Archives: 2016

It’s no longer enough to make customers happy, or even get them to praise your good service to your face. What you really need is for your customers to share their positive experiences with others, and to do so in online reviews.

Clearly, our internet-based society is relying more and more on sources like Google, Facebook, and Yelp to decide what companies we should trust with our business. According to research, a whopping 97% of consumers read reviews about local businesses, and 89% of consumers who visit review sites make a purchase within a week.

And while friends’ opinions count, reviews from strangers still carry a lot of weight; in one Zendesk survey, 88% of customers say a review influenced a buying decision. So, since consumers are searching for positive reviews, make sure they’re out there.

Interestingly, almost 75% of consumers say they don’t write reviews; encourage your customers to share their good experiences online by incorporating this process into your business plan. Set up profiles on review sites that are relevant to your business, and provide links to reviews on all your online customer touch points. Most importantly, turn your customers’ verbal kudos into reviews. If they’re happy, ask them to write a review.

Finally, says Forbes contributor Nellie Akalp, you can offer a small incentive for writing a review. (Enter all monthly reviewers in a giveaway draw, she suggests.) But don’t specify a “good” review, and don’t buy it.

If your service is great, your customers should be more than happy to become your online ambassadors.

At some point in your career, you will almost certainly be called upon to express a point of view, take a position, or recommend an action that is counter to that held by the majority. Standing alone in the face of dissent requires the courage of your convictions. And, regardless of your gender, ethnicity, stature, or position in the organization, it takes strength and tact to present this position effectively and gracefully.

Here are some techniques to help you state your case with integrity, dignity, and self-confidence and encourage others to be more open to your perspective.

• Active listening is a profoundly effective communication strategy. A sincere effort to listen and understand other points of view sends a positive message.
• Don’t make getting your point across the goal. Stay focused on the fact that there’s a problem that needs to be solved. It’s not about winning points or keeping score.
• Don’t push your position or your agenda too aggressively. The harder you push, the more entrenched others become and the harder they will push back.
• When engaged in difficult discussions, look for points of agreement, and seek to provide information that adds value to the discussion.
• Stay centered, positive, and focused on the issue, problem, or situation at hand.

Above all, don’t blame, accuse, or put down others, either verbally or with gestures, facial expressions, or body language. Remain poised, respectful, engaged, and purposeful. Whenever possible, allow your opponents to look good and save face.

The ability to influence and persuade is not just for leaders. Getting people to listen to, accept, and implement your ideas is essential for career success as well as success in all other aspects of life.

Reduce risk: Fewer claims = savings. Set up procedures that prevent potential claims. Burglar alarms, employee training, and slip-and-fall precautions are great examples. Make a list of your biggest potential losses from accidents, and set up ways to prevent or minimize them. Having the appropriate measures in place will keep your operations running smoothly and your insurance costs low.

Bundle it up: Small businesses are often eligible for a business owner’s policy (BOP). This typically bundles your general liability, property, business interruption, and other riders together in one policy at a discounted rate. Check with your agent to see if your business qualifies. Common requirements include a business location and a low-risk profile.

Classify correctly: There are hundreds of worker’s compensation class codes that correspond to various positions. Each has its own ranking for potential risks, and each has its own price. Since your worker’s comp premium is based partly on your class codes, be sure you have designated each employee correctly. Don’t overpay by placing employees in a higher-risk code than required. It might seem simpler to tag everyone under one code, but this is rarely the right move.

Lump your sum: Many business owners pay for their coverage on a monthly basis. This is often done for budgeting purposes. However, paying annually might save you money. Ask your agent about payment plan options that could reduce your overall cost.

Revise restrictions: What are your current policy deductibles and limits? Have you reviewed them lately? If you have fairly low risk, it could be worth taking on a higher deductible to lower your premium. If your business has changed in the past year, you may be able to lower your policy limits. Or if you need to raise your limits, an additional umbrella policy might be the best option.

Make it a habit to review your policies at the end of each year with your agent to see what changes might save you money in the next four quarters.

Strengthen safety: Consider beefing up your safety measures in the next year. A safe work environment reduces worker’s comp claims and liability lawsuits. Develop or strengthen safety-training programs. Ensure all new employees are properly trained in your safety measures. Host workshops and training sessions regularly to ensure everyone is engaged. Incentivize safety by rewarding employees who maintain good records.

Ask your agent: Don’t let the calendar flip without contacting your agent. A quick call to your provider could save you crucial dollars in the next year. Your insurance pro is a valuable resource. Keep lines of communication open as your business needs change. This will ensure your policies not only meet your current demands, but also take less of your hard-earned money.

The purpose of the audit is to establish whether your coverage accurately reflects your risks. As part of the process, your insurer checks to make sure your employees are properly classified, and that your rates are accurate.

If the information you provide to your insurance carrier is not correct, your policy will not provide the proper coverage. So when the incorrect information is checked, you will fail the audit.

What constitutes insurance fraud?

It is very much in your interest to provide the right information and cooperate with the audit. You may know of some business operators who have fudged information and were prosecuted for insurance fraud. Others may have failed to provide updated information or refused to allow their insurers to visit their facilities, which are breaches of their insurance contracts and allow the insurers to cancel or not renew policies.

Other no-nos include underreporting payroll, providing incorrect job descriptions, and employing contractors who don’t have workers comp.

If you have subcontractors be prepared to show workers comp certificates of insurance for all of your subcontractors.

Acing the audit

For the best results, always provide up-to-date, accurate information to your insurance carrier. Maintain open communication for a successful partnership that provides the appropriate coverage for your employees.

It’s happened to all of us: perhaps you’ve been working on a project for weeks and suddenly it’s evaporated. Or you’ve returned from a trip with a thousand photos, and they’ve all disappeared.

Whether you’ve lost data when your hard drive quit, a virus invaded, a file became corrupt, or a thief stole your computer, you need that data, and now it’s gone. Worst of all, its loss could have been avoided…if only you’d backed up!

In its article “How to Back Up Data,” wikiHow.com  warns: “Unfortunately, computers fail, and often. Having a backup plan set before anything goes wrong is one of the most important tasks you will undertake as a responsible computer user.”

It’s not that difficult these days. According to Michael Darmanin’s article “Never Lose Data Again: Easily Back Up Your Files with These Simple Tips” in RISMedia.com, “Saving your data or backing up to the cloud is a great way to prevent data loss and much easier and cheaper than most people realize. In fact, if you’re currently using a Gmail or Microsoft email account you already have access to free online storage.”

Microsoft offers OneDrive for data backup, and Google provides Google Drive. Wikihow.com lists five alternative ways of backing up. There’s software you can buy, and storage services that cost a little and save a lot. External hard drives still work well for many of us.

Perhaps BullGuard.com  says it best: “The bottom line is that if you value what’s kept on your computer, it’s wise to take steps to protect your information from sudden loss.” So stop typing and back up!

Still small? Start thinking big.

The idea’s not original, Google it and you get more than 7 million results, but that doesn’t mean it can’t change your business…and your life.

As Anne Bachrach noted in a recent LinkedIn post, “Whether or not you realize it, your earnings will always be in line with your mindset.”

It makes sense; when you can’t look beyond your role as a “small-business owner,” you’ll miss opportunities to grow. And you’ll be so busy with daily operations you won’t have time for “blue-sky thinking” about the important things, such as your brand and your customers.

In an article in Urbanicity, Hamilton, Ontario-based retailer Lauren Ricottone explained her “aha” moment: “I functioned in a ‘small’ business mindset for a long time, and it crippled my capacity and my ability to experience real growth.”

She felt like many entrepreneurs do: “I don’t need to bother with that – we’re still too small.”

Ricottone, however, was familiar with the systems and practices of big business. She knew they had value in the corporate environment, but didn’t see them applying to her own small business.

But she took a risk: “Running a business is a massive load of work. Either we carry it around, or our systems carry it on our behalf.”

Ricottone implemented systems for inventory control, tracking sales, accounting, and more. “My new growth strategy? Functioning as if my small business was already a big business.” It worked; Ricottone’s small business is flourishing. Comments Bachrach, “You will certainly not get what you deserve when you think small….Thinking big is about realizing your potential and getting what you deserve instead of limiting yourself.”

Liability insurance: If your business is sued by someone claiming that your company caused them harm, this policy covers damages, including attorney fees and medical bills. Several liability policies offer coverage for more specific circumstances, such as:

Errors and omissions insurance (E&O)/professional liability insurance, which covers liability for recommendations, advice, product design, or physical care. E&O will cover your business if a customer claims you have failed to perform your job properly and, as a result, the customer was harmed in some way.

Employment practices liability insurance (EPLI) pays damages if you are liable for violating an employee’s rights. It covers legal fees as well as judgments against you.

Directors and officers liability insurance (D&O) protects company leaders from lawsuits claiming their management of the business violated the rights of others.

Business identity theft insurance: If your business suffers from data theft, this policy covers your legal liabilities. It also provides coverage for costs associated with notifying customers and recovering compromised customer information.

Commercial vehicle insurance: If you use any vehicles for your business, this policy covers damage to the vehicle as well as costs to third parties due to injury or damage caused by your vehicle.

Personal auto insurance: In addition to your business vehicles, you likely have an automobile of your own. You’ll also need proper coverage for this vehicle. If it’s used at all for business, check with your insurance agent to see what coverage is best for you.

Workers’ compensation insurance: This pays for medical care and lost wages when an employee is injured on the job. It’s required if your company has more than three to five employees, depending on the state you do business in.

Property insurance: If your business includes a building and/or equipment, this policy protects against theft, fire, vandalism, and other damages. It may include business interruption insurance, which covers your earnings if your business temporarily can’t operate.

Life insurance: Do you have loved ones who rely on your business income? This policy pays your beneficiaries upon your death, giving you peace of mind that they’ll be taken care of.

Terrorism insurance: Other policies may or may not provide terrorism coverage. Some situations require an additional policy to obtain the appropriate amount of coverage needed.

Business owner’s policy (BOP) is a packaged policy that covers many of the previously listed items. This coverage is tailored to fit the insurance needs of your business. Often, business owners can save money by bundling their services in this package. Contact your insurance agent to develop the best BOP for your company.

USE YOUR OWN AUTO INSURANCE OPTION:   Do you own a car? Is it insured? Typically, the coverage and deductibles you have on your own car apply when you rent one IN THE USA AND CANADA. This can make rental car insurance an unnecessary expense, as you’d be duplicating most coverage. For example:

• Your standard auto policy includes liability for rentals.
• Collision & Comprehensive coverage usually covers rental car damage.
• Your car insurance usually covers medical expenses.
• Your homeowners or renters policy often includes protection against theft away from home for belongings.
• If you charge the rental, your credit card company may also offer automatic protection for the collision or comprehensive deductible.  Check with your credit card for details.
• HOWEVER WHEN NOT IN THE US OR CANADA BUY THE RENTAL CAR INSURANCE.

Why are we so bored? It’s a question scientists are asking as they research boredom in the 21st century. With so much to occupy our time (work, friends, devices) you’d think we’d be too busy being busy to be bored.

But according to a recent article in the Guardian, “Despite the plethora of high-intensity entertainment constantly at our disposal, we are still bored.” In fact, reports the UK newspaper, we now have an attention span of 8 seconds, that of a goldfish.

Online site Live Science highlights the work of York University researcher John Eastwood, who defines boredom as “an aversive state of wanting, but being unable, to engage in satisfying activity.” Apparently, our brains are now so accustomed to constant stimulation that anything less is unpleasant.

Quoting Eastwood’s findings, Live Science notes, “And while seemingly benign, though little understood, boredom can be a chronic condition that may lead to issues like binge eating, drug and alcohol abuse, and gambling problems.”

In Psychology Today, Temma Ehrenfeld explains that it seems our brains are hardwired to seek pleasure and fast-paced activities that stimulate the body’s release of endorphins, the opioid peptides that our brains love.

Ehrenfeld quotes Dr. Irving Biederman, a neuroscientist at the University of Southern California: “To stoke your inner opioids, keep trying new things, or delve deeper into an area you already know and love, triggering fresh insights.” Says Biederman, “The best way not to be bored is to do what you like doing. …”

You really can’t blame your pet Lab for begging for scraps. Recent research indicates nearly a quarter of the breed lacks a gene that helps control hunger.

Veterinarians estimate that more than 50 percent of pet dogs in North America are obese. However, as some animal health professionals are quick to point out, there’s no standard definition for obesity in animals. And these troubling numbers skyrocket among Labrador Retrievers as 60 percent of this breed is considered obese.

With a biological reason behind it, it’s easy to understand why your pup is so likely to beg for food. To prevent obesity in your dog, consider more active ways of engaging with your canine. Throw a toy bone instead of an edible one. Spend more summer evenings walking or playing in dog parks. Find something that can energize both of you.

That said, there may be some benefits to your dog’s cravings, so don’t feel too badly if Fido insists on scraps; your dog probably responds well to food rewards. Using a food reward system often makes breeds such as Labs easy to train, plus it explains why they make good service dogs. A breed’s trainability, not just its potential for obesity, is important to remember when choosing and caring for a family pet.

The next, you are shelling out almost $40,000 for a dog-bite claim. Many dog owners can relate to this: last year, more than one-third of the funds paid out for homeowners insurance liability claims was the result of bites and other injuries by dogs. The average cost paid was $37,214. This average has risen by a dramatic 94 percent since 2003, due to increases in settlement amounts and the increased cost of medical care.

With these stats in mind, it is essential that dog owners take steps to minimize those dog-bites-person incidents. Follow these C.A.N.I.N.E. tips to reduce the chance that Fido’s actions cause an injury that results in a hefty insurance claim:

• Consult with a vet or breeder before getting a dog to determine what kind is best for your family and neighborhood.
• Always keep your dog secured if someone comes to your door. And don’t forget to securely fasten your dog’s leash before a walk.
• Never leave young children alone with any dog. And never allow children to disturb a dog that is sleeping or eating.
• Immediately seek professional help if your dog becomes aggressive. There may be health issues involved, or your dog may simply need more training.
• Never approach a strange dog (either alone or with your dog).
• Expose your dog to other animals and people slowly and carefully to develop healthy socialization.

Even with these precautions in place, dog owners should have an insurance policy to cover any potential dog incidents. Homeowners and renter’s insurance typically cover dog bites; however, there are some exclusions, so you may need umbrella coverage to increase your limits to an appropriate level. Breed-specific policies are also available.

Check with your insurance agent to verify you have the proper coverage to protect yourself and your pooch.