Every business has key relationships. It's your most important employee or your top customers. You rely on them to make your business work.
How do you insulate yourself against a key employee leaving your company? Firstly, pay them enough. Provide benefits, holidays, care for their professional development and let them feel valued. All that is surely described in some HR book.
You can even outsource your personnel care to external consultancy, where people can feel safe to confront lack of benefits - on the other hand, they mind not feel valued if you don't deal with them directly.
All that is important. But what if they decide to leave? Life happens, family issues, newer opportunities, or old age can push even a satisfied employee out of your company.
Brace yourself. It's not personal, it's not your failure. People move on.
You should have a work continuation plan for your key employees and positions. Who will fulfil the role, even on a temporary basis? Make sure you have a contingency.
You should also ask your employees on a regular basis to document their work. Go as far as to have prepared standard operating procedures, checklists, and inventory of work done.
In case of sudden emergencies, you should be able to cover your key employees work responsibilities with their contingency, even if the quality might be lacking. But ensure proper off-boarding, if there is an amicable departure, and training of their replacement.
Regarding key customers, there are few steps to take: * Always work on having more customers and not rely on one for majority of your revenue. * Engage in constant discussion of their needs to make sure they are satisfied with service and not planning to leave. * Insure your revenue with insurer.
High risk is there to be managed. Find your weaknesses and vulnerabilities, fix them, and prepare your business for adversity. Only that ensures business survival.