Selecting Insurance Plans Using Needs Analysis

Knowing how much insurance you will need as a small business owner can be a challenging endeavor. Nevertheless, having the appropriate insurance policy can save a small business a lot of money.

Needs analysis can give you a better idea of what kind and how much insurance would be the optimum for your business. Of course, buying liability, property and health insurance, in addition to Workmen’s Compensation, can be quite expensive, so assessing your business’ needs and what kind and how much insurance can be crucial.

Evaluating Your Business

The first consideration when using needs analysis for deciding on an insurance policy for your small business consists of accurately analyzing the different liabilities and assets which directly affect the business. These include:

• Property – this includes equipment, real estate and other assets.
• Business Volume – the amount of accounts receivable and the average cash flow of the business.
• Salaries – how much you pay yourself and however many employees the company has.
• Overhead – the cost of running the business including rent, utilities and other miscellaneous expenses.
• Future Trends and the Local Economy – how future trends and the state of the local economy will affect the business in the future.

You can then better determine your company’s insurance objectives and what type of insurance plan would be optimal for your business by keeping the above factors in mind.

The second consideration for your insurance needs involves estimating your business’s potential for losses. This includes fire, theft, property damage, an employee’s legal action or losses due to economic hardship.

Getting the Right Amount of Insurance

Once you have evaluated your assets and liabilities, you will be much better prepared to determine how much insurance your company will need. You will want adequate coverage for your assets so make an accurate assessment of potential risks to your property to get adequate coverage.

Remember, a high premium will provide a higher amount of coverage so be aware of potential risks and make sure your business is covered for any high risk factors. Also, if you choose a higher deductible, you will probably pay less for your policy. Make sure you get the right amount of insurance depending on what your company can afford.

By law, your business will need Workers’ Compensation insurance. Consult with your company’s lawyer or advisor on how much your company may need and what type of package would be optimal for you and your employees.

Comprehensive coverage might be optimal for your business if you have several employees and own the business property. Group health and life insurance along with disability, property, flood and fire insurance can often be included in your policy.

Choose a Reliable Carrier

A reliable insurance company and an experienced agent can be an important element to obtaining the right amount of insurance for your business. A knowledgeable agent can help you perform your needs analysis, and can sometimes speed up the claim process, if you need to make one.

Also, choosing an insurance company with a good reputation and solid finances will give you greater peace of mind if any unfortunate event befalls your business. The last thing you need if you have to make a claim is an insolvent insurance carrier.

Finally, have your business appraised periodically to gauge how much insurance you will need on an ongoing basis. Since business finances and assets change over time, the amount of insurance you might need can also change.

Effective Sales Techniques for Small Business

You must believe in what you are selling.  Be passionate about your business and your customers will be excited too.  As you build your sales team, keep in mind that every person has a unique method of selling that suits his or her personality. Train your staff on how to handle the special customers that may require special care.

Low pressure selling

Pushy high pressure sales people are dreaded by most buyers. Educate your customers about the features and values of your product.  If possible, bring an item with you on sales calls to show and tell. Demonstrating your product in person allows the buyer to test out the product and will make your visit memorable. Explain why they should buy from you. Never talk badly about the competition. Keeping the focus on your company and what it has to offer can pay more dividends than forceful sales tactics.

Listen to your customers

Ask questions and let the client do the talking.  Give them your undivided attention and find out what is most important to them. Once you get an idea of what they’re looking for in a product or service, you can adjust your sales pitch accordingly.

Helping buyers save their company money is usually one reason.  Providing them with exceptional customer service and prompt delivery might be at the top of their list.  Listening to your customers requests could open the door for additional products and services to increase your business.

Know Your Business

Not just your company, but the industry.  Keep abreast of new technology and products related to what you are selling.    Let your customers know you are educated in all aspects of the industry and they can come to you if they have any questions.

Build a Relationship

Get to know your customers.  In a world of big box stores and online competition, you can remind customers that they are not just a number, they are special.  Pay attention to their interests and hobbies.  Keep a file on each customer to remind you of the little things before you call them.  It is a friendly way to show them you care, and may produce a few extra deals.

Keep in Contact

How often you call or visit your customers may depend on the type of business you have.  Pay attention to spending habits and pay them a visit just before their next order is about to be placed.  Keep all customers informed of new products and services as soon as they are available.  Be sure you let them know they can contact you if they have questions. Provide the client with your cell phone and email address. Staying up to date with their product or service needs could give you the edge you need to beat out the competition.

Customer Relations Management System

Customer history records are important to all facets of your business.  Records can be stored manually in the office, but to be more productive, consider a customer relation management system can be accessed by your employees, as well as clients.  Organize your customers starting with the initial contact point. Buying trends can be monitored by watching dates and quantities of each order.  Praises, complaints and customer service issues can also be entered and resolved by approved staff members.

Ask for the Business

Whether you are on the phone or making a personal call, always ask the customer for an order at the end of your visit. You’ve likely done the leg work – don’t miss out on an opportunity.

Internet Marketing Methods for Small Businesses

Building a website is just the beginning of marketing your business on the internet. Retail stores advertise in many ways to get live customers to walk through the door. Your site is a cyber door and you still have to advertise to get customers to enter.

Be social

Social network sites like Facebook and Twitter are helpful in getting others to know what you have to offer and developing a community.  Some call them gossip sites, but the truth is word of mouth advertising works.  Facebook pages can be created with ease.  The personal interaction with your clients and friends is invaluable.  Keep your tweets informative and fun for your followers and you will see your customer base grow.

Get on top

When prospective customers are searching the internet for your product or service, it is important that your company appears at the top of the list.  Improve your search engine ranking by using keywords that will match what the customer is looking for.  There are several sites that can help you choose keywords that may help you get a higher rating with search engines, like Google Insights or Google AdWords Keyword Tool.

Start a Blog

Everyone is doing it; there are millions of sites on the web where you can do it too.  You can set up a blog on your website or take advantage of other sites that allow open discussions.  When you make comments and share ideas on other related business sites you are getting free publicity and increasing your search engine rank at the same time.  Be sure to use your company name and keywords in your blog to increase your ratings.

Keep it fresh

Update your website often.  Maintaining a website yourself can become overwhelming when you have a business to run.  You can hire an outside web designer to build your site, but if you do, be sure you learn and understand the basics.  You can save a lot of money if you do minor updates on your own.  And who knows your business better than you?

Get published

Everyone is an expert at something.  You are the pro when it comes to your business.  Let others know how you can help them by writing articles and stories about your experiences.  There are many article directories that are looking for quality work to publish.  You can write about your topics, gain recognition with your peers and increase search ranking for free.

Let your web address be known

Print your website address on business cards, letter heads and brochures.  Yellow page and newspaper ads should never be published without your web address.  Mobile advertising on vehicles can be as simple as a one-liner in the back window of a car, or make a statement and turn your truck into an ad on wheels with vinyl graphics.  Pens, hats and even t-shirts are also effective ways to promote your website.

Free business listings

Search your company name and you will be surprised at the many business listing sites.  Claim your listing and customize the information with pictures, logos, contact information and links to your website.

Inquiries

Allow customers to email directly from your site if they have questions or comments.  Offer a newsletter or special discount in exchange for their email address. Build a database for future internet promotions.

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Utilizing Social Media in a Small Business

Social media – led by Facebook and Twitter – has revolutionized the way we communicate with one another. Just as e-mails and instant messages changed social interactions in the 1990s, social media, combined with smartphones, tablets and netbooks, now makes communication instantaneous. Posting status updates, sharing photos and creating events has now become so simple that any other method seems archaic. As a small business owner, how can you utilize social media in your business, both within your business and as a tool for product promotion?

Within Your Company

We’ve all heard every employee’s nightmare – their boss “friending” them on Facebook. While everyone is entitled to their own carefully constructed online persona, you can request employees to connect to you via a limited profile, which blocks off their private photos and comments. If you manage to get all your coworkers connected via Facebook, creating a private group for your office can be a remarkably efficient and fun way to keep things organized. Here are some things you can do with a private work group in Facebook.

Schedule events

Use the Facebook group to “invite” people to meetings or events. You can include the agenda and details in the invitation or event details. Facebook’s events are conveniently organized into “Attending”, “Not Attending” and “Maybe”, so it is easy for everyone to see who else will be in attendance. Encourage your co-workers to also create social events within the group to boost company morale. Having a shared calendar on Facebook keeps everyone on the same page at all times.

Create a repository of shared documents

Upload meeting minutes, company policies, or important notes to a cloud-based documents storage service, such as Microsoft’s SkyDrive or Google’s Google Docs, and post the link in your Facebook group. Make sure everyone has access to these documents, and you will instantly cut down on lots of wasted time and paper.

Share important company updates and memos instantly

Facebook groups allow you to post messages on the group wall, which can serve as a bulletin board for all work-related (or non-work related) issues. In addition, members can also “tag” other members in “Notes” to insure that company memos are received instantly. No more post-its on people’s desks and monitors!

Use it as an instant company phone book

If your employees have their phone number or e-mail addresses visible in Facebook, creating a workplace Facebook group will also create an instantly shared employee phonebook, which can be invaluable for employees needing to get in touch with each other.

As a Promotional Tool

Big companies constantly tap into YouTube, Twitter and Facebook for free, viral advertising. Create a customer-based front-end on Facebook, with its “Business Page”, which can increase your company’s visibility for free. This page should contain basic information – contact numbers, addresses and websites, as well as recent product information. Note that this is not the internal Facebook group mentioned in the previous part.

If your company has dedicated online customer service representatives, they can also staff the Facebook page and answer questions in real time via Facebook chat. Here are some other ideas to increase the visibility of your Facebook page.

Take advantage of the “Like” button

Place it your company website as well as under your popular products. Encourage visitors to share your products with their Facebook friends. On your Facebook business page, offer raffles and rewards for group members whom join and “like” your page.

Keep updates frequent

Once members join your page, your updates will appear instantly in their news feeds, which will bring them back if you post an interesting product or discount. Many video game companies and movie studios post teasers on their Facebook pages, which in turn gets shared to an exponential amount of users.

Use Facebook and Twitter in unison

Linking both pages to each other can double your audience instantly by driving traffic both ways. A number of applications currently allow cross-posting across both platforms.

Make sure your Facebook and Twitter pages are clearly printed on your business card and other promotional items.

These are some simple ideas to help you get started in integrating your business into the fast-paced world of social media, both internally and externally.

Tips for Protecting Your Intellectual Property

Every great business starts with a “perfect” idea. In the fast moving, dog-eat-dog world of corporate business, however, ideas are stolen, duplicated and imitated as soon as they are conceived. If you have that million dollar idea, how can you go about protecting it while still attracting the attention of prospective investors?

Your first step, before presenting your idea to any companies or investors, is to hire a lawyer experienced in patent laws for your industry. Have this lawyer help you patent your idea, if applicable, which is a time consuming and expensive process. Depending on the complexity of the idea, it can cost you $1,000 to $100,000. Patents generally take over two years to clear and last approximately 20 years once in effect. As your patent clears, instruct your lawyer to write a nondisclosure agreement, which forces companies to promise they won’t copy your idea, under penalty of litigation. Penalties should be strict but fair, as to not frighten off investors. Penalties in nondisclosure agreements are usually monetary.

Be aware, however, that companies often have their own teams of lawyers whose sole purpose is to circumvent nondisclosure agreements and patent laws, modifying your design just enough to avoid litigation. In this case, your lawyers can first serve a cease-and-desist letter, followed by a lawsuit, if the company does not cease production. Taking on an alleged copycat in court can be extremely costly and time consuming. In many cases, the court will not rule in your favor unless you can prove monetary damages as a result of the copycat’s actions, which can be difficult if your product’s sales have been rising. This can also be difficult to prove if your idea is still in the nascent phase, and has still yet to turn a profit.

There are three questions to always remember when sharing an idea: whom, when and how much.

• Remember who you’re speaking to about your idea – is it a partner whose business would be aided by its success, or an employee who can steal your idea and make it his or her own?

• Record when you disclosed information. If the meetings are documented clearly, with an attendance record, then they are admissible in court to prove the theft of intellectual property.

• Entrepreneurs often don’t know how much information to disclose. It is a good rule of thumb to disclose the minimal amount of information of the production phase when presenting your idea. In some cases it may be beneficial to mislead investors about the production process, as to detract any potential copycats. It is important, however, to get across the specific need your product fills, and its production margins. These are important factors that investors and companies will pay attention to.

In the corporate world, ideas are more valuable than cash. Major legal wars are fought over ideas, and a sub-culture of corporate espionage has even emerged to steal valuable trade secrets from competitors. Keep your valuable ideas clutched close to your chest and tread softly, when negotiating, but carry a big stick – in case those investors turn out to be copycats.

No Fail Formula for ALL Success- by Bob Proctor

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I want to tell you a story that maybe you can relate to, or if not perhaps you know someone with a similar circumstance. A lady I know, and good friend of mine, grew up in poverty and came from a dysfunctional family, like so many others have.  She found herself as a single mom early in her life and really was struggling in all areas.  Going from one bad relationship to another and never expereincing great success. She was not only broke - but she felt broken, in many ways. Then, one day things started to turn around for her, she was introduced to personal development.  This is when her real journey began.  She worked on developing herself and her skills, learning about herself and success.  With each lesson she learned, her life began to improve - one day at a time. About 5 years ago she had an experience that changed her life. What she learned that day brought about her first Quantum Leap into the life of her dreams. The experience wasn't what changed her - it was the process she discovered along the way. She started to consider: Could I use the process again but for a different goal and produce a great result? Would this process help me in my relationships? Or Business? What about my Health and Fitness? She started using the process to test it out. And what she found was proof.  She achieved goal after goal by using this simple process. Everything from really small goals, to huge goals like losing 55 pounds and starting a successful business. She began to use  the process in many different areas of her life and she started producing better results, faster.  She became far more consistent in achieving her goals, and people started noticing. People started to ask her what she was doing to create such great results.  She told them it was a simple 4 step formula that she was consistently applying that was making the difference. You can imagine what people said next... "Can you teach me?" Well, the lady in this story is Deena Morton.  She is the co-founder of Six Minutes to Success with her husband, Lanny Morton, and she is also the creator of FOURCE which is a process that can be used to help you accomplish any goal including financial, relationship, health, and business goals. Pretty cool, huh? Well, I was talking to Deena not too long ago - and I asked her if I could send her process out to all of my friends, and not charge them a penny for it.  Without hesitation she agreed. Top This is a 45 minute audio recording that explains, start to finish, a process that will absolutely change your life and your results,if you use it. It is simple, easy, effortless and fun - best of all though - it WORKS.  Click here to listen to Deena Morton's FOURCE. I use FOURCE when I'm setting goals, it helps me stay focused and get where I want to go faster... I hope it does the same for you. To your success, Bob Proctor

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HOW TO STUDY AND PASS ACCOUNTING EASILY

Study Skills and Web Sites for Accounting Students Adapted from a handout by Gladys Shaw, University of Texas at El Paso

You can be successful in accounting courses when you put in the necessary time and utilize good study habits and techniques. Excellent math skills are a plus but not an absolute prerequisite as many students mistakenly believe. The study strategies described below will help you study more efficiently and effectively and overcome your anxieties about learning accounting.

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1. Good Learning Habits and Attitudes

Study every day as soon after class as possible. Accounting knowledge is cumulative as each assignment builds on the previous one. Be sure to review and understand previous material before tackling new information. Spend as much time as it takes. Accounting requires much more time than most other classes. Plan to spend 6-9 hours a week of outside study for a three-hour accounting course. If you don't feel secure about steps or problem-solving, plan more time. Attend class without fail, even if you aren't prepared. This is your best opportunity to clear up troublesome areas. Participate in class. Take notes, ask questions, or give "Yes" or "No" answers at first. Participation improves your attention in class and gets easier with practice. Use all the help available. Use tutoring services; join an organized study group; attend exam review sessions if they are available. Keep a positive attitude. Know your reason for taking the class. Set goals for what you want to learn and assume personal responsibility for learning the course material. Complete all assignments on time.

2. Reading Study Strategies

Prior to reading, note the focus of the assignment in the stated objectives and topic captions. Read actively. Reading is not necessarily studying. Read to understand "why" and "how." Accounting is a technical and logical subject. It requires reasoning. Almost every sentence is important, so avoid passively highlighting your text. Instead, question, compare, and associate. Highlight main concepts and answers to questions such as "So what?" "What next?" When reading, maintain concentration. Active, participatory reading helps increase concentration. Try to study your optimum length of time at each study session. If you lose concentration, briefly change your activity: stand up, move around, drink ice water, all of which will give you more energy. Read critically. Try to discover reasons for the methods taught. Monitor your learning. First, consolidate and review previous material at the beginning of each study period. Preview new assignments before reading. Next, read, then question your understanding. Put question marks, stars, arrows to identify "muddy" points. These are indications of concepts you will ask about in class or when you visit your professor or tutor. Finally, make marginal notes of items you want to restudy. What do you want to know?

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Accounting Web Sites The following web sites are filled with information and links to effective study skills for accounting. The more approaches you experience, the more effective your learning skills become. Content-specific Learning Strategies for Accounting Accounting Problems (Muskingum College) Reading Strategies and Information Organization for Accounting(Muskingum College) Study Groups and Test Preparation for Accounting (Muskingum College) How to Study Accounting (Houghton Mifflin) How to Study: Accounting This is an outstanding site with many links to accounting study skills information including acronyms and calculators. (howtostudy.com) Specific Topics Related to Accounting CPA Exam Study Tips Complete list of skills from preparation to post exam strategies (SmartPros) Tax and Accounting Sites Directory This site breaks down information related to taxes, accounting, and payroll, and provides downloads. Click on the areas of interest, continuing until you reach the documents, which will download automatically. Professional Resources American Institute of Certified Public Accountants

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Accounting: Links to Professional Resources This site give a very long list of accounting professional resources.