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| INSURANCE |
| You Mean That's Covered by Business Insurance? |
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Fires. Storms. Theft. These are the situations you might think of when considering commercial insurance. You know you're covered if one of these disasters strikes your business. Did you know business insurance covers many other situations that you might not have considered? You might be surprised at what insurance can cover.
Spoiled food: A power outage can prove costly to businesses that handle perishables. How much might you lose if your refrigeration systems stopped working for a day? If you have spoilage coverage on your commercial property policy, you can recoup the cost of any lost merchandise.
Ransom fees: Most business owners aren't at high risk of getting kidnapped, but if you ever were abducted, a kidnap and ransom endorsement on your professional liability policy would have you covered! This might be a good option for those who travel to
volatile parts of the world for business.
Machinery malfunction: If your machinery breaks down, the necessary repairs can drastically affect your bottom line. Machinery breakdown insurance covers the cost of repairing or replacing machinery. The policy can also cover the cost of renting temporary equipment and expedited delivery of replacement parts.
Product recalls: Recalling a product can involve complex logistics and expensive follow-up, including destroying defective items. Product liability policies offer coverage for these costs.
Tax audits: No business owner wants to hear the word audit. Fortunately, if you must undergo this process, the costs you incur from the audit and investigation can be covered by tax audit insurance. |
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| HOT BIZ TRENDS |
| Is Your Business Customer-Centric? |
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Today's customers expect you to stand behind your products and services, care about their issues, and promptly resolve their problems. They expect you to be customer-centric.
A customer-centric organization is one in which customer satisfaction is the absolute highest priority. Customer centricity is a deeply embedded business mind-set based on the principle that every aspect of your company is focused on creating an optimal customer experience.
How can you do this?
It begins with clearly articulating a philosophy of putting customers first.
Create awareness both internally and externally. Communicate the impact of customer satisfaction on the company's performance, and make sure all stakeholders know that customer satisfaction is a core business value. Make it obvious to anyone who walks in the door that customer satisfaction is the ultimate goal.
Walk the walk and demonstrate your personal commitment to
customers. At the same time, empower your employees by giving them the authority and confidence to do what's right for customers.
Reward employees who go the extra mile for customers. Integrate customer centricity in compensation plans with incentives, bonuses, and rewards that celebrate customers' successes.
Get the entire team involved with customers, including back-office personnel, your marketing and services associates, and key decision makers.
Of course, the process of creating a customer-centric culture in any organization starts with hiring the right employees and creating the right expectations. Developing a customer-centric culture requires time, resources, and dedication, but its long-term financial and branding benefits are well-documented, demonstrating that the rewards are well worth the efforts. |
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| EMPLOYEE RELATIONS |
| Key Strategies to Reduce Employee Turnover |
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Turnover is costly. The time and expense associated with recruiting and training replacement workers can amount to nearly three times a departing employee's salary. What's more, the loss of a key staff member can mean loss of vital institutional knowledge, reduced productivity, damage to customer and vendor relationships, and decreased internal morale.
Most people leave their jobs not because of money but because they're dissatisfied with their work environment. Knowing this, there are steps you can take to retain your employees and reduce turnover.
Take the time to get to know your employees personally. Understanding their career and personal goals and what's important to them will help you know how to reward them. Make everyone in your company feel as though they are vital to daily operations as well as to the organization's long-term success.
Maintain open channels of communication. For example, let your employees know how the company is
performing even when things are slow. Your workers will appreciate your candor and feel more engaged with the company.
Solicit employees' input on what can be done to enhance the work environment, improve processes and operations, and address issues facing the business. Create an environment where everyone feels comfortable sharing ideas and providing feedback.
Offer training and development opportunities, and encourage employees to grow in their jobs by taking on additional responsibilities. Pair these with a clear promote-from-within policy that rewards motivated employees with upward mobility.
Finally, consider offering flexible work options such as telecommuting and job sharing. |
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| INSURANCE |
| Proactive Steps to Protect Your Business |
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If disaster strikes, you have insurance to cover your costs. This is a great first step in disaster preparedness.
To take your preparations to the next level, it's important to put proactive measures in place. A proactive approach will aid in the recovery of your business beyond simple financial reimbursement.
Consider what else is on the line when claim-worthy situations arise. Money probably won't be your only concern.
Would you lose crucial data? Would you be able to organize employees to relocate your business? What steps do you need to take to protect your business from additional loss, crippling chaos, or potential shutdown after a disaster?
To minimize your losses and ensure your doors stay open after a catastrophic event, use the following proactive methods.
Back It Up
What record-keeping system do
you use for your company data? If you have paper files, do you have a digital backup? If you have digital files, do you have backup copies or web-based servers in case the files become corrupted or lost?
Everything from customer information to billing to personnel records can be lost in an instant if you don't have backups of all files.
Make a Plan
Do you know what you would do if you could no longer use your current location to conduct business? Could you establish communication with employees if you needed to relocate?
These are important questions to consider before disaster hits. Have a plan in place for communicating with employees after a disaster, designating responsibilities, and creating a temporary home for your business.
Run a Drill
Employee safety must be a top priority. Would your staff know what to do in an emergency?
Create a disaster response plan, including an evacuation plan,
and make sure everyone is familiar with it. Include disaster response as part of standard employee training, and conduct drills twice a year to make sure everyone is on the same page.
Build a Kit
Store emergency supplies at your business. Create an emergency kit that includes flashlights, batteries, water, a fire extinguisher, nonperishable food, a first-aid kit, a whistle, and blankets. If feasible, it may also be helpful to include a generator.
Take Inventory
If you need to report losses to your insurance carrier, do you have a list of company inventory you could provide?
This goes beyond the products that you sell. Would you be able to recall what is in every room of your office, facility, or store?
Create an inventory list of all furniture, equipment, tools, and other items that you would have to replace in the event of a full-scale disaster. Maintain this inventory list, with photos and receipts,
at an off-site location for safekeeping.
Place a Call
Do you know exactly what insurance coverage you have in place? Do you know how to file a claim if the need arises?
Remember to keep your insurance agent's contact information in a place where it can be easily accessed after a disaster. Contact us to discuss your current policies and potential needs so we can help you plan for the unexpected. |
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Scott Johnson
The Healy Group
17535 Generations Drive
South Bend IN 46635
574-276-6131 Cell
574-271-6000 Office
574-243-3214 Fax |
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| www.healygroup.com |
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| navigator@healygroup.com |
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| How to Win Big in Today's Economy |
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| The altered economic landscape presents innovative and nimble businesses with opportunities to thrive. |
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| Find out how by requesting my free report "How to Win Big in Today's Economy" by replying to this email. |
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| Just reply to this email and I'll send it right out to you. |
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| Quick Quiz |
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Each month I'll give you a new question.
Just reply to this email for the answer.
Which animal has the largest brain? |
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| Worth Reading |
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7 Tips for Adding a New Service to Your Business
By The Young Entrepreneur Council |
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Small Business Trends
Entrepreneurs often see new services as key to growing their business, but determining how to price and market these products can be difficult. A key strategy: don't make this decision alone. Look at how similar products are being priced and ask existing customers for feedback. And don't undersell
yourself. It's easier to lower a price than to raise one, so aim high from the beginning.
Top 22 Team-Building Games that People Will Actually Want to Do
By Maison Piedfort
Workzone.com
This list of games could enliven your next staff meeting and strengthen your team's unity and communication skills. The suggestions are divided into games that don't require any materials, those that
use a few props, and those that may require booking an instructor or an outside facility. The list includes options for small and large groups. Some may take only a few moments to play. Others, like themed murder mystery dinners, may take hours and could double as holiday party activities.
The 10 Business Etiquette Rules Every Professional Should Know
By Ilya Pozin
Inc.com
No devices on the table. It's a common rule when eating with family and friends. It should also apply to business meals. In fact, it makes this top 10 list. Another important topic: "reply all" when emailing. Of course, not all rules apply to electronics. The advice also covers how you sit and how you should introduce yourself to strangers. |
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LINKS YOU CAN USE
This Month-Technology for Business |
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In our technology-infused world, business success can hinge on knowing the latest developments and understanding how to integrate them into your operations. Use the following links to successfully navigate these high-tech waters:
Looking for technologies to improve your business? Try these top 10:
10 Technologies Small
Business Owners SHOULD Consider Using Today
Want to avoid investing in technologies that aren't right for your organization? Check out these tips:
12 Key Factors For Deciding If New Tech Is Right For Your Organization
Choosing the best technologies for your business can prove challenging. Here are four
pitfalls to avoid:
4 Pitfalls to Avoid When Choosing Tech for Your Business
Not sure how to integrate technology into your small business? This list of 33 ways should help:
33 Ways to Use Technology In Your Small Business
Some technologies change the business landscape forever. Here are three trends that could reshape the future:
A Survey of 6,672 Executives Reveals the Biggest Tech Trends Poised to Disrupt Businesses Within 3 Years |
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