Business data
Business Planning

Demystifying the Data for Small Business Owners

Are you overwhelmed by the sheer volume of data your business generates? Do you wonder which numbers are essential for making informed decisions? If so, you're not alone. Many business owners need help identifying key performance indicators (KPIs) that can provide valuable insights into their operations.

In this article, we'll demystify data tracking and provide a clear roadmap for identifying your business's most important numbers. We'll discuss the fundamentals, delve into industry-specific metrics, and offer practical tips for implementing a data-tracking system. And we’ll lay it out in list format to keep it as straightforward and uncomplicated as possible.

The Fundamentals of Data Tracking

Before we dive into specific metrics, let's establish a solid foundation. At its core, data tracking is about collecting and analyzing information to measure performance, identify trends, and make informed decisions. By understanding the key metrics that drive your business, you can gain a competitive edge, optimize operations, and achieve your goals. You can also make business decisions with your eyes wide open.

Here are some essential financial metrics that every business should track:

Revenue: This is the total income your business generates from sales of products or services.

Costs: This includes all expenses incurred in running your business, such as salaries, rent, utilities, and materials.

Profit. The dollar amount of revenue that remains after deducting costs and expenses.

Profit Margin: This is the percentage of revenue that remains as profit after deducting costs.

Cash Flow: This refers to the movement of money into and out of your business.

Debt-to-Equity Ratio: This measures your business's leverage and financial stability.

If you aren’t currently tracking these numbers, or if you are but don’t know how to interpret them so that you can make informed decisions for your business, it’s time to get support. I can help. Read to the end, and I’ll show you how to book a call with me for more information.

While tracking these numbers is essential, it's important to remember that you’ll also have other data to track, depending on your industry and business model.

Tailoring Your Data Tracking to Your Industry

Each industry has its own unique set of metrics that are particularly relevant. For example, a retail business might focus on sales per square foot, customer acquisition cost, and inventory turnover. A manufacturing company might track production efficiency, defect rates, and cost per unit.

Depending on your industry, consider tracking the following metrics:

Retail: Sales per square foot, average order value, customer lifetime value, inventory turnover, and customer satisfaction.

Manufacturing: Production efficiency, defect rates, cost per unit, lead time, and on-time delivery.

Service: Customer satisfaction, net promoter score, average revenue per customer, and employee turnover.

Technology: Customer acquisition cost, customer churn rate, monthly recurring revenue, and time to market.

These are just a few examples. In order to know exactly what you should be tracking for your business, get support tailored just for you. Doing so will give you a complete picture so you can benchmark your performance against competitors, identify areas for improvement, and make clear, informed decisions.

Implementing a Data Tracking System

Once you know which metrics to track, it's time to implement a system to collect and analyze your data. Here are some tips to get you started:

Choose the right tools: There are many software options available, from simple spreadsheets to advanced business intelligence platforms. Select a tool that meets your needs and budget.

Define your goals: Determine what you want to achieve with your data tracking. This will help you prioritize which metrics to focus on.

Collect data consistently: Ensure that data is collected accurately and on a regular basis.

Analyze and interpret: Use data analysis tools to identify trends, patterns, and insights.

Take action: Based on your analysis, make informed decisions to improve your business.

One word of caution here. Do not attempt to track these metrics by yourself! This is not the best use of your time as a business owner. Your job is to meet with the people who are tracking this data for you and then make decisions based on an analysis of the data.

And remember, data tracking is an ongoing process. As your business evolves, your data needs may change. Continuously review your metrics and make adjustments as necessary.

By understanding the fundamentals of data tracking, tailoring your metrics to your industry, and implementing a robust system, you can harness the power of data to drive your business forward. Don't let the complexity of numbers overwhelm you. With the right approach, data can be your greatest ally in achieving success.

The Advisor You Need So You Can Make Decisions With Your Eyes Wide Open

As your trusted LIFTed Business Advisor, I understand the importance of data-driven decision-making. It’s the only way to make decisions with your eyes wide open. That's why I offer a comprehensive LIFT Business Breakthrough Session, where we'll analyze your current foundational systems and identify opportunities for improvement. Then, we’ll develop a plan to help you achieve your highest business goals.

Book a call here to learn more and get started today.

This article is a service of a Personal Family Lawyer®. We offer a complete spectrum of legal services for businesses and can help you make the wisest choices with your business throughout life and in the event of your death. We also offer a LIFT Business Breakthrough Session™, which includes a review of all the legal, financial, and tax systems you need for your business. Call us today to schedule.

The content is sourced from Personal Family Lawyer® for use by Personal Family Lawyer® firms, a source believed to be providing accurate information. This material was created for educational and informational purposes only and is not intended as ERISA, tax, legal, or investment advice. If you are seeking legal advice specific to your needs, such advice services must be obtained on your own separate from this educational material.

We offer a complete spectrum of legal services for business owners and can help you make the wisest choices on how to deal with your business throughout life and in the event of your death. We also offer you a LIFT Your Life And Business Planning Session, which includes a review of all the legal, insurance, financial, and tax systems you need for your business. Schedule online today.

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business decisions
Business Planning

A Guide to Recent Supreme Court Wins for Small Businesses

As a small business owner, you must constantly navigate a complex legal landscape. From federal regulations to local ordinances, it's hard to keep up with all the laws that affect you, but if you don't, you could suffer the consequences.

In this article, I'll simplify the recent legal landscape for you by examining a few recent Supreme Court decisions and explaining how they affect your business. Then, I'll show you how to get ongoing support so you never have to keep up with changes in the law on your own.

We'll start with the most significant recent law change, the “Chevron Doctrine.”

Fewer Restrictions on Small Businesses

One of the most significant rulings for small businesses this year was the Supreme Court's decision to overturn something called the “Chevron Doctrine.” This doctrine refers to a decision that became law in 1984, giving federal agencies broad authority to interpret laws and regulations. In essence, if an agency's interpretation was reasonable, courts had to defer to it, and businesses were bound to it.

This often led to situations where small businesses were faced with confusing or overly burdensome regulations. The Supreme Court's decision to overturn the Chevron Doctrine means that courts will now have more power to review and challenge agency interpretations. This is a major win for small businesses, as it gives them more leverage to fight back against unfair regulations.

To better illustrate the impact of the Chevron decision, let's consider the case of a small manufacturing company. This company was facing a significant increase in regulatory costs due to a new Environmental Protection Agency (EPA) rule. The company believed that the EPA's interpretation of the rule was unreasonable and would put its business at risk. After all, small business owners have fewer resources than their big-business counterparts, so compliance could mean the difference between financial success and financial ruin.

Before, the company would have had limited options to challenge the rule. However, after the Chevron Doctrine was overturned this year, the company was able to file a lawsuit arguing that the EPA's interpretation was unlawful. The court agreed with the company and struck down the rule.

More Protection from Unfair Regulations

In addition to overturning the Chevron Doctrine, the Supreme Court also ruled in favor of small businesses in several other cases. For example, the Court struck down a rule that allowed the Securities and Exchange Commission (SEC) to pursue enforcement actions against small businesses without providing a jury trial. This is a significant victory, as it protects small businesses from potentially unfair and costly legal proceedings.

The Court also ruled that small businesses can challenge federal regulations even if they haven't been directly harmed by them. This is important because it allows small businesses to fight against regulations that could potentially harm them in the future.

Additional Supreme Court Victories

In addition to the cases discussed above, the Supreme Court has also ruled in favor of small businesses in several other areas. These include:

Labor law: The Court has ruled that small businesses have the right to require employees to sign arbitration agreements, which can help to resolve disputes more efficiently.

Tax law: The Court has ruled that small businesses can deduct certain expenses related to their businesses, even if these expenses are incurred for personal purposes.

Property rights: The Court has ruled that small businesses have the right to challenge government takings of their property, even if the government is acting in the public interest.

These recent Supreme Court decisions are a major victory for small businesses. They demonstrate that the Court is committed to protecting the rights of small business owners and preventing them from being overwhelmed by burdensome regulations.

As you continue to grow your business, it's important to stay informed about the latest legal developments. By understanding your rights and knowing how to protect your business, you can increase your chances of success.

How to Stay Informed About Legal Developments On Your Own

As a small business owner, it's important to stay informed about the latest legal developments so you don’t run afoul of the law, and so you can take advantage of changes in the law that benefit you. If you want to stay on top, here are some tips for staying up-to-date:

Leverage online resources: Government websites are updated often, especially when there’s a recent change in the law, so make sure you have a system for reading them often. You can also check out websites for industry associations, as they will also inform you when a law change affects that particular industry. Additionally, if you are active on social media, follow experts in the industry, as they may keep readers notified of any updates.

Attend conferences: Many industries hold conferences where you can not only network with other business owners but also stay informed about topics affecting that industry.

Follow legal blogs and websites: There are many legal blogs and websites (like this one!) that cover issues relevant to small businesses. Be sure to follow those that publish frequently, as many do not. You don’t want to rely on outdated information.

Finally, know that many types of law affect your small business and the law can change often. If you aren't staying on top of these changes, you may find yourself at a disadvantage in the marketplace, or worse. However, it takes an investment of time and energy to keep abreast of the constant changes in the law, and it’s probably not the highest leveraged activity for you. You should use that time to focus on only the things you can do to push your business forward.

We Keep You Informed About Changes in the Law So You Can Focus on Your Business

As a small business owner, your time is valuable. Trying to keep up with the constantly changing legal landscape is not only time-consuming but can also lead to costly mistakes. Instead of wasting your precious resources on legal research, let me handle it for you. As your LIFTed Business Advisor, I'm committed to informing you about the latest legal developments affecting your business. By staying up-to-date on relevant laws and regulations, I can help you avoid costly legal pitfalls and ensure your business is protected.

Schedule a call with me to learn about my LIFT Business Breakthrough Session, where we’ll take a deep dive into all your business systems, including legal, identify any gaps that could put your business at risk, then create a plan for getting your business on solid footing. With the right plan in place, you can focus on what you do best—growing your business.

Book a call here to get started today.

This article is a service of a Personal Family Lawyer®. We offer a complete spectrum of legal services for businesses and can help you make the wisest choices with your business throughout life and in the event of your death. We also offer a LIFT Business Breakthrough Session™, which includes a review of all the legal, financial, and tax systems you need for your business. Call us today to schedule.

The content is sourced from Personal Family Lawyer® for use by Personal Family Lawyer® firms, a source believed to be providing accurate information. This material was created for educational and informational purposes only and is not intended as ERISA, tax, legal, or investment advice. If you are seeking legal advice specific to your needs, such advice services must be obtained on your own separate from this educational material.

We offer a complete spectrum of legal services for business owners and can help you make the wisest choices on how to deal with your business throughout life and in the event of your death. We also offer you a LIFT Your Life And Business Planning Session, which includes a review of all the legal, insurance, financial, and tax systems you need for your business. Schedule online today.

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Business
Business Planning

Is a Four-Day Workweek the Future of Business?

The concept of a four-day workweek has gained significant traction in recent years, with many companies experimenting with this innovative approach to work-life balance. While the idea of having an extra day off each week may seem like a dream come true, the reality is more complex. Let's delve into the pros and cons of this trend and explore whether installing a four-day workweek would suit your business.

The Appeal of the Four-Day Workweek

The allure of a four-day workweek is undeniable. Imagine having an extra day each week to relax, spend time with loved ones, pursue hobbies, or simply unwind. The potential benefits for both employees and employers are significant.

For employees, a shorter workweek can reduce stress, improve job satisfaction, and improve overall well-being. Studies have shown that a four-day workweek can reduce burnout, increase productivity, and enhance work-life balance. When you have more time for yourself, you're less likely to feel overwhelmed and more likely to be motivated and engaged in your work.

For employers, a four-day workweek can offer several advantages. It can help attract and retain top talent, as many job seekers prioritize work-life balance. Additionally, a shorter workweek can lead to reduced turnover, which can save companies time and money. Furthermore, a four-day workweek can have a positive impact on the environment by reducing commuting and energy consumption.

Speaking of attracting top talent, here’s some food for thought as you plan your company’s future: as Generation Z enters the workforce, they bring a new perspective on work-life balance. Unlike previous generations who may have prioritized high salaries and career advancement, Gen Z is more concerned with finding jobs that align with their values and provide a healthy work-life balance. This shift in priorities is driven by a desire to avoid the burnout and dissatisfaction experienced by older generations. Gen Zers want careers that allow them to pursue their passions, spend time with loved ones, and maintain a fulfilling personal life.

The Challenges of Implementing a Four-Day Workweek

While the benefits of a four-day workweek are clear, there are also challenges to consider. One of the biggest hurdles is scheduling. Coordinating schedules within teams and with clients or customers can be more complex when everyone is working fewer days. Additionally, reduced operating hours may impact customer service availability.

Another potential issue is the increased workload per day. To maintain productivity, employees may need to work longer hours on the days they do work. This could lead to fatigue and burnout if not managed properly. Furthermore, reduced face-to-face interactions could impact teamwork and knowledge sharing.

Now that we’ve considered the pros and cons of a four-day workweek let’s consider whether it would benefit your business. We’ll start by considering the industries best suited for this change.

The Best Industries for a Four-Day Workweek

Certain industries are more suited to a four-day workweek than others. Knowledge-based industries, such as technology, finance, and consulting, often benefit from flexible work arrangements. Creative industries, like design and marketing, can also thrive with a shorter workweek. Service industries, such as customer support and call centers, may also be able to experiment with a four-day workweek, especially if AI (artificial intelligence) can stand in for humans.

However, industries that require continuous operations, such as manufacturing or healthcare, may face unique challenges in implementing a four-day workweek. These industries often involve essential services that cannot be interrupted.

Is the Four-Day Workweek the Future of Business?

A growing number of small businesses are testing the waters - and the results are positive. A recent article in Inc. magazine shows that companies such as Tones of Melanin, POV Agency, and Bird Hill PR, are finding that a four-day workweek not only improves employee satisfaction but also boosts productivity and profitability. These companies have experienced increased employee morale, reduced burnout, and enhanced work-life balance, leading to better employee retention and overall business performance. POV Agency, in particular, found that employees became more focused and efficient during their shorter workdays. 

If you’re considering making the shift to a four-day workweek in your business, know that success depends on careful planning, effective implementation, and a supportive company culture. By addressing the potential challenges and leveraging the benefits, you can create a more sustainable and fulfilling work environment for your employees.

The Advisor You Need, The Guidance You Want

The four-day workweek is a trend that is likely to continue gaining momentum. While there may be challenges to overcome, the potential benefits for you as a business owner may make it a compelling option.

As your trusted LIFTed Business Advisor, I understand the impact significant changes can have on your business - if you don’t have the right foundations in place. That’s why I offer a LIFT Business Breakthrough Session, where we'll analyze your current legal, insurance, financial, and tax systems and identify any gaps that could negatively impact your business. Then, together, we'll ensure that your business is prepared to navigate any changes that set your company and employees up for success.

Book a call here to learn more and get started today.

This article is a service of a Personal Family Lawyer®. We offer a complete spectrum of legal services for businesses and can help you make the wisest choices with your business throughout life and in the event of your death. We also offer a LIFT Business Breakthrough Session™, which includes a review of all the legal, financial, and tax systems you need for your business. Call us today to schedule.

The content is sourced from Personal Family Lawyer® for use by Personal Family Lawyer® firms, a source believed to be providing accurate information. This material was created for educational and informational purposes only and is not intended as ERISA, tax, legal, or investment advice. If you are seeking legal advice specific to your needs, such advice services must be obtained on your own separate from this educational material.

We offer a complete spectrum of legal services for business owners and can help you make the wisest choices on how to deal with your business throughout life and in the event of your death. We also offer you a LIFT Your Life And Business Planning Session, which includes a review of all the legal, insurance, financial, and tax systems you need for your business. Schedule online today.

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Business Planning
Business Planning

Advanced Planning Saved This Business and It Can Save Yours, Too

Imagine you're playing a friendly game of disc golf with your spouse. Suddenly, you lose control of your left hand, and for a terrifying five minutes, you can't speak. Your face droops and your body feels numb. You might think you're too young to be having a stroke—but that's exactly what happened to Jenny Bristow, the 40-year-old founder and CEO of Hedy & Hopp, a healthcare marketing company based in St. Louis.

Jenny’s story is a wake-up call for every business owner. You never know when a personal crisis might strike, and you need to be ready. Planning could make all the difference in keeping your business afloat and thriving, just like Jenny managed to do. So, in this article, we’ll look at what advanced planning is, what strategies you can take to get your business ready for the unexpected, and what you can do now to get your plan in place.

What if You Found Yourself in a Crisis?

Jenny Bristow never expected to suffer a stroke, especially at just 39 years old. While enjoying a vacation with her husband in Arizona, she suddenly lost control of her left side and struggled to speak. Jenny had experienced a major ischemic stroke, one that left her facing a series of health problems in the months that followed. During that time, she endured another mini-stroke, debilitating migraines, and memory issues that left her unable to work for more than an hour a day.

For most business owners, this would spell disaster. You know how vital it is to be involved in every aspect of your company, from overseeing daily operations to planning for future growth. But what if, like Jenny, you found yourself suddenly unable to work? What would happen to your business? Would your business continue or come to a screeching halt?

Luckily, Jenny planned ahead with a thoughtful succession plan, and thanks to her careful planning and preparation, Hedy & Hopp didn’t just survive; it thrived. The company is now on track to nearly double its revenue to $4 million, all because Jenny took steps to prepare for the unexpected well before it happened.

I want to double-click on that last phrase: “well before it happened.” It’s so tempting to brush off any kind of planning for unpleasant things, like incapacity and death, especially if you think the chances are slim that either will happen to you any time soon. But if you don’t plan ahead of time, it could be too late. Your business will already be at risk.

So, what can you do to start planning now while you can? Read on.

How You Can Prepare for the Unexpected

Here are some strategies to get you and your business ready for any crisis:

Build a Strong Team: Your employees are your most valuable asset, especially when you’re not around. Make sure you have trusted employees who understand your vision and can keep the business moving forward in your absence. Train them well, empower them to make decisions, and keep them informed about critical aspects of your business. Create an environment where your team feels comfortable taking the initiative and solving problems. The goal is to create a team that can function independently so your absence doesn’t stop progress.

Document Your Processes: Think about all the daily operations that keep your business running smoothly. Are they written down somewhere? If not, start creating a manual that outlines each step. This could include managing clients, handling finances, or dealing with unexpected situations. When your team has a clear guide, they can keep things moving even if you’re not there to give directions. This documentation can make a world of difference in how smoothly things go when you’re away.

Secure Your Financial Future: Money issues are one of the biggest threats to any business. Make sure you have an emergency fund set aside for your company. This fund can help cover expenses if revenue slows down because of your absence or any unexpected challenges. Also, consider insurance policies that protect you in case of severe illness or disability. Life insurance, disability insurance, and key person insurance can all help ensure that your business has the financial resources to continue, even if you cannot be there yourself. Having a financial safety net in place gives your business the best chance to survive and thrive, no matter what comes your way.

Prepare for Leadership Transitions: Even if you don’t plan on leaving your company anytime soon, having a succession plan is a good idea. Identify who would take over in your absence, and make sure they’re prepared to step into a leadership role if needed. This might mean grooming a second-in-command, developing leadership skills in several key employees, or even considering an outside hire who could step in temporarily. Whatever approach you choose, make sure you have a clear plan in place so that your business isn’t left scrambling in the event of an unexpected change.

Communicate Clearly: Inform your team about your plans and ensure they understand their roles in your absence. Open communication builds trust and ensures everyone is on the same page. Schedule regular check-ins to review processes, discuss any changes, and address any concerns your employees might have. When your team knows what to expect, they’re better equipped to handle any challenges that come their way.

Stay Adaptable: Life is full of surprises, and the best-laid plans sometimes need to change. Stay flexible and be ready to adapt your strategy as needed. If you encounter a challenge you didn’t anticipate, don’t be afraid to pivot. Look for new solutions, ask for help if needed, and keep your focus on the long-term success of your business. The ability to adapt quickly and effectively is one of the most valuable skills any business owner can have.

Your Next Step

So, what steps should you take today to protect your business from the unexpected? Start by assessing your current situation. Do you have the right team in place? Are your processes documented? Do you have an emergency fund and the appropriate insurance? Then, consult with a trusted advisor who can guide you.

As your LIFTed Business Advisor, I know how a personal crisis can disrupt your business in ways you might never expect. That's why I offer a comprehensive LIFT Business Breakthrough Session, where we'll review your current business foundations, including what plan is in place to protect your company in case of unexpected events like a health crisis, and identify areas that need improvement. Together, we'll create a comprehensive plan that ensures your business can thrive no matter what life throws your way. With my guidance, you can build clear processes, and secure your company’s success so you can focus on what you do best—running and growing your business.

Book a call here to learn more and get started today.

This article is a service of a Personal Family Lawyer®. We offer a complete spectrum of legal services for businesses and can help you make the wisest choices with your business throughout life and in the event of your death. We also offer a LIFT Business Breakthrough Session™, which includes a review of all the legal, financial, and tax systems you need for your business. Call us today to schedule.

The content is sourced from Personal Family Lawyer® for use by Personal Family Lawyer® firms, a source believed to be providing accurate information. This material was created for educational and informational purposes only and is not intended as ERISA, tax, legal, or investment advice. If you are seeking legal advice specific to your needs, such advice services must be obtained on your own separate from this educational material.

We offer a complete spectrum of legal services for business owners and can help you make the wisest choices on how to deal with your business throughout life and in the event of your death. We also offer you a LIFT Your Life And Business Planning Session, which includes a review of all the legal, insurance, financial, and tax systems you need for your business. Schedule online today.

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Networking
Business Planning

The Secret to Effective Networking: It’s Not About You

As a business owner, networking may feel like a necessary evil. You have to get your name out there by meeting other people, but does it have to be so uncomfortable? Making small talk and figuring out how to promote yourself and your business without sounding cringy is no easy task for most of us.

If you’ve felt this way before, you're not alone. A recent Forbes article discusses the discomfort that abounds in the American networking style and contrasts the American way with how Italians network. The American approach to networking often seems forced and self-serving. However, the Italians network in a way that allows business connections to form naturally, based on genuine relationships and a desire to help others, which is easier and more satisfying. So, let's explore how you can promote your business by networking more effectively with a few strategies from our friends across the Atlantic.

The Problem with American-Style Networking

You've probably been there. You walk into a crowded room, name tag slapped on your chest, and immediately feel the pressure to "work the room." Everyone around you is on a mission to collect as many business cards as possible, and it feels superficial, or like a waste of time.

But here's the thing: this approach rarely leads to meaningful connections. You might walk away with a stack of cards, but how many of those people will you actually remember? And more importantly, how many of them will remember you?

The American style of networking often focuses on quantity over quality. You're taught to elevator pitch your way through conversations, always looking for what others can do for you. It's exhausting, and frankly, it doesn't work as well as you might hope.

The Italian Approach: Building Relationships, Not Contact Lists

Now, picture this: You're at a small café in Italy. You strike up a conversation with the owner about the local olive harvest. Before you know it, he's introducing you to his cousin, who runs an import-export business. You're not trying to network – you're just having a pleasant conversation. Yet somehow, you've made a valuable business connection.

This is the essence of Italian-style networking. It's not about collecting contacts; it's about building relationships. Italians don't see networking as a separate business activity. Instead, it's woven into the fabric of daily life. They help others because it's the right thing to do, not because they expect something in return.

In Italy, the phrase "I've got a guy" is common. Need a plumber? Your neighbor's got a guy. Looking for the best local wine? The shopkeeper's got a guy. This network of personal recommendations is built on trust and genuine connections. And guess what? It's incredibly effective for business too.

How to Network Effectively

How can you bring this Italian flair to your networking efforts? Here are some key strategies to keep in mind:

Focus on Giving, Not Getting. The next time you're in a networking situation, flip the script. Instead of thinking about what others can do for you, ask yourself how you can help them. You may know someone who'd be perfect for their project, or you have experience that could solve a problem they're facing.

Offer Something of Value, Deliver it, Then Follow Up. In the same vein, offer something of value to someone else. Then, deliver the thing of value immediately and follow up after. The thing of value should be related to your business or the services you provide, and could be a free book, report, or a free service. Then once you’ve delivered the valuable offer, follow up by continuing to add value until they are ready to take the next steps. One example may be including them on your house list and sending a weekly email newsletter. But make sure your newsletter is chock-full of interesting and valuable content that people want to read!

By focusing on giving value first, you create a positive impression. People remember those who help them and are more likely to return the favor down the line. Plus, it just feels good to help others!

Take Your Time and Build Genuine Connections. In the Italian approach, relationships aren't built in a single conversation. Take the time to get to know people beyond their job titles. Ask about their interests, their families, and their dreams. Share your own stories and experiences.

This doesn't mean you need to become best friends with everyone you meet. But by showing genuine interest in others as people, not just potential business contacts, you create deeper, more meaningful connections. These are the relationships that lead to long-term business opportunities and partnerships.

Expand Your Network Organically. Instead of limiting your networking to formal business events, look for opportunities to connect with people in everyday situations. Join a local sports league, volunteer for a community project, or become a regular at your neighborhood café.

As you build relationships in these settings, you'll naturally expand your network. And because these connections are based on shared interests or experiences, they're often stronger and more genuine than those formed at traditional networking events.

The Long-Term Benefits of Effective Networking

Adopting this approach might feel slow at first. You're not going to walk away from every interaction with a new client or business deal. But over time, you'll build a network of people who know, like, and trust you. And that's incredibly valuable in business.

Think about it: when you need a service or product, who are you more likely to choose? A company you found through a Google search, or one recommended by a friend you trust? Effective networking puts you in the position to be that trusted recommendation.

Moreover, this style of networking is more sustainable and enjoyable. You're not constantly "on," trying to sell yourself. Instead, you're building real relationships and helping others. It's a more natural and less stressful way to grow your business connections.

So, it's time to ditch the aggressive, self-serving approach to networking. Instead, take a page from the Italian playbook. Focus on building genuine relationships, helping others without the expectation of immediate return, and letting your network grow organically. You might not collect as many business cards, but you'll create something far more valuable: a network of people who truly want to see you succeed.

The Advisor You Need When You’re Ready to Build Your Business

As your LIFTed Business Advisor, I know how crucial your marketing and networking strategies are to your business success. I also understand that when you’re trying to build a business, you may be so busy networking that you neglect the other important parts of your business, like your essential legal, insurance, financial and tax systems. But without these systems in place, your business can suffer, making your networking efforts fruitless.

That’s why I offer a comprehensive LIFT Business Breakthrough Session, where we’ll analyze your current business foundations and develop a plan to address gaps. Together, we’ll ensure that your business is built on a solid foundation so you’re free to do what you do best - focus on growing your business.

Book a call here to learn more and get started today.

This article is a service of a Personal Family Lawyer®. We offer a complete spectrum of legal services for businesses and can help you make the wisest choices with your business throughout life and in the event of your death. We also offer a LIFT Business Breakthrough Session, which includes a review of all the legal, financial, and tax systems you need for your business. Call us today to schedule.

The content is sourced from Personal Family Lawyer® for use by Personal Family Lawyer firm leaders, a source believed to be providing accurate information. This material was created for educational and informational purposes only and is not intended as ERISA, tax, legal, or investment advice. If you are seeking legal advice specific to your needs, such advice services must be obtained on your own, separate from this educational material.

We offer a complete spectrum of legal services for business owners and can help you make the wisest choices on how to deal with your business throughout life and in the event of your death. We also offer you a LIFT Your Life And Business Planning Session, which includes a review of all the legal, insurance, financial, and tax systems you need for your business. Schedule online today.

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business insurance
Business Planning

Protect Your Profits: Don’t Gamble on Business Insurance

Being a business owner can be incredibly rewarding. It feels great to see an idea become a reality, increase your revenue, and create a job for someone who needs one. But, as all business owners know, with reward comes risk. There’s not much you can do to eliminate risk from your business entirely, but with the right systems, you can get pretty close.

One of the most important systems your business can have is a complete insurance system. With the right policies in place and the right guidance, you can safeguard both your personal and business assets against unexpected threats like lawsuits, property damage, and employee injuries.

In this article, we’ll take a look at the different types of business insurance, what’s legally required, and how to choose the best coverage for your needs. Read to the end, and I’ll show you how to get the right support to ensure your business is fully protected.

Understanding Your Legal Obligations

Before you start exploring the different types of business insurance, it’s important to know what’s required by law. Depending on where you live and the nature of your business, you may be legally obligated to carry certain types of insurance.

Federal law mandates that employers carry workers’ compensation, unemployment insurance, and disability insurance. These coverages are essential in protecting your employees and ensuring they receive the necessary support if they’re injured or unable to work due to a job-related issue.

Workers’ Compensation. This insurance covers medical expenses and lost wages for employees who get injured or sick due to their work. It’s a must-have if you employ three or more workers, whether they’re full-time or part-time.

Unemployment Insurance. This coverage provides financial support to employees who lose their jobs through no fault of their own. It helps them bridge the gap while they search for new employment.

Disability Insurance. Disability insurance offers income protection to employees who can’t work due to a non-work-related injury or illness. It’s another layer of protection that’s crucial for both you and your employees.

Beyond federal requirements, each state has its own rules regarding business insurance. For example, if you use vehicles for business purposes, you may be required to carry commercial auto insurance. This is only one example, and state laws can vary widely and be complicated. So it’s essential to work with a lawyer to ensure you’re in compliance with the law. As your LIFTed Business Advisor, I can help. Keep reading and I’ll show you how to book a call with me to learn more.

Exploring Common Types of Business Insurance

Once you’ve covered the basics of what’s required by law, it’s time to think about additional insurance that can help protect your business from unexpected risks. As a general rule, you should consider insuring against risks that you wouldn’t be able to cover out of pocket. Here are some of the most common types of business insurance:

General Liability Insurance. General liability insurance is a must for any business. It covers a broad range of potential risks, including bodily injury, property damage, medical expenses, and even legal costs if someone sues your business. For example, if a customer slips and falls in your store, general liability insurance can help cover their medical bills and any legal fees if they decide to sue.

This insurance also covers claims of libel, slander, and other personal injuries that might arise from your business operations. Essentially, general liability insurance acts as a safety net, protecting you from financial loss due to unforeseen accidents and legal challenges.

Product Liability Insurance. If your business involves manufacturing, wholesaling, distributing, or selling products, you’ll want to consider product liability insurance. This coverage protects you from financial loss if a product you sell causes injury or harm. For example, if you sell a toy that ends up being a choking hazard, product liability insurance can cover the costs of a lawsuit or any settlements that arise.

Even with the best quality control, defects can happen. Product liability insurance ensures that one mistake doesn’t lead to financial ruin for your business.

Professional Liability Insurance. For businesses that provide services rather than products, professional liability insurance is key. Also known as errors and omissions insurance, this coverage protects you from financial loss due to malpractice, errors, or negligence in the services you provide.

For instance, if you’re an accountant and make a mistake on a client’s tax return, leading to penalties from the IRS, professional liability insurance can help cover the cost of any legal action or settlements. This insurance is particularly important for service-based businesses where even a small error can have significant financial consequences.

Choosing the Right Insurance

Now that you know about the different types of business insurance, how do you choose the right one for your business? Here are four steps you can take:

Step 1: Assess Your Risks

The first step in choosing the right insurance is to assess the risks to your business. Think about the types of accidents, natural disasters, or lawsuits that could impact your business. For example, if your business is located in an area prone to flooding, you’ll want to consider commercial property insurance that covers flood damage.

Step 2: Find a Reputable Licensed Agent

Once you’ve assessed your risks, it’s time to find a commercial insurance agent who can help you navigate the different policies available. A good agent will take the time to understand your business and recommend coverage that fits your needs. Since agents receive commissions from insurance companies, it’s important to find one who prioritizes your needs over their own. As your LIFTed Business Advisor, I can help you find the right agent who will have your best interests in mind.

Step 3: Understand the Policy Terms

Insurance policies can contain complicated language, so don’t be afraid to ask questions. Take the time to understand the terms of each policy so you’re clear on how coverage works in different scenarios.

Step 4: Reassess Your Coverage Every Year

As your business grows and evolves, so will your insurance needs. Each year, review your coverage to ensure it will work when you need it to. For instance, if you’ve purchased new equipment, expanded your operations, or hired more employees, it’s time to update your insurance. Regularly reassessing your coverage with a trusted advisor ensures that you’re always protected, no matter how your business changes. And as your LIFTed Business Advisor, I’m here to help.

Business insurance is an investment in the future of your company. By understanding your legal obligations, exploring the various types of insurance available, and following the steps to choose the right coverage, you can protect your business from unexpected risks. Whether it’s a slip-and-fall accident, a product defect, or a professional error, the right insurance policy can be the difference between weathering a storm and facing financial disaster.

Secure Your Business’s Future with the Right Guidance

As your LIFTed Business Advisor, I know how crucial it is to shield your business from these unexpected risks. That’s why I offer a comprehensive LIFT Business Breakthrough Session, where we’ll evaluate your current coverage, identify any gaps, and create a strategy to ensure your business is fully protected. Together, we’ll build a safety net that allows you to confidently grow your business, knowing you’re well-equipped to handle anything that comes your way.

Book a call today to get started and secure the future of your business.

This article is a service of a Personal Family Lawyer®. We offer a complete spectrum of legal services for businesses and can help you make the wisest choices with your business throughout life and in the event of your death. We also offer a LIFT Business Breakthrough Session™, which includes a review of all the legal, financial, and tax systems you need for your business. Call us today to schedule.

The content is sourced from Personal Family Lawyer® for use by Personal Family Lawyer® firms, a source believed to be providing accurate information. This material was created for educational and informational purposes only and is not intended as ERISA, tax, legal, or investment advice. If you are seeking legal advice specific to your needs, such advice services must be obtained on your own separate from this educational material.

We offer a complete spectrum of legal services for business owners and can help you make the wisest choices on how to deal with your business throughout life and in the event of your death. We also offer you a LIFT Your Life And Business Planning Session, which includes a review of all the legal, insurance, financial, and tax systems you need for your business. Schedule online today.

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