You work hard for your clients, striving to provide services that will bring solid impact to their businesses. The cost impact to a small practice can be immense when a dissatisfied client brings in legal back up and sues. Even more troubling is a dishonest client, who may purely be seeking to force settlement.
Many types of businesses obtain liability insurance. We all are familiar with product liability exposure and malpractice exposure among doctors or lawyers. As consulting continues to grow, so too can the risks and the misconceptions among clients. The good news for professional advisors is that liability insurance is relatively inexpensive when viewed against other insurance costs small businesses may be buckling under like health care or auto.
Each small business is different, with its own risks to be assessed. Quotes can be obtained online, but we highly recommend you get in touch with your insurance broker to talk you through the various risk factors among practice types (ie. marketing consultants vs. IT, etc). Like many things involved in running a business, some times we don’t know what we don’t know when it comes to liability. Just that one quick call may give you peace of mind as you build your business.
Fostering the entrepreneurial spirit!
Friday, August 10, 2012
Sunday, July 22, 2012
Business Insider Offers Treasure Trove of Tips
If you're not aware of Business Insider by now, we recommend you check it out. It is often filled with great, ready-to-implement tips for small businesses. Gone are the long-winded theoretical posts and here are quick ideas you can capture AND USE.
In true BI fashion, here is a great post that culls some of the best-of-the-best in seemingly offbeat-yet-common-sense advice from the net for Small Business. We've captured the concepts below, with link to full article at the jump.
On Leadership:
Enforce vacations!
Stop selling to yourself!
On Strategy:
Stand out in the online world
Study your taxi driver
On Marketing:
Learn the basics of bootstrapping
Don't just create a brand!
On Communication:
Create a powerful message
Deal with picky customers
On Branding:
Make yourself more trusted
Now we're sure if nothing else piqued your interest, you're a little puzzled by studying your taxi driver. Check out the complete post for elaboration!
In true BI fashion, here is a great post that culls some of the best-of-the-best in seemingly offbeat-yet-common-sense advice from the net for Small Business. We've captured the concepts below, with link to full article at the jump.
On Leadership:
Enforce vacations!
Stop selling to yourself!
On Strategy:
Stand out in the online world
Study your taxi driver
On Marketing:
Learn the basics of bootstrapping
Don't just create a brand!
On Communication:
Create a powerful message
Deal with picky customers
On Branding:
Make yourself more trusted
Now we're sure if nothing else piqued your interest, you're a little puzzled by studying your taxi driver. Check out the complete post for elaboration!
Friday, July 6, 2012
Building (Business) Relationships Takes TIME
A major skill often requiring some fine-tuning with most entrepreneurs is the process of building relationships with prospective clients and future business associates BEFORE asking for the sale or discussing business participation specifics.
Most entrepreneurs are taught to talk to anyone and everyone they know and meet as soon as they can, about their new business BEFORE someone else gets to them first. This goes against all good business logic.
People do business with those they know, like and trust. New prospects need more than a first meeting to know, like and trust you. In all businesses, it takes time to build relationships that are mutually beneficial.
Be professional, focus on your goals and create a reason for people to do business with you – PERSONALLY!
Most entrepreneurs are taught to talk to anyone and everyone they know and meet as soon as they can, about their new business BEFORE someone else gets to them first. This goes against all good business logic.
People do business with those they know, like and trust. New prospects need more than a first meeting to know, like and trust you. In all businesses, it takes time to build relationships that are mutually beneficial.
Be professional, focus on your goals and create a reason for people to do business with you – PERSONALLY!
Saturday, June 30, 2012
Why You Need A Business Plan
Great ideas need landing gear as well as wings.” – CD Jackson – American publisher
Building a business is no different then building anything, there are many pieces to put together and many details to cover. If you were building a building (whether a tool shed or a skyscraper) you would need a plan!
The process of creating a business plan forces you to take a realistic, more or less detached look at your business in its entirety.
A finished business plan becomes a tool that will help you manage your business and work toward its success.
The business plan allows you to take nebulous thoughts and put them in concrete form. It is the difference between those who merely have an idea and those who make money on one.
The importance of planning cannot be overemphasized. It is the key to unlocking the door to success. And once you open that door, what do you find? About a thousand more doors with all kinds of variables, problems, and situations. The only way you can effectively handle those variables in a business venture is to have a logical, well-organized business plan.
By taking an objective look at your business, you can identify areas of strength and weakness. You can pinpoint your needs or details you might normally overlook. A business plan will give you enough information to help you spot problems before they arise. Planning will help you determine how you can best achieve your business goals.
A business plan does several things for you:
• Helps you identify your objectives.
• Helps you develop strategies to meet those objectives.
• Helps you earmark problems and suggests ways to solve them.
• Helps you avoid problems altogether.
• Helps create a structure to your business by defining activities and responsibilities.
Building a business is no different then building anything, there are many pieces to put together and many details to cover. If you were building a building (whether a tool shed or a skyscraper) you would need a plan!
The process of creating a business plan forces you to take a realistic, more or less detached look at your business in its entirety.
A finished business plan becomes a tool that will help you manage your business and work toward its success.
The business plan allows you to take nebulous thoughts and put them in concrete form. It is the difference between those who merely have an idea and those who make money on one.
The importance of planning cannot be overemphasized. It is the key to unlocking the door to success. And once you open that door, what do you find? About a thousand more doors with all kinds of variables, problems, and situations. The only way you can effectively handle those variables in a business venture is to have a logical, well-organized business plan.
By taking an objective look at your business, you can identify areas of strength and weakness. You can pinpoint your needs or details you might normally overlook. A business plan will give you enough information to help you spot problems before they arise. Planning will help you determine how you can best achieve your business goals.
A business plan does several things for you:
• Helps you identify your objectives.
• Helps you develop strategies to meet those objectives.
• Helps you earmark problems and suggests ways to solve them.
• Helps you avoid problems altogether.
• Helps create a structure to your business by defining activities and responsibilities.
Saturday, June 16, 2012
Planning and Implementation Go Hand-in-Hand
A plan succeeds only through action!
How many times have you heard a business owner proudly state, “I have a business plan”? Then you learn one or more of the following:
• The business plan was prepared when the business was first launched long ago.
• The plan has not been updated for years.
• The plan was prepared using a bank’s required format to help justify a loan.
• The management team does not refer to the plan.
• The plan is unwritten and exists only in the owner’s mind.
• The plan includes only general concepts and nothing specific.
A plan only has value if it helps guide implementation. That means it needs to be written and kept current. It needs to be used and referred to by the management team. It needs to include specific action items with target dates for completion.
Both plans and implementation are required to succeed. They go hand-in-hand.
If you act without a plan, you will be wasting time and money. If you plan without implementation, nothing gets accomplished.
Whatever business processes you follow, make sure they include both planning and implementation steps to ensure your actions are well thought out and your best laid plans are put into motion. The combination of advance planning and timely implementation goes a long way in building a successful business enterprise.
How many times have you heard a business owner proudly state, “I have a business plan”? Then you learn one or more of the following:
• The business plan was prepared when the business was first launched long ago.
• The plan has not been updated for years.
• The plan was prepared using a bank’s required format to help justify a loan.
• The management team does not refer to the plan.
• The plan is unwritten and exists only in the owner’s mind.
• The plan includes only general concepts and nothing specific.
A plan only has value if it helps guide implementation. That means it needs to be written and kept current. It needs to be used and referred to by the management team. It needs to include specific action items with target dates for completion.
Both plans and implementation are required to succeed. They go hand-in-hand.
If you act without a plan, you will be wasting time and money. If you plan without implementation, nothing gets accomplished.
Whatever business processes you follow, make sure they include both planning and implementation steps to ensure your actions are well thought out and your best laid plans are put into motion. The combination of advance planning and timely implementation goes a long way in building a successful business enterprise.
Tuesday, May 22, 2012
Why Small to Medium Sized Businesses Can Benefit From an Outside Perspective
Most business owners are really GREAT at their ‘business’ but find the ‘business of business’ tedious.
Using an outside business expert can:
Using an outside business expert can:
1. Free the owner to do what they love, do what they do best, and work ON the company!
2. Bring a fresh view and perspective to a business. Fresh eyes can often see better than those focused on the trees rather than the forest.
3. Supply expert advice and assistance for far less than then cost of an employee OR the owners time. Better known as the ‘economy of knowledge’ because the client gets the benefit of using an advisor for a fraction of the cost of any employee.
4. Accomplish the correction of issues and the capture of opportunities quicker than using inside resources. Outside experts are: experienced, objective, accountable and results oriented.
5. Finally have someone other than themselves who has the owners and the businesses best interests at heart.
Friday, May 18, 2012
And now for something completely different...
Every entrepreneur can use a break now and again. Blame it on snow-madness, blame it on March madness., or blame it simply on a little Friday-itis. Here are some good laughs to send you off into the weekend:
Accountant and the Business OwnerThere once was a business owner who was interviewing people for a division manager position. He decided to select the individual that could answer the question "how much is 2+2?"
The engineer pulled out his slide rule and shuffled it back and forth, and finally announced "It lies between 3.98 and 4.02".
The mathematician said "In two hours I can demonstrate it equals 4 with the following short proof."
The attorney stated "In the case of Svenson vs. the State, 2+2 was declared to be 4."
The trader asked "Are you buying or selling?"
The accountant looked at the business owner, then got out of his chair, went to see if anyone was listening at the door and pulled the drapes. Then he returned to the business owner, leaned across the desk and said in a low voice "What would you like it to be?"
----------------------------------------------------
A new business was opening and one of the owner's friends wanted to send flowers for the occasion. They arrived at the new business site and the owner read the card; it said “Rest in Peace”. The owner was angry and called the florist to complain. After he had told the florist of the obvious mistake and how angry he was, the florist said. “Sir, I”m really sorry for the mistake, but rather than getting angry you should imagine this: somewhere there is a funeral taking place today, and they have flowers with a note saying, “Congratulations on your new location!”
------------------------------------------------------
Fresh out of business school, the young man answered a want ad for an accountant. Now he was being interviewed by a very nervous man who ran a small business that he had started himself.”I need someone with an accounting degree,” the man said. “But mainly, I”m looking for someone to do my worrying for me.”"Excuse me?” the accountant said.”I worry about a lot of things,” the man said. “But I don’t want to have to worry about money. Your job will be to take all the money worries off my back.” “I see,” the accountant said. “And how much does the job pay?” “I’ll start you at eighty thousand.”"Eighty thousand dollars!” the accountant exclaimed. “How can such a small business afford a sum like that? “That,” the owner said, “is your first worry.”
------------------------------------------------------
A customer sent an order to a distributor for a large amount of goods totaling a great deal of money.The distributor noticed that the previous bill hadn’t been paid. The collections manager left a voice-mail for them saying, “We can’t ship your new order until you pay for the last one. “The next day the collections manager received a collect phone call, “Please cancel the order. We can ‘t wait that long. ”
hhhmmm, I think I had a client try that one once?!
Enjoy your weekend!
Accountant and the Business OwnerThere once was a business owner who was interviewing people for a division manager position. He decided to select the individual that could answer the question "how much is 2+2?"
The engineer pulled out his slide rule and shuffled it back and forth, and finally announced "It lies between 3.98 and 4.02".
The mathematician said "In two hours I can demonstrate it equals 4 with the following short proof."
The attorney stated "In the case of Svenson vs. the State, 2+2 was declared to be 4."
The trader asked "Are you buying or selling?"
The accountant looked at the business owner, then got out of his chair, went to see if anyone was listening at the door and pulled the drapes. Then he returned to the business owner, leaned across the desk and said in a low voice "What would you like it to be?"
----------------------------------------------------
A new business was opening and one of the owner's friends wanted to send flowers for the occasion. They arrived at the new business site and the owner read the card; it said “Rest in Peace”. The owner was angry and called the florist to complain. After he had told the florist of the obvious mistake and how angry he was, the florist said. “Sir, I”m really sorry for the mistake, but rather than getting angry you should imagine this: somewhere there is a funeral taking place today, and they have flowers with a note saying, “Congratulations on your new location!”
------------------------------------------------------
Fresh out of business school, the young man answered a want ad for an accountant. Now he was being interviewed by a very nervous man who ran a small business that he had started himself.”I need someone with an accounting degree,” the man said. “But mainly, I”m looking for someone to do my worrying for me.”"Excuse me?” the accountant said.”I worry about a lot of things,” the man said. “But I don’t want to have to worry about money. Your job will be to take all the money worries off my back.” “I see,” the accountant said. “And how much does the job pay?” “I’ll start you at eighty thousand.”"Eighty thousand dollars!” the accountant exclaimed. “How can such a small business afford a sum like that? “That,” the owner said, “is your first worry.”
------------------------------------------------------
A customer sent an order to a distributor for a large amount of goods totaling a great deal of money.The distributor noticed that the previous bill hadn’t been paid. The collections manager left a voice-mail for them saying, “We can’t ship your new order until you pay for the last one. “The next day the collections manager received a collect phone call, “Please cancel the order. We can ‘t wait that long. ”
hhhmmm, I think I had a client try that one once?!
Enjoy your weekend!
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