Valuing Your Health in Business

Joanne Lockwood

Tags: Work-Life Balance, business health planning, health in business, continuity planning, business contingency, preparing for illness, recovery in business, personal well-being, occupational health importance, small business resilience

From Personal Health to Business Wealth

Heather McLellan explores the crucial fusion of personal well-being and business resilience, sharing pearls of wisdom on preparing for health adversities with impactful foresight.

In this thought-provoking episode of The Inclusion Bites Podcast, titled "Valuing Your Health in Business", host Joanne Lockwood welcomes Heather McLellan to discuss the often-neglected aspect of health in the world of entrepreneurship. Heather highlights the crucial nature of contingency planning and delegating, reflecting on her personal journey through a rare stroke and blood cancer diagnosis. Together, they explore the need for a power of attorney and the complexities faced by couples in business when health emergencies strike. They also broach the uncomfortable, yet essential conversations about business ownership and the impact of health issues on one's capacity to work, advocating for preventative discussions over reactive crisis management.

Heather comes with an extensive background in occupational health, built over three decades of supporting employees to manage work after injury. Her personal encounters with health challenges have compelled her to apply her professional insights to her business strategy, navigating her way through recovery and business management. With Joanne also sharing her experiences as part of the 'Sandwich Generation', the dialogue extends towards the need for small business owners to factor in personal health and care dependencies into their continuity planning—a stark deviation from traditional disaster recovery protocol.

The conversation moves through poignant stories and statistical evidence that underscore the reality of long-term health conditions affecting the workforce and the business landscape. Heather and Joanne also highlight the importance of a phased return to work, financial readiness for health-related business interruptions, and self-care practices. They drive home the message that personal well-being and business sustainability are deeply interconnected and call for serious attention from entrepreneurs.

This episode is a deep dive into the intersection of professional success and personal health, stirring listeners to reconsider their approach to managing their business and health side by side. Joanne Lockwood champions the notion that taking the time to safeguard the future through planning and open dialogue is more than a business strategy—it's an act of self-preservation and empowerment.

The key takeaway is that health can often be unpredictable, but the impact on business doesn't have to be. By embracing foresight, thoughtful planning, and open conversations about health in the business setting, entrepreneurs can turn vulnerability into strength. Listeners are left with the understanding that valuing health is not just essential for personal wellness, but also a strategic business move.

Published: 02.08.2024

Recorded: 19.04.2024 Episode Length

Duration: 0:58:03

Shownotes:

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Quotes, Hooks and Timestamps

The Challenges of Solopreneurship: “if you’re not able to work for a period of time, if you are the main person who delivers your business services, if you really are a solopreneur, you are not generating an income. You are not keeping your your funnel full of potential new leads, then that’s going to potentially reduce your personal income if you don’t have the right reserves in place.”
— Heather McLellan [00:04:18 → 00:04:39]

Managing Health Uncertainty: “You can’t plan, particularly. You can’t predict. You may have some risk factors that mean you’re more at risk of certain illnesses or injuries than somebody else, but you can’t plan for it.”
— Heather McLellan [00:10:54 → 00:11:00]

Entrepreneurial Vulnerabilities: “And that is one of the vulnerabilities because it just carries on like that because it’s been like that from the beginning.”
— Heather McLellan [00:14:45 → 00:14:52]

Estate Planning and Business Continuity: “Because that, again, is important because that accounts for if you were taken ill to the point where you weren’t able to communicate. Jo you were unconscious for a period, and that gives somebody else the ability to deal with your work, your business.”
— Heather McLellan [00:20:31 → 00:20:44]

Impact of Serious Injuries on Families: “It was life changing for them, and it was life changing for the people around them, their colleagues, but their families big time.”
— Heather McLellan [00:25:37 → 00:25:45]

The Importance of Family Over Work: “Because at the end of the day, you know, our families take priority over our work.”
— Heather McLellan [00:28:56 → 00:29:00]

Managing Work-Related Stress: “if it’s actually work that is one of the stress factors, then, of course, that does bring into question the whole picture of, well, how do we look at that going forward?”
— Heather McLellan [00:42:33 → 00:42:41]

Work-Life Balance and Health: “I’m really finding it very hard to keep a handle on what everybody else is doing and keep myself well. And my other conditions are long term and lifelong, so that I need to have a lifelong management strategy.”
— Heather McLellan [00:43:44 → 00:43:53]

The Impact of Lost Identity in Professional Life: “But also the loss of identity there as well is that if if the if people manage without you, what is your role? They don’t need you anymore. They replace you into some other means. So then you think, well, what what am what am I even here for?”
— Heather McLellan [00:48:16 → 00:48:30]

Healthcare and Entrepreneurship: “The more that you’re able to manage yourself and keep yourself well, and if you do have the ability to have things like private health care, then you can speed up some of those things. But, yeah, it’s it’s, brings to sharp focus as well the the tension between enjoying what you have right now, living the life that you have now, getting making time for the people that you love, the things that you love as well as work, because you probably love that too. And it’s part of what you do it because you it’s your passion, because you don’t know what’s around the corner.”
— Heather McLellan [00:53:02 → 00:53:37]

Definition of Terms Used

Business Contingency Plan

Definition: A business contingency plan is a strategic blueprint that outlines procedures and steps to be taken in case of an unforeseen event that could disrupt normal business operations, such as the sudden illness of a key employee or executive.
Relevance: Such a plan is critical for ensuring a business can continue to function or quickly resume after a major setback, mitigating risks and losses.
Examples: Back-up plans for key role succession, emergency funds, continuity protocols, and cross-training employees to cover essential functions.
Related Terms: Disaster Recovery Plan, Operational Risk Management, Business Continuity, Succession Planning
Common Misconceptions: A common misconception is that contingency planning is only essential for large corporations, but small businesses can be even more vulnerable to disturbances and therefore also need robust plans.

Power of Attorney

Definition: A power of attorney is a legal document that gives an individual the authority to make decisions on behalf of another person, typically relating to financial, legal, or health matters.
Relevance: It is particularly relevant in business if an owner or key decision-maker becomes incapacitated, as it allows for the continuity of operations without undue legal complications.
Examples: A business owner granting a trusted individual the ability to manage financial transactions, or make crucial business decisions during an absence due to illness.
Related Terms: Legal Proxy, Guardianship, Conservatorship, Fiduciary Duty
Common Misconceptions: There’s a false notion that a power of attorney equates to relinquishing control over personal affairs permanently, but in truth, it can be tailored for specific circumstances and revoked as per the grantor’s wishes.

Shareholder Insurance

Definition: Shareholder insurance is a policy designed to pay out a sum of money to remaining shareholders if one of them dies, allowing them to purchase the deceased’s shares and maintain control of the business.
Relevance: It prevents shares from passing to unintended parties, who might not have an interest or competency in the business, at the death of a shareholder.
Examples: A cross-purchase agreement where remaining shareholders are the beneficiaries of the policy on the life of each other.
Related Terms: Buy-Sell Agreement, Key Person Insurance, Business Succession Planning
Common Misconceptions: It is often mistakenly believed that shareholder insurance is an unnecessary expense or that family members can seamlessly step into the business role of the deceased, disregarding potential conflicts or business disruptions.

Graded Return to Work

Definition: A graded return to work is a structured approach to help an employee who has been absent due to illness or injury gradually resume their work duties by initially working reduced hours or modified tasks.
Relevance: This method aids in avoiding relapse or worsening conditions by ensuring a manageable workload during recovery.
Examples: An employee returning after a stroke may start with half days or work on non-strenuous tasks before resuming their full-time role.
Related Terms: Occupational Health, Fit Note, Work Accommodation, Phased Return
Common Misconceptions: There is sometimes a misbelief that once an employee is cleared to return, they should be capable of immediately taking on full responsibilities, overlooking the transitional recovery period.

Business Continuity

Definition: Business continuity refers to the ability and plan of a business to continue critical functions and processes during and after a disaster or disruptive event.
Relevance: Having a continuous flow in operations and strategy is essential for the survival and sustainability of a business during crises.
Examples: Maintaining access to critical data through cloud storage, or setting up remote work possibilities to ensure work can continue during a lockdown.
Related Terms: Disaster Recovery, Crisis Management, Risk Assessment, Resilience Planning
Common Misconceptions: There’s a misconception that business continuity planning is primarily about IT recovery, but it extends to all areas of a business, including human resources, supply chain management, and customer relations.