Yet it’s pretty easy to test the water.  Taking a little time out of the business to think about the long term, to think about your options, could buy you the time you need to turn an ailing business around, saving you time, money, reputation and self-pride.  Day in, day out I see business owners who fail to do this and simply drive the business to the wall, losing a lot, sometimes everything.  Don’t do the same as the rest, do like I did and buy yourself a hammock – it’s one of the best tools in my business!

If any of the following apply to you, you need to take some time out, consult with your trusted advisers – you are far too close to your own business to see all the issues, all your options or all your opportunities.  I know I am too close to my own business, you will be no different.  You will get much from your discussions with your adviser, whether they be your accountant, lawyer, IFA, business consultant or peer.

1. ‘I am the business’ - The boss who micromanages stifles all imagination and initiative, such that real growth and business improvement are impossible.  Eventually your staff will rebel, voting with their feet, leaving you to either downsize or fail.
2. ‘I am immortal’ – No you are not, nor is your business!  Without a succession plan, the business is only a heartbeat away from financial chaos.  Business owners who say say ‘they are winding down to retirement’ but have not brought a new owner/mover and shaker on board often fail because they have taken their eye off the ball.
3. ‘I have a plan, I’m just not telling anyone’ - many small business owners merely retain their plans in their heads.  They fail to communicate it to staff  – staff feel uncared for, they lose faith in the owner, communication breaks down, the best staff leave.  Putting a plan in writing will pick up alternatives, weaknesses, and opportunities you will not have properly thought through.  To fail to plan is to plan to fail.   Failing to stick to a regularly reviewed plan (that’s to say once you have produced it don’t just put it in a drawer and forget it) leads to a number of disasters, one being ………
4. ‘Grow, grow and grow’ – yes, despite the recession, some businesses are growing!  Businesses that expand too quickly can outrun their ability to cope with that growth – finance and production typically get out of control.  And don’t forget that every business that grows needs more cash – even if the forecasts don’t show it.  If your forecasts show you need more cash, then double it – life has a way of working out like that!
5. ‘Am I investing enough in the future?’ - If you don’t ask yourself this question, or you have done but your answer is no, then ultimately your business will fail.  Not today, not next week or next month maybe, but it will ultimately fail.  And with it will go your dreams.  Should you really be buying that new car to sit on your drive 90% of the time or that new production / IT system which will improve your productivity – for many small business owners the decision is often as brutal as this.  Putting the right decision off once may not cause monumental issues later on, but put it off a second and third time and you are in real trouble.  Cash is just one element of what is needed to build a sustainable business – what else should you be investing in?  – I’d argue that you, the business owner, taking time out to learn new skills yourself, to look at things differently, is probably the best investment you can make, yet most business owners only see training as something for the staff.  Why is that?  Again, don’t follow the herd.
6. ‘Everything’s fine, I don’t need to change anything’ – If you have an attitude that all you need to do is work harder to make the business a success, ultimately you will hit a brick wall where you cannot work any harder, and the business will fail because by that time you will be spending much of your time doing the wrong things.  This one is a big one.  I see this time and time again.  Doing the opposite of your competitors takes a good degree of courage.  Yet to be a success in business in the 2010s you need to truly ‘embrace change’ rather than resist it.  That’s the way it is, for everyone.  If you don’t like it, then get out of business and go and work for someone else.
7. ‘It’s the banks’ fault that I’m not making any money!’ – No it’s not! The banks are in business to make money for themselves, not to act as a charity for UK businesses!  The problem is with you! – you failed to identify and act upon the issues that put you in the hands of the banks, that effectively relinquished effective control of your business to them.  Now that you recognise this, what are you going to do about it?
8. ‘I don’t know what’s happening any more’ – If you don’t and you are in charge, who does?  All too often business owners fail to recognise what’s really happening.  They leave the figures for someone else.  They trust to luck.  These should not be an option if you really want to succeed.  If the business is not important to you, then adopt a happy-go-lucky attitude.  If it is important to you, as I am sure it is, then learn to understand the business and the key figures and factors that make it tick, both now and next month when things will surely be difefrent.  And make sure the key figures are at hand regularly, not just once a year looking back 6 months when the auditors come in!
9. ‘The customer is king’ - If the customer is king, then you should be God, otherwise all you have got is a different paymaster.  You set up in business to be in control of your own destiny, make sure that you are.  Do not allow the situation to develop whereby you are reliant on one or more key customers who ‘pull your strings’.  If you are already in this situation, recognise it, change it over time, you will enjoy life far more for it.  And you will reduce the risk of the business not succeeding.
10. ‘This time next year, we’ll be millionaires’ – It took the Trotters 7 series to become millionaires, despite all their efforts, and even then only by chance.  Building a sustainable business takes a lot of hard work, it requires a far greater commitment, and not just in terms of time, than when you worked for someone else.  You have to be doing most of the right things at the right time, consistently.  There’s no hiding place, you must be at the forefront of every battle, prepared to lose the odd fight, confident that you will win the war.  If you have never had, or had and have lost, that courage and drive, give up now before the business is taken from you.

Being in business today is harder than ever before.  Keep testing the water.  Recognise.  Take action.  Innovate. Move on.  Test the water again.  Recognise.  Take action ……….. If you do this, you’ll see a huge difference over the next 12 months.

Business auto insurance is very similar to personal auto insurance in terms of what it covers. Most business auto insurance policies provide collision, comprehensive, medical payment, uninsured and underinsured motorist, bodily injury, and property damage coverages. However, business auto insurance also covers damages caused by cargo and freight as well as other business specific damages not covered by traditional personal insurance policies.

Business auto insurance is absolutely imperative for businesses that operate fleet vehicles. Delivery companies, local producers who deliver to clients, and any other business that provides vehicles for company use must purchase sufficient business auto insurance to cover any damages by their drivers or damage to their fleet vehicles or cargo.

Once you have determined that you need to purchase business auto insurance, the next step is to shop the various providers to find the ones who can offer the best value auto insurance policy that meets your needs. Just like with other insurance policies, it is possible to get business auto insurance rate quotes online. However, since business auto insurance can be much more complicated than personal auto insurance, it may be necessary to discuss your needs carefully with your insurance broker to make sure that you are purchasing all of the coverage that you need.

URL: http://www.cheapestcarinsuranceinnewyork.com/category/general-car-insurance-articles/page/2/

COMPONENTS OF A BUSINESS PLAN

When you are satisfied with the bulk of the business plan, write the executive summary to pull the key points together as the introduction to your business plan. Business objectives are concrete goals; for example, gaining one new customer daily, or selling Si, 000 worth of gift certificates every month. People who choose the healing arts as a profession usually have an objective other than money—such as the desire to help people—but we all want to make a comfortable living, too. Refining your goals will help you carry out your objectives. Your motivations for going into business will shape your mission statement, which is a concise statement of your goals and purposes; for example, “The mission of Sunset On-Site Massage is to provide massage therapy to elders with respect and compassion, at their location, at an affordable price.” The keys to success section of your plan should highlight the strengths that will lead your business to profitability, striking a balance between enthusiasm and realism. A loan officer doesn’t want grandiose projections of profit right away; a potential lender would probably expect most businesses to operate at a deficit the first year and might immediately turn down your business plan if you’re making wild claims of instant profits. Experience can be presented in a positive light, regardless of what kind you have. If you’ve ever been self-employed, had a job, done volunteer work, been involved in extracurricular activities at school, or run a household prior to coming to massage as a career, name the responsibilities you’ve had and the talents and skills you possess. Mention the professionalism you bring to the job. If you have licensure, certification, registration, or whatever might be required in your state, mention that.

If you practice in a state that has no legal requirements, stating your professional training and certification(s) can set you apart from others. Define the services you offer. Highlight anything that’s unique about your services, such as offering a modality that isn’t available nearby. Include something that makes your business different from your competitors, such as “Each person who receives a massage is encouraged to use our sauna afterward at no additional cost.” If you business plan to cultivate mutual referrals, note that in your business plan. It will be helpful to list the professionals you intend to collaborate with, such as, “I have mutual referral relationships with a chiropractor located in my community, and also intend to cultivate relationships with nearly physicians.” Describe your location in the best positive light, such as parking availability, handicap access, and proximity to other goods and services. Mention anything that would make the location stand out: “Our business is located in the Historic District in the former Halifax Hotel that dates from 1849,” or “Our business is located in the new medical building at 101 Main Street.” Company highlights should briefly detail anything that makes your business accessible, market – friendly, competitive, relevant, and timely; “Our close proximity to the university and the sliding scale fees we business plan to offer to students will help our business succeed.

URL: http://finance2business.com/category/business-articles/

Why is it essential?
You may have absolute faith in the skills and knowledge of your business, but unfortunately – mistakes can happen.

If a third party suffers damage or loss because of your professional advice or knowledge, you could be faced with a negligence claim. A claim of this nature could be financially crippling for a business if there’s no insurance policy to fall back on.

Even if a spurious claim is made against you or your business, the legal costs involved in defending your reputation could be difficult to meet.

What can it cover?
If you’re accused of professional negligence, this type of cover could help you to meet legal expenses and any claims that are awarded to the third party.

Claims can take a number of different forms – from a missed critical deadline to a piece of flawed consultancy advice. Typically, most professional indemnity policies will help protect you for the following types of claim:

• Libel and slander
• Professional neglect
• Malicious falsehood
• Abuse of copyright
• Breach of confidentiality

Who wants it?
Anyone who provides a professional service to clients should consider professional indemnity insurance.

If you regularly give advice to clients, handle confidential data or are responsible for a client’s intellectual property – professional indemnity insurance should probably be a top priority.

For example, for legal firms and financial advisors, professional indemnity insurance will typically be a necessary regulation. Anyone acting as a consultant may also benefit from this type of cover.

URL: http://www.policyexpert.co.uk/know-how/professional-indemnity/.

Hilton-Baird Financial Solutions, who work as brokers in commercial finance, have conducted a six month survey of the SME Trends index. They found that 42% of businesses who responded to the survey openly admitted to using a credit card as an external source, which turned out to be second on the list. Topping the list were bank overdrafts at 44% of the business using them over the previous 6 months.

As said before, family and friends are becoming more widely used as a source of finance, and this was shown in the study with 20% of the firms admitting to this. Other sources include using asset finance and invoice finance, coming in at 25% and 21% respectively.

Looking to the future, many companies expect a possible increase in the VAT in January, and 34% of the surveyed are preparing for this increase to have a significant impact on their cash flow. This figure increased to 45% when looking at the companies that have used credits cards and family loans.

Evette Orams, who is the managing director of the company that conducted the survey, Hilton-Baird, has said she is amazed at the number of SME’s are looking for a ‘quick fix’ solution, even though they still carry a high risk. She has also stated that it is understandable that the owners of these businesses do indeed turn to friends and family, and even credit cards as these are a more familiar territory. However, these are indeed short-term fixes, and do not accounts for a permanent form of income for the future, which often get overlooked in the day-to-day activities.

URL: http://www.smallbusinesscover.com/blog/page/9/

The liability is a outcome of various errors and omission (also known popularly as E&O) that take place even though severe concern is exercised to avoid any predictable mistakes. Thus it is necessary to carefully plan the concept of business liability insurance to avoid distressing and undesirable legal actions from diverse sources. Insurance companies have therefore evolved comprehensive liability insurance cover for business clients that will as some of them term slash your risks quite considerably. It also increases your business confidence to a large extent and enables you to carry out activities with minimum worry of such risks. Almost all businesses need to invest in liability insurance if they have to comfortably work in an environment that is governed by the consumer’s authorities and concerns. It also helps in marketing their instruments that assure the prospective customers to become their long term clients. The Internet will be able to guide you in locating the most prominent and professional organizations that provide such liability insurance cover.

Business liability cover is not the only insurance available to the corporate or personal world. The professionals who work in organizations or those who are self employed or owners of businesses can also experience problems with the errors and omissions laws that can cause distressing situations in the course of the commercial activity. The same insurance companies who provide business insurance cover handle the personal insurances needed by the individuals or professional bodies. This type of cover is appropriately called professional liability insurance for coverage of problems related to unpredicted litigation due to errors or omissions. This also covers the mismanagement complaints and legal suits that commonly arise with medical and other professional practices. The insurance cover is a must for all professionals in any field as it will allow you to work confidently in your chosen line and yet exercise restraint and ethics with minimum risks of E&O that are really a part and parcel of our daily business life. This type of cover is extremely important for every professional in any sphere and must be taken for a comfortable practice of one’s profession.

URL: http://www.kalaog.org/business-professional-liability-insurance

You are liable for the safety of anyone who comes into your place of business. As soon as they step through the door you can be held liable if they should slip, trip or fall. You have probably seen adverts on the TV which proclaim to get you 100% recompense and it could be you and your business that they are claiming from next. In the event of a claim, if you do not have anything to fall back onto such as liability cover then you could be taken to court and it could come down to you having to sell your business if you cannot find the money to pay. With public liability insurance the insurance supplier would pay up to so much so you do have to check this amount when you apply for the cover.

The amount that you would be eligible to claim back from your policy would go towards how much you would pay for your insurance so it is essential that you do not take out too much liability cover but have just enough. If you have a large business that brings in many customers each day then you are at greater risk of someone suffering a trip or fall and this makes liability cover all the more important.

The type of business you have would also go towards determining how much you would have to pay for the cover. For instance if you have a business that involves renting out go-karts then your insurance premiums would be higher than if you had a small home run business for trimming hair. You should look for your insurance with a specialist provider who would be able to offer you tailored public liability insurance based on your business needs. There should be no one policy fits all needs as every business is different in its needs and the insurance that is needed. Whatever policy you are considering taking out would have to be checked over very carefully so that you can see what it offers for your business and the cover that it provides. You might not want pay out for a public liability insurance policy that would pay out millions of pounds if a claim had to be made as this would of course cost more.

URL: http://www.smallbusinesscover.com/have-you-got-public-liability-insurance-for-your-business-4/

Economic discretion
Consider what would happen if a fire should wreak havoc through your business building. Perhaps you run a manufacturing business, and the raw materials have gone up in smoke. Or maybe you have a shop, and your stock is three feet deep in water after a flash flood. Once you get over the initial shock of finding your business in that situation, how would you pay for the missing or damaged items?

Notwithstanding the disruption to your business caused by stopping to clean up the untidiness caused by the ruin, most businesses do not have the spare cash to replace lost stock or equipment from their own pockets. This is particularly true in a challenging economic environment. If you have adequate business contents insurance, on the other hand, it would typically pay out in these circumstances, meaning that your business could be up and running in no time.

The risks covered will not just typically include fire and flood. Insurers may cover loss caused by theft, storm, lightning, earthquakes, riot and civil commotion.
Accidental damage is not usually standard, but may often be an optional extra.

When you sit down to make an inventory of all the items you would like to cover, you will soon appreciate the value of the assets your business has. Having a clear schedule of your property will assist the insurance provider, and clarify exactly what is and is not covered by the policy.

Silence of mind
Apart from providing financial sanctuary, having sufficient business contents insurance in place will give you peace of mind, and enable you to get on with running your business without worrying about what might happen.

URL: http://www.smallbusinesscover.com/what-are-the-benefits-of-business-contents-insurance/#respond

Along with certain unexpected hazards that we may face in our day-to-day life, the running of a business…
Read More

Company Law

Company law is the law that regulates the relationship between the number of different parties who are involved…
Read More

Business Insurance

Along with certain unexpected hazards that we may face in our day-to-day life, the running of a business…
Read More

Company Law

Company law is the law that regulates the relationship between the number of different parties who are involved…
Read More

With so many commercial expenses to account for, when you are in charge of the purse strings for your business…
Read More

Public liability insurance for business

Whether you run a small business from home or whether you are the boss of a huge business that employs…
Read More

Company Law

Company law is the law that regulates the relationship between the number of different parties who are involved…
Read More

Business Insurance

Along with certain unexpected hazards that we may face in our day-to-day life, the running of a business…
Read More