Planning to Insure Your Business? - Know What to Consider

Every business, regardless of its size and industry, needs insurance to protect itself from various financial losses that can arise due to unfortunate events such as natural disasters liability, theft or litigation. Business owners today know the importance of insurance, but many of them fail to plan properly while insuring their business.

Business owners should make sure that their business is covered for all the possible events that can lead to financial loss. Here are some key things every business owner should consider while purchasing insurance policy.

Risks associated with your business type

Almost every business faces risks. Depending on the industry and size of the business, risks can vary. In order to provide full security to your business from financial losses, you need to purchase insurance policy that covers all risks related to your business. But for that, you should identify and evaluate risks specific to your business. It is not an easy task to find out the risks associated with a business. Hence, it is better to take experienced and professional help.

Assets which require protection

Identify your business assets that might face risk and require an appropriate protection. Your business assets may include your company's building, vehicles, business equipment like PCs, important files or documents, patents, copyrights, business products, and the most important assets of your business - your employees.

Types of business insurance

Some of the important insurance policies that may be required by a business are:

Property insurance - Physical properties such as building, furniture, machinery, electronic devices, involve a lot of investment. Mishaps such as fire accidents, earthquakes, floods, etc. can damage your property and may lead to huge financial losses. Hence, insuring these things is very important for any business.

Public liability insurance - This insurance is very important for businesses, where their customers or general public visit their premises. If any customer or any person gets injured or dies at your business premises, you will have to pay for their claims. Public liability insurance protects you against the legal suits and claims resulted from the third-party.

Product liability insurance - If your business involves in manufacturing or selling any physical products, then you must consider taking product liability insurance. Since they are your products, you are legally responsible for any damage or injury they cause. If any person claims for the damage, you have to pay for it.

Employer's liability insurance - If you have employees, you should have employer's liability insurance. This insurance offers financial support when your employees fall sick or die in course of the employment.

These are the general insurance policies you need to include in your business insurance policy, so that you can protect your business from various types of financial losses.

Choose comprehensive policy from a reliable insurance broker

Now that you are aware of the common types of insurance policies, it is the time to choose a policy that covers all your business' requirements. As discussed earlier, it is better to take professional (reputed broker or agent) help when choosing an insurance policy for your business.

Advantages of buying insurance through a reputed brokerage firm:

•Insurance brokers provide reliable, fast and professional service

•They understand your business and the specific type of risks associated with your business. So after getting clear idea about your business' needs, they tailor your business insurance policy to exactly match your business requirements

•They offer sound advice. They estimate the amount of coverage required for your business

•They not only offer you a competitive price, but also provide you with the wide cover

•In case of liabilities, they also deal with the legal issues, without having the need for the owner to interfere

The essential characteristic of an effective insurance is to cover the business against unforeseen hurdles that might occur. So, depending on your business requirements get a right and complete cover by considering all the above mentioned factors.

Business Success or Failure Is 100% Your Fault

Nobody starts a business with failure in mind. Yet small business owners by themselves rarely do what needs to be done to avoid failure. Small business failure statistics are all you need to look at to realize most small business owners don't do the right things when it comes to starting and running their business. Many fail in the first 5 years and even those that are able to survive the first 5 years are likely to fail before they reach 10 years.

With each small business failure, there are devastating consequences for the small business owner and his/her family. Most small business owners put every penny they have and can get their hands on into their business not to mention the time, energy, and personal sacrifices they make. The devastation caused by their business failure goes far beyond just them. It extends to their community, their state, and the country. A staggering amount of resources and opportunities are lost due to the vast number of small business failures. Sadly, business failure can be avoided by understanding why it happens and doing the things necessary to elude it.

Why It Happens

Michael Geber author of The E-Myth Revisited states in the forward of his book what he believes to be the primary reason:

"The problem with most failing businesses I've encountered is not that their owners don't know enough about finance, marketing, management, and operations - they don't, but those things are easy enough to learn - but that they spend their time and energy defending what they think they know."

In other words, Mr. Geber believes small business failure happens because the small business owner thinks they know more than they do about business.

During my professional career as a business executive and consultant covering 30+ years and more than 120 consulting engagements with small business owners, I have seen this be true time and time again - the owner is 100% the reason for the struggle and failure of his/her small business. Small business owners like to practice insanity which is defined as continuing to do the same things over and over expecting a different result. There are three bad traits common to small business owners causing their habitual "insanity":

Bad Trait #1 - Think they know what they don't know.

Here's an example of this from one of my past consulting clients James who is the owner of a residential and commercial contract painting company. James made the following statement when I asked him about his method for pricing work: "My father started this business back in 1956 and taught me everything I needed to know about it. I was 15 years old when I began working here. The way I price is the way my dad taught me. It has always worked and it is the only way it can be done for this business!"

At least 5 years before this conversation James's company began losing profitability and every year the losses had increased. James believed his dad had taught him everything he needed to know and he would never need to know or do anything different. He was wrong yet he practiced insanity by continuing to do things just like his dad taught him somehow thinking he would get a better result. He only got a better result once he changed and learned that there was a different and more effective method.

Bad Trait #2 - Suffers from the Field of Dreams Syndrome:

The Field of Dreams syndrome is based on the movie by the same name. It is the belief that customers will come just because you have a business.Mike, the owner of a limousine service company, made this statement when I asked about how he marketed and advertised his company's services: "I am listed in the yellow pages and I rely upon word-of-mouth from past customers. I've never had to do anything else to get business. The phone use to ring all of the time. I don't understand why the phone isn't ringing like it did. I have the nicest, newest, and cleanest vehicles out there."

Mike believed people would call his company just because it existed and had (in his opinion) superior equipment. Not the case as he was experiencing with a continual decline in sales every month.

Bad Trait #3 - Belief that outside forces cause most if not all of their business problems.

George owns a residential roofing company. Here is what George said to me during our initial discussion concerning the problems experienced by his business: "I don't know how you can help me, Carroll. My company does roofs and nobody is getting their roof done. And those that are getting their roof done are hiring the jack-leg running around in his pickup truck charging less than what my material and labor cost. I can't compete against that guy. I'll be glad when the economy picks back up so things will be back to normal."

George believed there was nothing he could do to improve the condition of his business. It was all the jack-leg's fault and what the outside world was doing it to him and his company. George didn't think there was anything he could do to gain control over any of it. Not true! George in time learned that he was the only one who had the power to change his company's condition and make it better.

There are other "bad traits" held by small business owners but they all are due to the small business owner and his/her erroneous beliefs.

How It Can Be Avoided

The reality of being a small business owner is you are the sole reason for your business's failure or success! To correct the most common problem of small business you must be willing to do what Michael Jackson's "Man in the Mirror" song says - stand in front of the mirror and commit to the person you see there to do what is necessary for your business's success. If you don't, you, you family, community, state, and country will certainly experience the devastation of your business failure.

It does not matter where your small business is in its life cycle you must do the following to ensure your business's success.

1. Bury Your Ego and Be Open Minded.

Ego makes you close minded and erects a brick wall that keeps you from receiving and using available and valuable assistance such as advice, knowledge, information, and help. No one is perfect and knows everything there is to know. If you allow your ego to make you believe you "know it all " and are right when in fact you are not, you will miss out on important opportunities to improve. Removing your ego will allow you to learn and discover what you lack and need for improvement to take place. You will also find people more willing to help and provide you with things that will be of benefit to you.

2. Create a Passionate Vision.

The majority of small business owners I have worked with have a business which provides them with nothing more than a job. They have from the beginning structured their business to do nothing more than that. Now, they hate their business and are extremely unhappy. Their business is boring, takes all of their time, and provides them with little satisfaction, sense of accomplishment or fulfillment. If you want to be successful and happy you must do something you can be passionate about. This passion needs to be focused on accomplishing something specific not just for you but for others as well. Think about people who have been wildly successful such Steve Jobs, Bill Gates, Oprah, and Dr. Phil. The one thing they have in common is their overpowering drive (i.e. passion) to change the world in a positive way. You can do the same once you create a passionate vision for your business.

3. Learn to Learn.

Never have I worked with a business owner who had a business without competitors. The typical business owner I work with has problems and their competition is doing better than they are. When asked why they think they aren't performing as well as their competition they say something like "the competition is much bigger and can afford things I can't such as newer equipment, more advertising, or better location". These are all superficial reasons and represent nothing more than excuses by the business owner. The reality is their competition is succeeding because they have figured out how to be more successful. You must learn to do the same. If you don't believe you can do it on your own then get help and get it now before it is too late.

The business world is a highly competitive place. Changes are taking place in all fields and industries worldwide at an increasing the rate of change. To survive and succeed as a business owner you must continue to learn, do things in new and innovative ways, and be passionate about what and how your business serves its customers. If you overcome the bad traits of most small business owners you will be not only have a successful business you will also be happy and enjoy your business more than you ever thought possible.

One of the easiest and fastest ways to overcome any bad traits you might have as a small business owner is to get help from a professional who trains small business owners to be successful. You can receive such help in a unique, fun, fast, easy and affordable way by taking my 12 session practical "Master of Business" owner training program.

The New Trend in Small Business - The Family Business Council

The days of casually-operated family businesses have come to an end. In order for a small business to compete with large, commercial corporations, successful family businesses have turned from a casually run operation to a small empire run by a board of directors. Some of these savvy businesses have now also jumped into a new trend: creating a Family Business Council.

Keep in mind however a board of directors and a Family Business Council are two entirely different things.

The Difference

A Family Business Council is structured more like an open forum and is used to directly resolve issues within the family that are critical in terms of the success of the business. Since often the line between family and business gets blurred in a family-run operation, the Family Business Council provides an open setting where members of the business and family can resolve issues that if left unresolved can lead to confusion, stress and even a business's downfall.

Structure Your Business

If you structure a Family Business Council for your small business, it is important to create a foundation of policies that will resolve potential issues that may arise later. Some common policies that need to be created include:

Authority and Responsibility - Create a clear definition of who holds what authority and who is responsible for what positions in the company as well as in the family council. Each individual should have a set list of expectations, responsibilities and a clear definition of what their authority entails. In the end, everyone involved in the business should be clear on who they report to and what they do for the company.

Work Hours and Vacation - A set number of work hours/days as well as vacation provisions per family employee should be created as part of the business policy manual.

Office Life - Members of the company should have a clear definition of where their office or workspace is, what work items they will provide on their own and what items belong to the company - family or not.

Compensation and Benefits - A detailed pay structure must be created that outlines each member of the company and how much he or she receives in terms of compensation as well as healthcare or retirement benefits.

The Family Business Council should create all of these policies using an "open forum" technique so that no family member or non-family member of the company feels favoritism comes into play in terms of company policy.

Getting Started In Your Small Business

You can grow your business using both a board of directors and a Family Business Council. Businesses that do not operate with a board of directors should still use a Family Business Council in order to create a fair operating structure for their family-run operation. The initial meeting should be hosted by a business consultant who is not related to the business owners or directly associated with the business in any way. Ensure that the business advisor uses the first meeting to:

Create an environment based upon mutual agreement and trust amongst all family members involved in the business.

Give all members of the family council a chance to share opinions about business operations and bring up any underlying business issues they have.

Give the key family members within the business a chance to define goals for the company overall, listen to issues and reconcile any family disputes that ma be directly effecting the company.

Provide assistance to family members when it comes to defining authoritative roles, relationships and the responsibilities of all company employees.

The Bottom Line

A Family Business Council is a fear-free environment - meaning anyone who attends has the right to speak their opinions without fear of backlash, disagreement or future punishment. It is important for each family member to speak his or her mind in regards to the business operations until the entire group comes to a consensus. By doing so you will grow your business, but also grow your family trust and structure within the company.

Hiring a Business Coach That Facilitates Substantial Growth

Running any business alone can be self-fulfilling for every entrepreneur but equally as tough and impossible to successfully manage. With this in mind, hiring a business coach is always a smart move because the opinion of an expert enables and facilitates businesses to reach their full potential. The business coaching industry in the US has grown in recent decades to a worth of over $12 billion highlighting its impact and the need to find the best business coach for your business so as to unlock maximum potential.

Even the best business coaches require the services of other business coaches to effectively understand, explore and take advantage of the many specifics in their individual business set ups.

Hiring a qualified coach can improve leadership and facilitate expansion in domains of fundraising and project management. However, there exist many important considerations in finding the best or ideal coach for your business. These considerations include;

Cost

Cost is a very important consideration in the selection of an ideal business coach and it most often depends on factors like specialty, of expertise and location. Although experts are usually very expensive, it's possible to find affordable cost effective coaches. For and other social businesses, investing time and effort could easily find low pay experts who could offer coaching services as support of causes. Before even setting out in search of a coach, it's necessary to study your budget and clearly allocate what can be used for coaching services so as to prevent over-extension into debt.

Best Business Fit

When sampling potential coaches for any business, key to make sure those with the best fit for your business are the target. For example, hiring an ideal non-profit coach would entail narrowing to affordable coaches in the social business domain with proven track records of success. This can be assisted by personal and social feedback recommendations in combination with actual discussions with these potential coaches.

Possible Time Engagement with Coach

This is a slightly complicated consideration when looking at getting a business coach because the dedicated time engagements are usually very much dependent on expertise, and location. However, ensuring the arrangement of quality and long enough time with your coach increases the effectiveness of the relationship. Furthermore, time for meetings and follow up work must be set aside to make the best out of the coaching.

Preparedness for Change

In order to set up for maximum benefits from engagement with a business coach, it is essential to be prepared for significant changes. This is the productivity of the relationship doesn't only depend on the quality of advice from the coach but also on the preparedness of the management to listen and make changes with respect to this.

Hiring a social business coach can give and other social entrepreneurs the extra edge required for substantial growth, but their services would have to be cost effective, best fitting, and available.Their advice will also need to be and implemented for results to be eminent.

The many benefits associated with hiring the ideal business coach can be summarized under the following points;

Extra, Required Motivation

The one great quality almost every business coach will offer is relentless motivation and getting business owners unstuck when stepping into their own way. No matter the self-motivation possessed by the owner of any business, moments arrive when it's almost impossible to apply this self-motivation. In times like this, an all-important push to recovery from a professional is required even if it's simply in the form of confirming something already in your mind and plans.

Unafraid with Unbiased Opinion

A very important asset carried by business coaches is the ability to always provide unbiased opinions that are often absent in the management setting of many businesses. Furthermore, not being afraid to offer correction and confrontation to founders is very beneficial to every business as it often leads to solutions that others close to the business would have missed.

Stepping Outside Comfort Zones

In the absence of a business coach, it is very easy for business introvert managements to become overly comfortable and engulfed in their own ideas and goals limiting for expansion. Seasoned business coaches will encourage adventure and the trying out of new things that could be of help for your business and also curb over eagerness for extrovert entrepreneurs that could end up with being caught ruts. Moving out of your comfort zones with encouragement from your business coach breeds confidence which is usually translated to the achievement of very big goals.

Support in the Identification of Strengths and Weaknesses

An experienced business coach offers the capability of identifying patterns that assist in the discovery and exploitation of your strengths while taking note and addressing weaknesses. The outside perspective of a business coach goes far beyond sorting likes and dislikes but to the extent of uncovering useful hidden talents, and potential.

Increased Focus on Ideas and Business Needs

Hiring enhance creativity as they present increased opportunities to brainstorm ideas together fine tuning them with almost never leaving the business. Also, they ensure focus isn't lost from the business goals employees, clients or family. Business coaches ensure priority remains on the business without sacrifice of other parts of life such as health which are important to successfully integrate for guaranteed success.

Goals Management and Accountability

Audacious goals are always well understood by coaches and they collaborate to enable realization. Managing business goals though isn't a quality possessed by many entrepreneurs. With the help of coaches, there is understanding of how classification and follow up can be set up to monitor progress with respect to goals.

Get Business Cash Advance Loans Immediately

Getting a business cash advance is simple and easy for most small businesses, and even those who have poor credit scores. While this does not apply to bank loans, these are the requirements of private lenders, and private lenders are amongst the leading funders at this time.

Most business owners who are looking for funding and are unaware of the current requirements and developments of the financial sector, visit their local bank. This is the way people believe a loan is to be obtained, via the bank. However, banks are not very enthusiastic about funding small business, and as a result a whole new industry has cropped up to meet the demand.

Private lenders often fill the gap between businesses and banks. There is the very large segment of small businesses that are stuck in the middle, who don't qualify for bank loans and yet require financing. Private lenders fill this gap providing many of them with the much required business cash advance in the USA.

The services provided by private lenders

The funding that private lenders provide is typically known as MCA or merchant cash advance loans. These kinds of loans are short term loans that are for a maximum duration of 12 months. The repayment options are easy and flexible, and small business owners can work with the funder to set the method that most suits their requirements.

The application process to apply for a business cash advance is simple and quick, with the private funder generally requiring basic information, and a lot less than those of banks. The basic information required by private lenders to provide an MCA are as mentioned here.

1. How old the business is

2. The gross monthly sale of the business

3. How much they require

4. Purpose of the funds i.e. working capital, business expansion, purchasing inventory, purchasing equipment etc.

5. If the business owner has other loans and if he or she is in bankruptcy.

These are some of the basic types of questions that a small business owner who is applying for an MCA would need to answer. The outstanding difference between an application for an MCA and bank loans is the fact that banks require detailed information related to financial statements. Private lenders basically need a broad picture of the ground realities of the business applying for the loan. Unlike banks all decisions are not based on the statements of the small business.

While banks and private lenders may have a different way of looking at things, private lenders do take care to ensure the ground realities of the small business are as they should be. Banks rely heavily on financial statements when reaching a conclusion related to funding a business.

Features of the MCA loan application process

While it is possible that you will be asked about your credit score even when you are going to apply for private funding. The credit score is not a determining factor for an MCA. These loans are unsecured loans and as a result collateral and security are not required as well.

When credit scores, collateral and securities are not holding back small businesses, the possibility of getting funded is a lot higher. These are the basic weak areas of most small businesses, which hamper their ability to get funded by in large. When these weak areas are removed from between a small business owner and the funding they seek, the process becomes a lot smoother for them.

Collateral is something that most small business owners find difficult to show. Typically, only with a private lender can a small business owner expect to receive a business cash advance with bad credit.

Another great feature is the fact that small business owners can receive the funding they require very quickly as well. The quickest a business owner can receive the money in their business account is 48 to 72 hours, from the time they submit a complete application. At the latest this time frame would be a week or two. Banks on the other hand are in no particular hurry to provide business funding, and a realistic time frame would be a couple of months to receive the money.

How Can Business Consulting Help Struggling Companies

Business consulting has come a long way. From small companies to major ones, these firms are looking at ways on how they can prop up their business through outside help. The competition is tough and this is the reason these businesses are looking for ways to get ahead of the competition. With the wish to get ahead, consultant services are getting popular as they help offer insights to business owners and managers. So don't be surprised to find different sites and companies offering this kind of service.

Right now, companies and organizations can turn to providers of business consulting for a number of reasons. For example, a business may need some boost in terms of advertisement and popularity. This is true for many fledging businesses where their business management practices are no longer in tune with the demands of the market. When the business is no longer considered as a serious contender on the industry, then business consulting can be considered.

In business, it's all about getting noticed thus this kind of service can help. And advertising is something that can prop up the business, and firms providing consulting can help. There are some ways on how advertising can transform a so-so business into a best business. The simplest approach to advertising and spreading the word is the handing out of fliers, or going big by designing television commercials. Advertising should come in at the first launch of the business.

If the business owner is still a newbie in the business and doesn't know what to do and where to start, a business consulting firm can help shape up the marketing plan for the company. The consulting firm can help customizing the advertising message of the business. The firm is staffed with professionals that knows the business of the advertising and can suggest ways on how to place the business. The consultant also knows every outlet that can be used to spread the word about the business.

A business that is slowly losing traction and customer support in the market can also count on a consulting firm. Businesses that are having trouble attracting new customers can also tap into the services of this firm. The consulting firm can talk with the present customers of the company and learn how the company can improve. The consulting firm can also research why the business is not getting new customers and clients.

Perhaps customers are not doing business with the company because it does not carry a certain product or service that they are looking for. If this is the case, the consultant can make the proper recommendations and work with the owner to find out if it would be a good move to market and carry the product or service that the customers are looking for. The firm can also use different tools to come up with the recommendations for the business. A popular tool used is a survey, and this can be used to test how a product is being received by the client base. For example, the firm can commission a survey to test how the customers will respond to the new product offered. The survey will focus on the acceptability, profitability and customer satisfaction. Whatever the results may be, the consultants will report these to the business owners so that the proper tweaking of business management practices can be made.

This is the good thing about the services of a business consulting firm- they know what to do and how to do it. Whatever the needs and requirements of the business, they can offer the business solutions required by the business. They are the professionals that are trained in this field, and this is the reason why many businesses depend on consulting firms for advices and directions.

The consulting firm can also help a business owner come up with a reliable and updated business plan in tune with the times. The business consulting company can study the business and the market movements in order to come up with the best business plan for the organization.

Consulting firms can help struggling firms in many ways. Whether the company wants to reclaim a lost market or wants help in crafting a business plan backed by best business and business management strategies, a consulting firm can definitely help.

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Review of Franchise Websites

Those who want a home based business opportunity can take out a franchise website as a means to make money online. Obtaining a franchise of a particular business is convenient because you do not have to build the business from the ground up. All you have to do is follow the business model of the franchising company. HomeIncomePortal.com appears to offer a turnkey ecommerce website for the franchise of your choice.

In giving HomeIncomePortal a review, we must first have an understanding of franchise websites. Obtaining a franchise website is similar to getting a franchise for any business enterprise such as a fast food company. However, instead of having a brick and mortar store, you get a website.

If you check out the Home Income Portal website, one thing you will notice is that they will provide you with a fully functional website where you can start selling right away. Home Income Portal seems to offer a franchise or affiliate website where they provide administrative services and hosting in five independent domains. According to their site, they also provide technical support 24/7 and your website is fully automated.

According to the information they provide, you are required to pay a one-time fee of $60 plus a recurring $60 monthly subscription. If you have concerns that Home Income Portal may be a scam, the company's website states that all income from your franchise website goes directly to you.

HomeIncomePortal.com also claims that they are not involved in paying you commissions or affiliation fees. Earnings from the sales of products and services make up your income in this home based business opportunity. Several payment options are said to be available, including PayPal.

Franchise websites appear to be practical and affordable business opportunities. Perhaps their biggest appeal is due to the fact that you can run the business from your own home. Many people may find it daunting to set up and maintain a website, and this is where companies like Home Income Portal come in. Because they offer a fully configured turnkey website, it becomes easier for people to get their home business started.

What things should you watch out for in this kind of business opportunity? Obviously, you must know what kind of products and services you will be selling. While it is true that everything is automated and optimized, you have to choose your products wisely. Make sure they are marketable products that people want to buy. You have to know what products you will be selling and promoting so you can determine if you are interested in this opportunity and whether or not you have the marketing experience to succeed in the business.

Providing Outstanding Care For Its Customers

Chase credit card customer service, well-known for providing great quality service to their customers throughout the years. It has become an important part in the business. It is considered as an example of one of the great services that a credit card company can give to its customers.

Customer service for business centers has been trying its very best to attend to their customers concern and provide satisfaction. There are two divisions of Chase's customer service that attend to the two different cards that customers use: Personal and Business.

Personal - refer to cards that are for personal credit. Chase attends to concerns in regards to management of their customer's accounts online.

Business - refer to cards that are given to businessmen and owners to separate personal expenses from business ones. Chase assists customers that have problems regarding their credits in business transactions.

There is a provided toll-free number that you can call for any assistance that you need. At the same time, it attends as well to customers experiencing other problems with their credits even to customers who are not living in the U.S.

What makes Chase Credit Card Customer Service known?

It believes that customers are very important because they are the ones that makes the business alive, thus making them satisfied is their main goal. Their success is based on the excellent relationship they create with their customers. Customers can feel assured that they will be able to get the professional assistance that they need because of the existence of Chase customer service.

Chase Credit Card Customer Service contact information

For you to be assisted in your concerns, you can contact Chase Credit card customer service in many ways. To speak to a live representative, you can reach them by calling them through their toll free number. Do not hesitate to call and lay down your concerns regarding your card or any issue about it because Chase will be there to help you. You can also mail your concerns at their postal address or email them and get a reply in just a matter of four hours.

For a business to survive, it is very important to make your customers feel that you value them. Chase credit card customer service already proved that keeping customers satisfied will make the business grow and last for a long time.