Business owners are no stranger to the need for security. In the present day and age enterprises face a growing number of vulnerabilities. Protecting your valuables is no longer a simple matter of safe storage and locking your doors. Intruders now have many points of entry from which they can interrupt your operations. Cyber security and information security are increasingly crucial as is having a business succession plan that instills long-term protection against numerous risk factors.

Where Cyber Security, Information Security, and Business Succession Planning Intersect

If you conduct any part of your business online, your data is vulnerable. Not only does this threaten your finances, but your client relationships and employee loyalty, too. Should employee records, customer details, transactions, or data collection fall into the wrong hands, you risk ruining your reputation on multiple fronts.

Achieving cyber security means taking a multi-pronged approach. You need to establish basic security practices and policies for employees, ensure you have the latest security software, employ a firewall to protect your internet connection and Wi-Fi networks, backup important information, institute best practices for company cards, limit access to data on an as-needed basis, control physical computer use by establishing separate accounts for different users, and establish a plan for mobile device usage, among other details – PHEW!

Information security likewise requires global planning that takes many of the same considerations into account.

Security is not just about protecting company data in the present, however, but about preserving it for the future. If your business is to have longevity beyond its current administration, a business succession plan is needed to ensure the timely and strategic sharing of information required to keep things growing.

Successive generations need to know what has or hasn’t worked in the past and what currently works, and what is likely to work in the future to ensure your company thrives when you’re gone. Furthermore, they need to know how things have worked in order to keep operations on track.

A business succession plan is essentially a long-term security plan that draws on present security practices, company data, and strategic thinking to ensure durable growth for decades to come.

Establishing a Business Succession Plan
A business succession plan is not written overnight. Rather, it is a living set of documents and agreements that grow and change in tune with your business.

The first step to establishing a plan is reflecting on your aims, priorities, current talent, and personal objectives. You need to build a vision before you can cast it in writing.

The next step is to bring the conversation to invested parties with the aim of seeking input and guidance.

When you have an outline of your plan ready, the third step is to seek experienced counsel that can introduce you to the legal tools needed to realize your vision. A business succession plan is nothing if not documented. By setting your plan to paper you make the first move toward arming your enterprise with the independence needed for long-term success.

To learn more about how security and succession planning intersect, do not hesitate to reach out to the Estate Planning Law Group of Georgia either by calling 770-822-2723 or using the contact form on our website.


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