When the Unexpected Happens Unexpectedly

Two events happened recently that have badly affected the lives of many people.

1) Terrorist Attack on a Government Building:

This was the second terrorist attack in Lahore on a government building in a week. It was far more powerful than the first. What it had to do with business was the structural damage caused to offices, homes, cars, furniture and equipment in the surrounding area. Some had relevant insurance, many did not. The government has promised to compensate people, but it will be long before that happens. Even the insurance companies take their time in giving out a check!

What people were worried about was whether their documents were safe! Imagine not having the title deed to prove your ownership! At least in this part of the world it can be a nightmare to get duplicates if the originals are destroyed.

The learning point here is to have adequate insurance and keep certified copies of original documents at a separate place. (It also helps to update on basic medical first-aid and CPR.)

This is a simple measure, but can be overlooked or delayed because of procrastination.

2) Young Self-Employed Professional Having a Heart Attack

This young man worked for a corporation. He was an excellent worker and there was word of his bosses really liking him and his being at the top in the promotion queue. What troubled him was the very vertical reporting hierarchy, and soon he thought he had had enough there. So he resigned and went the self-employed way. His business soared in no time: he became the brand. But he kept few staff and did all the work that mattered.

It became typical; hard-worker rewarded for his efforts, no time for himself or his family. Long hours at work, traveling, smoking, eating junk food, no exercise. Luxury cars, big villa with a massive garden, holidays abroad, all the glitzy gadgetry considered must-have. You get the picture.

He was good at what he did, but neglected what he didn't. And then it happened. He had a massive heart attack that damaged much of the left ventricle of his heart. He survived and then had bypass surgery. This was followed by a long time being away from his work, with nobody to take care of business. He had to return advance payments for work undertaken. Fortunately, his clients did not sue him.

As things stand now, he has no income. The savings were used up on his medical care and paying off clients. He had neglected to take out insurance and time out for himself and his family and do some exercise, cut down on smoking and eat healthier food! Common advice, practiced rarely.

As they are known to me, his wife came to me for help. We went through the choices she had and made a plan. The young man was told and agreed. He believed that once fully rehabilitated, he could get his work up and about.

They shifted to a smaller house after selling off the villa; sold the luxury cars, opting for compact ones. With a little money available, they invested it, and his wife got a job as administrator in their children's school. This way the school fees were halved. After being down, this particular phoenix is rising again.

The points in this story: Take Michael Gerber's advice..."Work on your business, not in it." Have a system where work goes on when you are unavailable. Attend to insurance. Develop another stream of income and investments. Take care of your health. Take time out for your loved ones and yourself.

A healthy you means a healthy business and a wealthy you.