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Best In-Class Business Insurance for Technology Firms & IT Consultants
Operating a small business is a challenging but rewarding experience. For as much as you gain from setting your own hours, profiting from your hard work, and owning the resources to carry forward with you for a bright future, being the boss comes with a lot of responsibilities. First and foremost, you won’t be in a very good spot if you can’t figure out how to properly run the business. There are a lot of factors that go into building your brand, but we’ve managed to narrow down seven key tips for running a successful small business that will make you feel less like a mom-and-pop store owner and more like a major CEO…and help you make it there one day, too.
“He who stands for nothing falls for anything.” This is good advice for all aspects of life, business operations included. In order to be successful at your job, you must first understand what you hope to accomplish with your business and how you wish to go about it. Setting realistic goals and outlining the values you take into your business are instrumental in doing all of this. This will help you figure out where you wish to be after you start things as well as help you define your who your customers should be, the manner in which you conduct business, and all sorts of other things that you’ll find are important to being not just a good boss but a good person.
The internet is an essential part of any business these days, and with that comes data security. Instead of people in black masks breaking in to go through your filing cabinet, the new menace takes the form of hackers behind a screen stealing the credit card information on everyone who’s ever shopped at your store. Don’t take data security lightly. Learn the basics on internet safety and security or, if that’s not doable, hire someone who does to keep you safe.
Though most often used in the entertainment industry, content is no less king in any other type of business. For you, “content” will mean both what you sell and how you sell it. To put it simply, figure out what people want to buy and sell it in a way that will encourage them to buy it. If you have an amazing product but are terrible at selling it, you’ll be no better off than someone with an awful product but great salesmanship abilities. In order to succeed, you’ll need to become the best of both worlds under one storefront.
Repeat business will be a major part of your success, especially once you’re an established brand. In order to get some of this, good customer interactions will be just as important as having a good product. Whether you conduct business in person or online, giving off a welcoming and inviting feeling to your storefront is always a plus. For in person work, it’s even more important, as no one wants to go back to the store that had the owner cuss them out over something.
In many ways, social media has eclipsed many other forms of marketing in the modern day. For a large number of your customers, the main place from which they’ll hear about you is on a social media site. Similar to cultivating good customer interactions, connecting with your shoppers on social media is a good way to draw people in and create brand loyalty.
Understanding automation and how to integrate it into your business is a staple of modern work. It can be as simple as queuing up posts on social media ahead of time or shifting an assembly line over to robotic assembly. Either way, the end result is that you’re spending less time working on any single task and using your abilities to their fullest in other areas.
While it’s the last on the list, it’s no doubt the most important. For anything to succeed, you need a plan. Your business is no different, everything we’ve talked about so far being a part of your future plan. Constructing something comprehensive with set goals, an account of all the assets in your favor, how you plan to undertake business, who your customers will be, and how you’re going to protect yourself is key to success. Plan early and be open to adaptability, too.
Running a small business isn’t easy, but that sense of accomplishment when you finally make it just can’t be matched as a corporate drone. Remember these seven key tips for success to get well on your way to the big time. And if you need any help with growing your business or setting up the insurance side of things, get in touch with us at InsureYourCompany.com today.
2020 will be remembered as a pivotal year in world history. The worldwide COVID-19 pandemic caused a tsunami of business closures, bankruptcies, and lifestyle changes. Mandatory lockdowns and safety precautions kept many hard-working wage-earners away from their professions.
While many businesses closed, some entrepreneurs have been able to develop and grow amid it all.
Entrepreneurs such as Greg Kihlstrom of CareerGig describes his approach to business in 2020 far more aggressively than many others. He highlights the opportunity and all the many ways he can capitalize on these massive cultural shifts that are taking place.
Rather than hunker down and wait for the storm to pass, shrewd entrepreneurs are pivoting and positioning their enterprises to benefit as these wider societal, economic, and cultural shifts begin to take root and become permanent societal evolutions.
Sites like CareerGig and other gig-based work opportunities such as Uber, Postmates and TaskRabbitare all poised to benefit from a world that’s evolving.
As we all adopt a work-from-home, remote, or flexible gig-based work model, the infrastructure for those seeking work and those seeking workers will also change.
Entrepreneurs like Greg see the wave coming and are actively paddling their way out in front of it.
For many of us who have been working on a particular entrepreneurial path over the past many years or decades, this may be the ideal time for reflection.
It may even be time for a pivot.
Are you still providing the same value proposition that you were prior to the pandemic? Is the market more or less poised to leverage your product or service in the post-COVID world?
We are not simply contending that your business will, with proper insight and preparation, make it through the pandemic.
We are saying you can actually thrive in your niche during these times.
The easiest method of validation for this belief is that it has happened consistently in the past. Every economic downturn is inevitably followed by a recovery, and most times, a new all-time-high.
Remote work is a big one, of course, but that is not due solely to the Corona Virus. The general costs of commuting and inefficiencies of in-person work, paired with technological advances have also been driving the remote trend.
Freelance or gig work also is another market change that business owners, entrepreneurs, and employees alike should keep in mind. The freelance economy is projected to encompass over 50% of the entire economy by 2027.
As time progresses and these shifts continue to gather momentum, those who refuse change will end up behind.
While the market is looking for new variations of services and products, standard principles and good business practices that have not changed.
For one, continue to be mindful and focused on your UVP (Unique Value Proposition). Meaning, providing something that nobody else is able to, or operating in a way that nobody else in the market can.
Your UVP is what will garner a loyal following of regular customers who become brand advocates. Your UVP will enable customers to identify personally with the specific qualities that make your brand different from the rest.
When economic factors are constraining, such as during a wider economic downtown, you want to get as lean and mean as you can. This may mean taking a closer look at important business matters such as liability protection and insurance coverage.
Sometimes we are own weak point. Business leaders sometimes assume responsibility for too many aspects of their startup while ignoring, even if they lack expertise in certain areas.
Rather than fake it ’till you make it, the right answer is often to hire-in or partner with skilled and experienced individuals who complement your skills. Securing a competent business advisor with experience in your industry is another way to deploy assets to increase business productivity through human capital.
How you lead your enterprise through times of change determines how your business develops and grows. Bold, thoughtful, and purposeful action as a leader will benefit your organization, even it means trimming a little fat or performing a pivot.
We know that most business owners have a lot of insurance questions, especially in this current climate. Many companies want to know more about business interruption insurance. Our experts have the answers you have been searching for information that can help you make smart decisions.
Here is what you should know:
It takes hard work, sacrifice, and dedication to build a successful business. Whether you are a business owner or a prospective business owner, you should protect your investment.
Business interruption insurance replaces the business income lost by an insured in the event of a disaster that affects the business. Risks such as fire, floods, and property damage can force a business to shut down for restoration. A business interruption insurance policy is designed to help you recover lost income until you can operate again after a covered loss.
It can be difficult to determine how much coverage you need when it comes to business interruption insurance – a licensed agent can help. Keep in mind that you will be required to pay for extra expenses out of your pocket in case business interruption costs go beyond the coverage available.
Before purchasing business interruption insurance, you will need to know what your policy covers.
When your business can no longer maintain sales due to property damage, the insurance company will reimburse the profits you would have made had the insured event not happened. The payout will be based on the performance of your business in the past months.
Some policies will cover moving costs to a new location after business interruption. These costs may also include fixed costs such as operating expenses and some of the other costs you incur when doing business.
Depending on the extent of damage to your property after a business interruption event, you may need to buy new machinery and retrain personnel to use it. Business interruption insurance may cover the associated costs, making it easy for you to quickly recover from financial loss.
To retain your talented employees over the period you are not in operation, you will need to meet your payroll obligations. This coverage can cover the cost of payroll, so you do not lose your staff. The policy can also help you make loan payments when you are not generating income.
A temporary disruption of business operations can put you in a difficult financial situation. However, you will still be required to meet your tax obligations. Business interruption insurance can provide the funds you need to pay taxes to help you avoid penalties.
There are several items that this policy will not cover. These include property damage, losses resulting from the temporary or permanent shutdown of a business you depend on, losses related to other incidents, and extra expenses that are not within your normal operating costs. Losses caused viruses and bacteria are often excluded as well. A licensed agent can help you understand the policy coverages and exclusions.
Working with a reliable insurance company will assure you that your business is protected. Once you are ready to purchase business interruption insurance, contact usfor a policy that will meet your needs.
Many people and businesses are struggling during COVID-19, which makes charities and non-profit organizations more important than ever. Even if your business has struggled now is an ideal time to give back to the community any way that you can. There are many ways for your business to give back during COVID-19.
There are many opportunities for your business to volunteer in the community. Consider traditional volunteering avenues such as homeless shelters, missions, and larger organizations like the Red Cross or the Salvation Army. Keep in mind that there are countless other non-profits that need help during this time, such as animal organizations, food banks, civil rights organizations, senior centers, and veteran centers.
There are many online resources to help you find a non-profit in your area that your business would like to help, such as Great Non-Profits and CharityNavigator.org
Consider Donating. Donating is always an option if you do not have enough time to volunteer due to business demands or family needs. You can donate to any worthy organization around the world.
Create a food and clothing drive for people in need at your business and find a local organization to receive the donations. You may even consider promoting the drive with other businesses and locals. You can also deliver donations directly to a homeless shelter or perhaps a concentrated homeless population.
The more you involve the community with your charitable activities, the more they will respect and remember the integrity of your business. With a large enough effort, you may even attract media attention, which may encourage more people to support and give back to the community.
If you’re looking for ways to give back that’s a little more out-of-the-box, consider a craft drive, where your business creates things that people need, such as face masks, or put together essential baskets or kits with hand sanitizer and soap.
Sponsoring local families in need is also an excellent, meaningful way to give back to the community, and it’s ideal for businesses that may be short on time and money. As a family sponsor, you could provide the family with weekly or monthly care packages of food, cleaning supplies, personal care and bath essentials, socks, toys, and/or clothing, depending on the needs of the family.
As school starts again, whether online or in-person, children and youth are often in need of school supplies and clothing for the new year. Contact your local school district to find-out if they have any sponsoring programs already in place. Some school districts also have classroom sponsors in lower-income areas for arts, crafts, sports, activities, and other school supplies.
One of the best ways to give back to the community is to provide discounted or free products or services to those in need or those seriously impacted by COVID-19. Your business can set this up on a sliding scale or schedule a specific time to offer the services at a discounted rate.
Other companies have gotten more creative and revamped what products and services they provide, such as alcoholic beverage companies making hand sanitizer!
To find-out more about ways for your business to give back and succeed during COVID-19, or for any questions concerning your insurance coverage contact us!
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