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Like it or not, money makes the world go ’round. Even if making a lot of it isn’t necessarily your ultimate definition of “success,” there’s no denying that you will need it eventually—and you can’t be successful if you can’t keep control over it.
In order to be successful, or at least to set yourself up for success, you need to know:
In this installment of our Law of Success video series, Alan Levenson explains the importance of handling your money wisely, including living within your means and being accountable for every penny!
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The FIFA World Cup has again taken the globe by storm. Every day, there are new stories, new dynamics, and new lessons for small business owners to learn from the triumphs and tribulations of their favorite (and least favorite) soccer teams.
Here are some of the top lessons that we’ve learned from watching the World Cup so far this year. Share these with the non-sports fans in your life when they ask why you’ve been watching so many games!
Much like the Olympics, the FIFA World Cup happens only once every four years. In the meantime, teams compete in regional, national, and smaller international tournaments. During the course of these games, the teams and players hone their strategy in order to complete on a global level.
As a small business owner, you should view every client, connection, and project as an opportunity to practice for the next tier. Unlike soccer players, you might not know when the big game will happen. The important thing is that when it does, you’ll be ready.
We’ve gotten a kick hearing about the super fans who sold their cars and got second mortgages to afford the trip to Russia to see their teams play. While we can’t assure you that selling your car for sports is a good financial move (spoiler alert: it’s probably not), it does go to show that excellent performance yields loyal fans. Successful small business owners know that stellar performance results in loyal clients.
Some of the wildest plays during a soccer game are when players head the ball. Teams have regained the ball from the other team and even made goals by using their heads—literally!
What can small business owners learn from this? We may be used to using our regular tools and processes, but certain situations provide us with opportunities to think outside the box, use our heads (albeit maybe not literally), and achieve a goal through an unusual procedure.
Our globalized world gives us opportunities to root for our favorite teams from wherever we reside. With Peru fans in Miami, Croatia fans in Newark, and Nigeria fans in Des Moines, national teams enjoy supporters spread around the globe.
As small business owners, it benefits us to think beyond our usual industry partners and local list of stakeholders. There may be a lot of value in seeking out an unusual partner in a unique location or position. You never know where your most avid fans might reside.
There are several stories about countries who haven’t placed in the World Cup for decades due to civil war, unfriendly leaders, nationalized poverty, and other significant challenges. In a single generation, though, things can turn around, with a previously underdog country producing some of the best soccer players in the world.
The best business owners stick it out for the long game, knowing that financial and business climates change over time. If you stay ready, your time will come.
The average professional soccer player runs seven miles in the course of a game. And that’s just the running! The mental aptitude, sheer muscular stamina, and gameplay strategy are all key tools in a World Cup athlete’s toolbox of skills.
Healthy body, healthy mind. That’s something any business professional can learn from. When you are wearing many hats and running around a lot to make sure your business is running smoothly, it’s important to invest some time in self-care so you can always be at your best (and so you don’t jeopardize your future health).
As a small business owner, the opportunities to think about how to improve your business abound, even as your watch your team play on the soccer field. The health and vitality of your company is important to us at InsureYourCompany.com. We work with a wide variety of small businesses like yours to provide great cost, coverage, and customer service. Contact us today to begin the conversation about how to grow and protect your company.
Time management is a struggle for everyone these days, but it’s even more challenging for many small business owners who find that they must wear several different hats in order to keep their business running smoothly.
You may feel as though you spend too many days running around, desperately trying to accomplish all of the items on your to-do list and yet still failing to reach your goals. By following these simple time management tips, however, you can learn how to more effectively manage your day.
In the early days of your business, you likely had to take care of many tasks associated with running the business on your own. As your business grows, however, learning how to delegate isn’t just a smart move—it’s critical! Ask yourself these questions:
By delegating tasks that aren’t absolutely critical for you to perform, you free your time (and your mind!) up for the larger things that only you can handle.
And regarding that which you can’t always delegate…
In order to manage your time effectively, you need to know what tasks you most need to accomplish. Once you have a list of the tasks you need to accomplish, prioritize them! Include both when tasks must be accomplished and how critical they are to your business.
When you have a priority list of your daily tasks, you’ll know what you most need to accomplish next and need not waste time trying to figure out what’s next.
One of the most effective ways to improve your productivity throughout the day is removing distractions—and that includes things that you may not think of as distractions.
You know that staying off the internet during work hours is critical, but have you thought about how your email can be a distraction? What about phone calls or employees sticking their heads in the door? While you need to make time for these things during your day, scheduling specific times for them will make it easier to find the time to take care of important tasks.
You can only focus on a single activity for so long. Giving yourself short bursts of activity followed by a brief break can make it easier to keep your mind on task and improve your overall productivity. For example, the Pomodoro technique breaks down your day into manageable chunks of time, improving your ability to focus heavily on the tasks at hand.
Physical organization is a critical part of your time management processes. When you organize your desk, your files, and your office, you’ll find it easier to locate the items you need most when you need them, reducing the amount of time you need to spend hunting down critical paperwork or information. This will help your entire day flow more smoothly, putting you in a better position to effectively manage your time.
A physical to-do list, whether it’s on your smart phone or on a piece of paper, gives you a concrete breakdown of the things you most need to accomplish each day. Breaking down the items on that list can improve your feelings of accomplishment.
Not only that, a list that has been broken down into smaller pieces will give you smaller tasks that can be accomplished when you have a few minutes, rather than forcing you to dedicate large chunks of time to every task on the last.
Effective time management doesn’t happen overnight, especially when you have so many tasks on your plate that you struggle to find the time for them all. By utilizing these key time management strategies, however, you’re more likely to be able to accomplish all of the items on your list for the day.
Bringing new employees into your small business is a big step, especially if you’ve been flying solo up until now. You want to be sure that they have everything they need to become a successful member of the team—not just in the short term, but for their entire tenure with your company.
As you’re training new employees, make sure you’re setting them up for long-term success by providing the right information, help, and guidance during those early days of employment.
As a small business, you may not bring in new employees often, which means that when they do show up, training them is often chaotic! Instead of falling into that trap, take the time to create solid training protocols that will allow you to more effectively teach new employees what they need to know.
Once you know what employees need to know, keep the information on hand! This will help ensure a smoother training process for future employees as well.
You might not have the ability to work one-on-one with every employee that comes through the door, but there may be someone on your staff who can work with each one. Offering a mentor to new employees gives them the chance to ask questions in a more comfortable environment—not to mention, it tells them exactly who to ask when they do have a problem.
Working with a mentor can also help make new employees more comfortable in the workplace and give them someone with whom they can connect more easily while they get to know the company at large.
Today’s technology offers the unprecedented opportunity to give employees all the information they need about their jobs and job responsibilities all in one easy place.
Take advantage of that technology to offer employee handbooks, any relevant images or safety goals, and other key information that will help your employees succeed on the job. Quick access to that information will make it easier for them to look it up no matter where they are or what they’re doing—and without feeling the pinch of embarrassment when they have to ask another employee how to accomplish a task.
When you bring in a new employee, you want to provide regular feedback concerning their performance—both the things that they need to improve and the things that they’re getting right.
Schedule regular feedback sessions that will allow you to praise employees for the things that they’re doing well and offer advice about areas where they might need improvement. As you continue to provide feedback, the employee can then adjust their performance and expectations, eventually becoming more successful at every aspect of the job.
Once you’ve had an employee move through the training process, give them a couple of weeks to settle in, then take the time to ask them about how they felt the training process went. Did they get the information they needed to accomplish their daily job tasks? Did they feel that the training process was lacking in any way? By working with your current trainees, you can develop better training protocols that will make training more effective for future employees.
If you want to offer the best possible benefits for those new employees on your team, contact us. We’ll help you provide the critical insurance that will allow them to meet their goals and provide you with the assurance that you’ve chosen the right coverage for all your employees.
According to the Law of Success, self confidence begins with the elimination of fear.
In one of our previous videos, we discussed the concept of definite aim, i.e. the ability to define what you want in order to empower yourself to pursue it. But fear can prevent you from taking steps toward your definite aim, or even identifying it in the first place.
Whether it’s the fear of failure or criticism, it can also hinder you from envisioning yourself as a successful person, causing you to doubt your abilities and allowing other people’s opinions to sway you off of your path.
Remember: No person can affect your success unless you allow them to.
Watch the latest installment of our Law of Success video series to learn how to identify the fears that are holding you back, and how to eliminate them!
Being self-employed allows you a number of important freedoms. Chief among them are the ability to set your own schedule and the freedom to focus on your passions without answering to anyone else.
Unfortunately, it also means that you’re 100% responsible for your own finances—and that means that you are the only one who will be able to manage them correctly.
By following these key tips, you can improve your financial standing and make it easier to manage your overall cash flow.
Business might not always flow as smoothly as you’d like. There will be times when it slows down, leaving you struggling to keep up, financially speaking. By building a safety net, you can ensure both that you’ll have the finances necessary to keep your business running and that you will be able to manage your personal finances even when your paycheck may need to drop for a period of time.
Business taxes are a complex web that can, at times, be difficult to manage—but that doesn’t mean you can avoid them. Failure to pay your taxes, including both business and personal taxes, can have severe repercussions for your finances down the road. Make sure that you keep up with your taxes and pay them honestly and fairly to avoid future trouble.
Deductions can have a big impact on the taxes that you’re responsible for paying. Make sure you work with an accountant to find all of the important deductions that will reduce your tax burdens, from credits for energy-saving installations like solar panels to deductions for items that you’ve had to purchase for the business over the course of the year.
Create a budget and stick to it—both for yourself and for your business. Having a plan is critical to every aspect of your business, but nowhere more than in your finances. You need a budget that will help you plan for future expenses, permit growth, and prepare you for challenges that you may face in the future. Make sure you know what expenses are coming and have a plan in place to pay them.
Whether you have personal debt that you need to take care of or debt related to starting your business, the faster you can pay down your debt, the better. Make sure that your budget includes a clear plan for reducing your debt—and that doesn’t just mean that you should make your minimum payment every month. Keep in mind that the sooner you pay down your debt, the less you’ll pay in interest over its lifetime—but do make sure that your contract doesn’t include early payoff penalties.
When you own your business, you’re responsible for handling your own retirement planning—including all of your contributions. No matter how much you enjoy owning your own company, the day will come when you decide to retire, whether as a result of your physical health considerations or simple desire to participate in more leisure time. Make sure that you have plans in place that will make retirement as smooth as possible.
One key element of your financial planning is the insurance you take out for every important element of your company. A solid insurance policy can be the difference between weathering a financial storm with ease and struggling to deal with a problem that could lead to financial ruin. This is especially true if you have a home office, as there are certain things that simply cannot be covered by your personal homeowner’s or renter’s insurance.
Having a firm grasp on every aspect of your business is the key to planning wisely and achieving your goals. If you’re just starting your own business (or have been self-employed for years, but just want to get freshly organized), download our free Small Business Plan Worksheet!
The folks at Kasprzyk Yellareddigari, LLC know a thing or two about going after your dreams.
Located in Princeton, NJ, the law firm was founded by Vijay Yellareddigari and Gayla Kasprzyk. When the two realized that they weren’t satisfied at their current jobs, they decided to go into business together and have been winning cases and helping others ever since.
As both lawyers and business owners, Yellareddigari and Kasprzyk understand the importance of business insurance—not just getting it AFTER you need it, but always having it to be prepared for anything.
Learn more about this legal power duo in this installment of our Small Business Spotlight!
For more information about Kasprzyk Yellareddigari, LLC, visit their website at k-ylaw.com.
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Wanting success is one thing. Knowing what “success” looks like to you is everything.
When you can name the things you want in life out loud, you breathe power into your goal and make it easier to achieve. After all, merely thinking about what you want only serves to keep everything in your head, but when you create a visual representation of your goal and speak about it to others, you can make it tangible and real.
In this second installment of the Law of Success series, Alan Levenson explains the importance of defining your definite aim and how to make it a reality.
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InsureYourCompany.com has been treating clients like family for over 15 years. You’ll never have to talk to an automated phone system—we have business insurance experts ready to provide personalized customer service, not only helping you with your insurance and employee benefits needs, but showing you how to be a smarter business owner.
If you are in the IT industry InsureYourCompany.com is the insurance agent you want to work with, we are technology insurance experts and have changed the way you do business. See below a list of professionals who we help today.
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