contingency plans, especially when dealing with small businesses. It's crucial to consider scenarios where key individuals might be unavailable. Moreover, maintaining access to critical systems like banking and payments is paramount. 💡
Moving forward, we'll be revising their business practices, probably scouting for a new accountant, and evaluating suppliers.
Could your business face a similar situation? Let's ensure it doesn't.
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