Within less than 10 years, cryptocurrency has evolved from a shadowy world ruled by high-risk speculation and dark-web devotees to one of the hottest trends in both investment and business. And the technology behind digital currency, known as blockchain, is itself experiencing booming popularity.

Indeed, blockchain is heralded by some as the most significant technological advancement since the launch of the internet. Outside of its use as a decentralized currency, blockchain tech is already gaining ground in a diverse array of industries, including supply-chain management, digital IDs, voting, real estate, journalism, and many others.

Whether or not any of those blockchain applications achieve mainstream success, one thing is certain—cryptocurrencies like Bitcoin have revolutionized business payment processing. What’s more, the applications that allow businesses to accept cryptocurrency have advanced to the point where it’s now just as easy—if not easier—to accept cryptocurrency as it is to accept credit cards.

Here we’ve outlined some of the biggest benefits businesses can achieve by adding crypto as a payment option. Given how fast and far digital currency has advanced, all business owners should give this new technology serious consideration.

When businesses process credit card payments, the transaction not only involves the merchant and credit card company, but multiple other intermediaries, all of which charge some type of fee. Given this, typical credit card processing fees for businesses average 3%, but can run as high as 5%.

With cryptocurrency, however, the payment is routed directly from the sender to the receiver, eliminating all middlemen and dramatically lowering fees. Indeed, cryptocurrency fees generally run between zero and 1%, so by offering it as a payment option you can save significant money on each sale.

Whether made at the point of sale (POS) or online, credit card payments are a goldmine for frauds and hackers. These criminals steal customer’s personal information and use it for all kinds of nefarious purposes. And since they often lack the security resources of larger companies, small businesses are one of their favorite targets.

When making cryptocurrency payments, customers aren’t required to share any personal data—the payments are totally anonymous—so there isn’t any identifying data for hackers to steal. What’s more, some people greatly value their privacy, so they use cryptocurrency over other payment options simply because there’s no way to identify the purchaser.

In fact, a recent study of online shopping by Statista found that 17% of consumers decided not to make on online purchase due to security concerns, and another 18% failed to make a purchase because the company required too much personal data in its security check.

As when paying with cash, crypto transactions are final and cannot be contested by a customer. So with cryptocurrency, customers can’t claim they didn’t authorize the payment or are unhappy with your product or service, which can eliminate a significant risk of doing business when customers buy something from you and then dispute the payment with their credit card company.

What’s more, the blockchain technology verifies that funds are available before the transaction is complete, making it nearly impossible for customers to make a purchase without the funds in their account to cover it. And unlike most credit card processing services, there are no holdbacks. When someone pays with cryptocurrency, you receive all of the funds right away.

The internet allows companies to do business with anyone in the world who has a web connection, so even the smallest business can now sell their goods and services—or purchase their supplies and equipment—internationally.

Because cryptocurrency is completely decentralized with no government regulating it, business owners can avoid the hassles and expense that come with foreign currency transaction fees and exchange rates. Rather than going through the headache of accepting dozens of different foreign currencies, businesses now have a single form of currency that is welcome no matter where you live.

Outside of new foreign customers, businesses can also attract consumers who are die-hard fans of cryptocurrency. Indeed, there are a growing number of people, who specifically seek out businesses that accept digital currencies, and you can break into this expanding customer base.

By adding this new payment option, you can also gain a serious advantage over your competitors that don’t accept crypto—and force them to play catch-up with you down the road. And with more and more brands, financial firms, and institutions accepting digital currency every day, it’s only a matter of time before this payment option will be the rule, rather than the exception.

Whether incorporated into your POS systems in a brick-and mortar storefront or added to your website’s e-store, getting your business set up to start accepting cryptocurrency is now quite simple and inexpensive.

In the past, you had to be an IT genius to understand and implement the new technology, but these days, even your neighborhood lemonade stand can start accepting digital currency simply by adding one of many apps available for smartphones.

In a coming article, we’ll spotlight some of the most popular methods small businesses can use to accept crypto payments, but until then, a simple Google search for “cryptocurrency payment applications” will give you a headstart in seeing what’s out there.

Like any new development involving a business’ finances and income, cryptocurrency comes with several legal, tax, and security issues. So if you’re serious about adding digital currency as a payment option, first consult with us as your Creative Business Lawyer® to ensure you have all of your bases covered—and can achieve these benefits without any unnecessary risk.

We offer a complete spectrum of legal services for businesses 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 a LIFT Start-Up Session™ or a LIFT Audit for an ongoing business, which includes a review of all the legal, financial, and tax systems you need for your business. Call us today to schedule. Or, schedule online.

When launching a startup, one of your most pressing matters is getting your company’s name and identity out there—and having people remember it. But in many industries, getting your business recognized among a sea of competitors can be a daunting task.

Like it or not, your company’s success and failure could be largely a matter of image. To this end, having an awesome logo could help. Depending on your industry, a well-designed logo will not only make a memorable first impression, it can also help build legitimacy, loyalty, and longevity.

The following concepts are essential for both creating a logo that will immediately grab a potential customer’s attention and also ensuring you have the legal support to protect the investment you make in your identity.

Since a logo is one of the very first things people will notice about your company, its primary purpose is to get people to identify that symbol with your brand. Think of a logo as a distinctive flag or signature: it’s about making your business brand stand out from the rest and be instantly recognizable.

A logo isn’t necessarily aimed at describing your business or even identifying what it sells. After all, what the heck does a talking gecko have to do with car insurance? What does a partially eaten apple say about computers? It’s simply about etching that symbol onto your customer’s consciousness, so your ideal clients will remember and recognize your logo  whenever they see it, reinforcing consistency and trust.

When designing your logo, focus on creating a noteworthy image first and names or slogans second. That’s not to say that your name or slogan can’t be an important part of the logo, but since our memories are largely visually based, aim to make the overarching imagery as distinctive as possible.

The cool thing about logos is not every company uses them, but those that do often appear more professional and reputable. Indeed, even if you’re running your business out of your garage (like Apple once did) a slick logo can immediately inspire trust, admiration, and superiority—even if you feel like you’re still winging it.

Another vital element with logos is consistency. You should place your logo everywhere your business is represented or even mentioned. This is especially important online, where attracting eyeballs is the name of the game and attention spans last milliseconds. To this end, place your logo prominently on your website, online advertising, social media, email signature, and all marketing materials.

We offer a complete spectrum of legal services for businesses 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 a LIFT Start-Up Session™ or a LIFT Audit for an ongoing business, which includes a review of all the legal, financial, and tax systems you need for your business. Call us today to schedule. Or, schedule online.

As a business owner, you’re likely monitoring a number of key performance indicators (KPI) to determine how well your company is doing. And if you’re launching a new business, you’ve undoubtedly heard about the importance of KPIs. Whether related to your financials, advertising, turnover, and/or website traffic, these metrics can be a great way to measure, maintain, and improve a business’ growth.

Yet there are a few metrics vital to a company’s long-term success that many business owners—especially first-timers—overlook or fail to track effectively. Ignoring these numbers can keep your company from achieving its full potential. Here are three such metrics you should keep a close eye on.

While most business owners are aware that employee satisfaction is important, most don’t realize just how critical it is. Indeed, some business experts rank employee happiness as the single-biggest driver of a company’s success.

This makes sense, seeing that happy employees are not only more productive, they also typically deliver better customer service, which can lead to increased sales and repeat business. On the flip side, unhappy employees can cause slow and/or lost sales, as well as decreased customer satisfaction.

What’s more, a satisfied team means less turnover, which can be uber costly in terms of recruiting, hiring, and training expenses. Given this, it can be useful to track both employee satisfaction and the costs of employee turnover. When employee satisfaction increases, your turnover costs should fall.

Start by making sure your employees are as content as possible, and most of the other stuff will usually fall into place on its own.

One frequently overlooked financial metric is your company’s cash conversion cycle (CCC), which tracks how quickly your customers pay you, compared to how long it takes you to pay your suppliers. According to Harvard Business Review, Amazon’s Jeff Bezos has mastered the CCC, which frees up loads of cash to invest as he pleases.

CCC is easy to calculate and a good measure of your cash flow:
1. First, determine the number of days of inventory you hold on average.

2. To that number, add the average number of days it takes for your customers to pay you.

3. Then, subtract the average number of days it takes for you to pay your suppliers.

The lower the number, the better. Back in 2013, Amazon had a record CCC of negative 30.6 days. However, getting your company’s CCC into the single digits is a fine target to shoot for. This often requires incredibly efficient inventory systems, flexible terms for your suppliers, and encouraging customers to use speedy payment options.

Whether it’s a car accident that leaves you wheelchair-bound or a recession that causes your business to suffer, you often have little control over what happens in life.  However, you do have control over your reaction. Of course,  you’ll initially experience some level of grief, anger, and frustration, but once enough time goes by, you face a choice: Am I going to let this make me weaker, or am I going to use it to become stronger?

In such situations, it helps to remember the phrase amor fati (a love of fate). The philosopher Friedrich Nietzsche often used this saying to remind us that the best reaction—indeed, the only reaction—when things get ugly is to embrace the experience with a feeling of appreciation. And it’s not about masochism: pain is just part of life and a potential catalyst for learning.

When tragedies occur, much of our suffering comes from our dashed expectations. But no matter how carefully we plan, life has a way of doing its own thing. Perhaps our most insidious expectation is that things will always stay the same. However, the very nature of the universe is change, so paradoxically, change is about the only thing we can count on to remain constant.

It’s perfectly fine to have reasonable expectations about your success, especially in business. The trick is to not become so married to a result that you’re devastated when it doesn’t occur. It’s much better to expect the unexpected and fully accept whatever the outcome may be.

Acceptance doesn’t mean you have to enjoy an outcome or not work to improve it—acceptance simply means that you don’t forcibly resist reality. It’s about embracing every event with amor fati, knowing that life is going to do what life is going to do no matter how you feel about.

Beyond mere acceptance, hardships offer major opportunities for gaining wisdom. By learning to embrace strife and change, you’ll discover a peace of mind in knowing that you’re strong enough to weather whatever storms may come.

In the end, you’ll discover that every event, no matter how difficult, can teach us invaluable lessons—but this will only happen if give yourself permission to learn from what life is trying to teach you.

Sometimes, it can be hard to see what life is trying to teach us, because we are simply too close to it and caught up in the emotion of it all. This is one of the ways a trusted advisor can support you. We can help you see what you may not be seeing.

We go far beyond simply advising you on the legal, insurance, financial and tax structures of your business, though we surely do that as well. A Creative Business Lawyer® can help prepare your company for the inevitable bumps in the road and help you learn and grow from each and every one.

Moreover, we will be in your corner to guide you if and when something truly unexpected does happen. And knowing this should go a long way toward offering you the confidence to fully embrace whatever life and business has in store for you.

We offer a complete spectrum of legal services for businesses 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 a LIFT Start-Up Session™ or a LIFT Audit for an ongoing business, which includes a review of all the legal, financial, and tax systems you need for your business. Call us today to schedule. Or, schedule online.

The potential for costly errors when managing your workforce is high, but unnecessary if the proper planning is put into place from the start. To make the most of your role as an employer, make sure you understand the following common mistakes employers make and how to avoid them.

At-will employment is a concept recognized by nearly all 50 states. While you can terminate an employment relationship at any time, providing the reason in writing can help prevent allegations of discrimination or illegal firing.

Even if you manage non-union employees, think twice before you take adverse action against an employee who acts as an organizer or spokesperson for the rest of the workforce. Even non-union employees have some rights when it comes to organized labor.

Minimum wage issues, overtime, holiday pay, and comp hours can complicate payroll. Have a business lawyer review your payroll practices to ensure you comply with minimum wage requirements so you can be sure you are properly paying employees for all hours worked.

While most employment contracts are at-will, terminations cannot be motivated by discriminatory or other illegal reasons. Likewise, hiring and retention practices cannot be discriminatory in any way.

Discrimination and harassment are hot-button topics. Make sure you aren’t walking the legal line and work with a lawyer to reduce the risk of discrimination or harassment in your workforce by management or the employees.

You have a duty to provide your employees with a safe workplace that complies with OSHA standards. Make sure your safety standards are rigorous, stand up to OSHA regulations, and are clearly communicated to all employees.

Employees have certain rights to privacy. Practices such as drug testing, workspace searching, closed-circuit surveillance, and internet monitoring—while common—can land an employer in the hot seat. Run any monitoring practices by a lawyer to ensure you are within your rights.

Create an on-site emergency plan to help keep your employees safe. A thorough plan and a well stocked emergency kit will help your business handle the immediate effects of a natural disaster. Take the time to train employees ahead of time so that everyone knows what to do and how to communicate when disaster strikes.

We can mitigate your risks by recommending the right insurance policy for your business. Business interruption insurance will cover your losses—such as loss of revenue—after a covered event. This will help you stay operational even if your clients are unable to pay due to the effects of the disaster.

You’ll also need thorough documentation of all your assets to file a claim. Work with one of our lawyers, in advance of a natural disaster – like now –  to ensure your documentation fulfills insurance claim requirements.

Accessing your data is crucial to staying on track financially after a disaster. Develop a backup system that includes storage in the cloud and off-site hard copies of critical documents, stored in fire and water proof containment. Without the right information, it may be hard to file a claim or get operations up and running again.

Establish a clear method of employee communication and delegate responsibilities. Work with a lawyer who can keep relevant information on hand and help you file insurance claims in the aftermath of a disaster.

Develop a financial recovery plan so you can quickly resume payroll and invoicing. You’ll also need to account for missing income if your customers or clients are affected by the disaster and cannot pay.

We can help your business prepare for the legal, insurance, financial, and operational problems that could be caused by a natural disaster. If you’re ready to be proactive in protecting your business from natural disasters, begin by sitting down with us. We offer a complete spectrum of legal services for businesses 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 a LIFT Start-Up Session™ or a LIFT Audit for an ongoing business, which includes a review of all the legal, financial, and tax systems you need for your business. Call us today to schedule. Or, schedule online.