In Episode 84 of "What the Biz?!", hosts Brigitte Vegter and Daniel Proczko address the often-overlooked but crucial process of properly offboarding vendors and partners. This episode serves as both a tech PSA and a financial protection plan, highlighting the common mistakes businesses make when ending relationships. Learn about the significant vulnerabilities – from security risks to financial liabilities and data loss – that can arise from sloppy offboarding, and discover six essential steps to ensure a clean, professional, and secure separation.

Listeners will discover:

• Why properly offboarding vendors is critical for protecting your business and finances.
• Common mistakes to avoid when ending a vendor relationship, such as neglecting password access or forgetting recurring payments.
• The risks of not getting final deliverables, including lost intellectual property, data, and brand control.
• The financial and reputational liabilities associated with improper vendor offboarding.
• Six actionable steps to create an effective offboarding process, from building an exit checklist to reviewing billing accounts.
• The importance of delegating user access (vs. sharing passwords) and immediately revoking permissions.
• How maintaining professional relationships, even after disengagement, can benefit your business long-term.

Show Notes:

In this episode, Brigitte and Daniel provide essential guidance on the critical process of offboarding vendors and partners:

• Key Offboarding Components Discussed:
  • Revoking Password/Login Access.
  • Reviewing Billing Accounts and Subscriptions.
  • Securing Final Deliverables and Documentation.
  • Maintaining Professional Wrap-up Communications.
• Recommended Tools/Practices:
  • Password Managers: Mentioned are LastPass and OnePassword as tools to manage user access securely without sharing main logins.
  • Process Documentation: Creating clear Standard Operating Procedures (SOPs) and workflows (like using Loom for video documentation) to ensure continuity.
• Potential Risks Highlighted:
  • Financial Liabilities (e.g., accidental charges, lawsuits).
  • Loss of Intellectual Property (IP) and Data (e.g., Google Analytics data, email lists).
  • Brand Control Issues (e.g., rogue social media accounts).
  • Reputation Damage.
  • Opportunity Cost from lost data.
• Host Projects Mentioned:
  • Brigitte's "ABCs of Small Business One-Two-Threes" Workshop: An upcoming workshop focused on simplifying key financial systems for business owners.
  • Daniel's New Self-Assessment Lead Funnel: Nearing launch, designed to help service-based businesses identify growth bottlenecks.
  • Daniel's New Review Automation: A more robust system for MBCB system clients to gain detailed service feedback without negative public reviews.

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Hosts
Daniel Proczko - myPocketMarketing
Brigitte Vegter - Vegter Financial