Category: Business

What Do Business Owners Really Need to Know About Worker’s Comp

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Business owners must be aware of the types of settlement which are offered when they choose a workman’s comp insurance policy carrier. Individuals who want to know how long it will take for them to receive financial compensation for their injury. An employer needs to know this information so that they can avoid the possibility of litigation. The amount of money which is expected to be paid for the policy and the terms and conditions of the policy for each individual employee is also important for the business owner to know so that they carry enough insurance to cover the legal responsibilities they have two this state as well as to their employees on a moral level.

Making the decision to go with a comprehensive plan is also a good idea for business owners who want to make sure that they do not have to get dragged through litigation. Understanding the types of long-term and short term coverage that is offered by a company is essential to business owners protecting their interest.

CONTRACTORS INSURANCE

Business owners also need to be aware of the different standards and policies of contractors insurance for independent contractors. Having a waiver which allows an independent contractor to be covered by workers’ compensation insurance by the day may cost more depending on the details of a given policy. Business owners need to verify that they can have contractors working on the policy without violating any of the terms and conditions which are held by employee only insurance policies.

Asking for clarification on the level of coverage available for independent contractors is necessary so that a person is not blindsided if there is a problem when a person who is not a contract employee becomes injured on a business owner’s property. Negligence related to the improper use of equipment should also be factored into the decision-making process when choosing the coverage plan. If an individual is negligent, some plans do not allow for the coverage to be extended to a person who has made a personal mistakes in judgment. Making sure that equipment and related injuries are covered is important for company owners who want to sign a safe and efficient working environment.

THE SIMPLICITY OF FILING A CLAIM

Business owners should work with companies who are able to Expedia the process of processing the claim in emergency situations. The more people work the business owner must fill out for the claim to be processed, the longer it will take for their employee to receive compensation for their injury. Understanding the process of filing a claim before agreeing to any policy enrollment is an intelligent and expected to responsibility of the business owner who is trying to protect their employees in the event of a catastrophe. The easier the process is to make a claim some of them were goodwill and employer will have from the injured employee. This is beneficial for individuals who are working with a higher risk industry where they may need to utilize the insurance process on a regular basis. When people do not understand the process of how to make a claim some of the settlement time Spans can be longer than is advantageous for business owners and their employees to wait. Making sure that things are handled efficiently is a respectful way to deal with employees have been injured.

How to Delegate The Right Tasks to the Right Employees

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It is essential that an individual who is asked to perform a task has the right abilities to do so properly. Saving time by asking employees about their qualifications prior to delegating responsibility is a necessary skill for any manager. Understanding how to motivate the ideal candidate to do their best is also an important part of getting things done in a timely fashion. The development of the proper motivational approach is necessary for timely completion of the important tasks.’

SENIORITY

A level of seniority should be required for any task which will be a representation of the company’s ability to meet customer expectations. Employees who have been dedicated to the advancement of the company will be more likely to be able to reach expectations appropriately. People who are new to the job may not have the ability to understand complex responsibilities which are associated with existing procedures. The willingness of foundation members of the company to advance the company properly is also an essential aspect of keeping the company growing in a positive direction.

PRIOR PERFORMANCE

An employee should be rewarded for performing well in the past. This means that checking company files to see which employees have done well on performance reviews is an important part of making sure that the right person is given the responsibility of advancement. These people will be more motivated than individuals who are advancing simply because they have the necessary educational credentials. Opportunity is a great motivator tentatively word of prior performance should be factored in for anyone who is considered for promotion.

PERSONAL AMBITION

Employee should be rewarded for being ambitious and trying to advance themselves professionally. Any individual asking for opportunities that showed the ability to perform well in the past should be rewarded with an opportunity. The willingness to learn new skills went away from the office, is another indication of any individual who is serious about creating opportunities for themselves. People who are willing to stay late and show up early to work should always be seen as potentials for advancement in the future. The development of confidence should also be considered when trying to promote someone new.

ABILITY TO LEAD PEOPLE

Natural born leaders should be given the opportunity to use their skills appropriately. These individuals will take initiative even when they are not requested to do so. The people who are looking for opportunities to close this problem solving skills often will be worthy of more responsibility within the workplace. The ability to work well with others and motivate them is any indication of the ability to be of greater assistance to the company goals. Finding individuals who are willing to focus on consistent professional improvement can often be the greatest gift that is provided to existing management team members. Looking for leaders in groups of people is the responsibility as management members who are seeking to grow a company.

INTUITION

There’s no greater indication of intuition than when providing someone with an opportunity. Oftentimes if it feels right to provide a person with an offer of advancement, it will be the proper decision for the company. Willingness to follow instincts is another sign of the great leader who is willing to follow instinctual impulses.

Why Small to Medium Sized Businesses Should Consider Adopting Bitcoin

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Bitcoin has been one of the most polarizing forms of currency in the 21st century. Instead of being backed by gold or produced by a major government, it is mined digitally by computers. There is a limited amount of bitcoin available and it gets harder to acquire as more and more of it gets mined.

Why Should a Small or Medium Sized Business Accept Bitcoin?

Bitcoin is seen as a currency by the people and of the people. It can be acquired by people sitting in their basement who may be unemployed or have no other way to pay for their goods. By allowing customers to pay with the currency, they can help people buy the things that they need even if they don’t have a lot of traditional money. It may also help a business be seen as a company that is in tune with the needs of its customers and with technological progress.

Companies Should Always Offer Multiple Ways to Pay

A company should always offer its customers multiple ways to pay for a transaction. Whether your company allows a customer to pay by credit card, debit card or Bitcoin, a business that offers multiple payment options offers a layer of customer service that may not be matched by other companies. When a customer knows that he or she can pay however he or she wants, it makes it easier for that person to feel good about doing business with a particular company.

Bitcoin Represents the Future of a Stable Economy

Overstock is always looking ahead to the future. You can see their President, Stormy Simon in the news planning their new futuristic building. Their CEO, Patrick Byrne believes that there will be a time when zombies walk the Earth. He is referencing the next big recession that will inevitably occur. He thinks that governments are creating too much money and that the magic money tree is going to run out one day. When that day occurs, Bitcoin is going to be the currency that people can rely on to make payments on outstanding debt balances and buy the things that they need on a daily basis. As opposed to a government that can print money whenever it feels like, Bitcoin is like the new gold standard because there is a limited supply of it in circulation.

It’s a Great Way to Attract New Clients and Grow Profits

A small business that is looking to stand out from the competition can do so by accepting Bitcoin and being seen as a rebel or an innovative business that is looking to think outside of the box. Accepting Bitcoin can also jumpstart a small business because the currency can be traded on the digital marketplace. As Bitcoin continues to skyrocket in value, the currency that a company has in reserve can be converted to dollars or other traditional currencies for a profit.

Bitcoin is the future of currency according to many financial experts. While it may not be universally accepted right now, it will become increasingly useful in the future. Companies that accept the currency as payment now could set themselves up for a bright future regardless of what the economy does. Therefore, any small business that is looking to do something different can accept Bitcoin and gain brand awareness quickly and easily.

Do You Really Even Need a Degree to Start Your Own Business?

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Since at least the end of World War II, conventional wisdom has held that a college degree is the ticket to getting ahead. Over the years, the post-secondary education industry has exploded in size and scope. Unfortunately, a college degree has lost some of its luster as the value proposition has become less attractive. The question many youngsters are asking themselves is whether a college degree is necessary to start a business. Here are five compelling reasons why it’s not.

Degrees Aren’t About Knowledge

One of the biggest misconceptions regarding college is that it’s about learning new things. What college really demonstrates to potential employers is that you’ve got the drive and commitment to see a project through to the end. It proves that you can at least meet deadlines and work with others to accomplish a goal. You don’t need to attend college and rack up thousands in debt to learn how to stick to a schedule.

Businesses Require Risk-Taking

If you plan on being an employee for the rest of your life, college is probably a good idea. After all, you’ll need to get that piece of paper to get your foot in the door at your first real job. However, academia doesn’t really teach or encourage a risk-taking attitude, which is a critical attribute of any successful entrepreneur. Getting a college degree won’t show you how to be proactive or make hard decisions.

Making B2B Contacts Is Vital

One of the most important skills to acquire if you plan on starting your own business is the ability to effectively network. Specifically, successful entrepreneurs need to make connections with other business owners. While college can be a great way to make professional contacts, you’re missing out on four years of making contacts with actual business owners. By starting a business right out of high school, you’re getting a head-start on professional networking.

The Web Is a Free College

If you need to acquire a particular skill or flesh out your knowledge of a specific topic, you don’t have to sign up for a college course. Rather than taking out a loan to get a degree, you can use topnotch online resources like Khan Academy or MIT OpenCourseWare to educate yourself for free. With the sum total of human knowledge available on the web, traditional undergraduate studies are rapidly becoming obsolete.

Entrepreneurship Doesn’t Have a Manual

The most powerful reason to skip college if want to start a business is that it promotes a mindset that’s toxic to entrepreneurship. Simply put, graduates are inculcated with the idea that there’s a “right” or a “wrong” way to do things. In other words, they’re used to following a prescribed track. For most business owners, there is no road map for success. You need to roll with the punches and improvise as you go.

The Toughest Nut to Crack

A college degree has never been a prerequisite of entrepreneurial success. Many of the biggest companies in recent history were launched by college dropouts. The hardest thing about starting a successful business is letting go of your fear of failure. Mitigating the risks of failure when starting a business is clutch. The key is to make sure that you’re able to get back up when inevitable failures occur on the path to success.

Lost Under Your Company? When to Get Out

Business owners know that it takes every ounce of sweat and blood they have to make their business successful. However, once the enterprise is on solid ground, it can be a thrill to know that it was all worth it. Businesses tend to go through ups and downs that can shake the confidence of any entrepreneur. It’s important to know when the business is experiencing a small crisis and when it’s time to cash in and walk away.

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The Odds Aren’t Good

It’s a well-known fact that 50 percent of businesses fail in the first year. As if that statistic weren’t bad enough, Bloomberg estimates 80 percent will fail in a year and a half. Businesses face enormous challenges whether the economy is doing well or not. Most businesses that end up failing will fail not because they weren’t a good idea, but because they run out of money. To keep money flowing, good businesses will focus on maintaining the following:

Financials – The fastest way to take the pulse of your business is to know how much money is coming in and how much is going out. Keep accurate financial records and review them monthly, quarterly, and annually. They will be the first indicator that something may not be going as planned. You should have money set aside to weather temporary emergencies and know when your reserves are getting low.

Good Leadership – Problems in the business operation can be handled by capable supervisors. They can assess problems with customer services or product delivery. Surround yourself with experts in marketing, finance, insurance, and management to make sure that you give your business the best chance to succeed.

A Solid Business Model – You should be setting business goals and always seeking out new opportunities. If the market is not responding to your offering the way you had hoped, it might be because the business model needs to be tweaked. Included in your business plan should be an exit strategy.

When Things Still Don’t Work Out

If you are following the health of the business, you will know when things aren’t working out. Some potential exit strategies include:

Closing the Doors – If you can settle the debts, but still want to get out, you can make plans to simply lay off your staff and close the doors. This is the best way to get out of a business, but it requires that you do so long before you are in a position where you don’t have the money to pay off creditors.

Selling Out – Maybe you might not be able to make the company as profitable as you would like, but someone else may think they do have what it takes to do so. You can sell your business, even when it’s not a grand success, and move on to something better.

Declaring Bankruptcy – You will need to seek help for declaring bankruptcy once you’ve run out of money and your creditors are knocking down your door. If no one has an interest in buying, you may have no other choice than to declare bankruptcy.

Reference:

Wagner, E. (2013) 8 Out Of 10 Businesses Fail. Retrieved from http://www.forbes.com/sites/ericwagner/2013/09/12/five-reasons-8-out-of-10-businesses-fail/