Life insurance for small business owners that You would know!

The people for whom life insurance is the most important consideration are those people with dependents and few assets to support those dependents should the worst happen.

This is often the case for business people running their own small businesses. It’s quite common to find that such people are income rich, asset poor as they’re busy building their businesses in as tax efficient a manner as possible. They’re also often the busiest people around and don’t have the time to stop and think about what would happen to their families if something was to happen to them.

In the following article by JON RAMPTON you will find the types of business Insurance you never knew existed in present

5 Types of Business Insurance You Never Knew Existed

Insurance is one of those things that entrepreneurs hate to think about but know they need to have. Operating a small business without proper insurance can lead to big problems if your products cause some sort of harm to consumers or key assets get damaged or stolen. Since launching my small business I have been constantly looking for different types of business insurance. There are so many options out there so I decided to write an article to help everyone out.

Most people know about the major forms of business insurance: general liability, commercial property, etc. Depending on specific industry and business type, business owners might need to supplement general policies with policies aimed to help protect businesses from non-traditional, but very real, risks.

Here are five specific, more obscure types of business insurance that can be very useful both for a budding entrepreneur, as well as the most seasoned small business owner.

Business Life Insurance

Almost every organization has at least one person who is nearly irreplaceable. Especially in a small and growing business, there might be one person acting as CFO, lead salesperson, and hiring manager all in one. Such an employee has built up an incredible store of knowledge and expertise that is difficult to replace.

As horrible as it is to think about, if that employee were to die unexpectedly, it could put the entire business at risk. Business life insurance ensures that if a key employee does die, the company will have the resources required to keep the business afloat, satisfy creditors, and find a replacement.

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This is a fundamental mistake. We need to stop and ask ourselves why we do what we do – driving ourselves on harder each day. If you stop to think about it, it’s almost always the same reason; we’re doing it to help those we love live as comfortable and enjoyable a life as possible thanks to our efforts in business. So it’s crazy, then, that so many small business owners don’t have adequate life insurance cover.

 

 

 

 

 

 

 

It’s a particularly acute need if you’re still relatively young, growing your business, and earning a decent amount – but you haven’t yet had the chance to build up a protective asset base.

These are the most vulnerable people for whom it’s definitely worth considering cheap term life insurance.

Term insurance differs from life insurance in that it’s for a set period – as the name implies. In this way, the life insurance rates are cheaper as the cover is for an agreed period. This may be designed to cover a period of financial vulnerability in your life, for example, if you’ve made a major investment in your own business – or if you just want the chance to have a little breathing space while you build up your asset base but want peace of mind should the worst happen.

Either way, you really need to consider life insurance. Always seek independent professional advice first – and be completely open and honest with an advisor and s/he should be able to steer you in the right direction.

Image Credit enhancedinsurance.com

Find more Tips about >> 8 key Areas of Business Improvement post here

8 Key Areas of Business Improvement…!

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8 KEY Areas of Business Improvement By focusing on these 8 Key areas of Small Business Improvement in a logical sequence we can identify significant opportunities for Increasing TURNOVER, PROFITABILITY, and PRODUCTIVITY with minimal investment in Advertising and Promotions.

The result is a LESS STRESSFUL business that makes MORE MONEY and RUNS SMOOTHLY while giving you FREE TIME to focus on more important issues or just ENJOY LIFE.

Here is an overview of the 8 Key Areas of Business we Focus On…All great journeys start with a plan, so in this initial phase of your Coaching Program we will discuss your PRIORITIES for your Mumures business with you and help you get clear on some simple goals for the future.

We will also take an in-depth look at KEY AREAS of your business to identify untapped potential and propose appropriate Action-Steps for the future. From there we work with you on a regular basis each step of the way to help you implement your plan and make the changes you need to in your business.Many people fail to keep up with the most effective ways to market and promote their products and services or new technology such as social media, web based marketing and Search Engine Optimization.

 

In fact many small businesses don’t even know where to start so they continue to slip behind year after year while their competitors grab market share. This is where Smart-BIZ Coaching can help you understand which marketing will work best for your particular business and point you in the right direction to get solid results. We can also connect you with the right hand chosen specialists to help you with the parts you don’t want to tackle yourself.By creating a powerful Unique Selling Proposition (USP) for your business to convey the right messages to your prospects you will begin to deal with a better level of customer who understands the value you offer and is willing to invest good money on your products and services. We can also show you a range of ways to keep these customers coming back more often to spend more money with you each time they do.

The result is increased  turnover and profit for every month which over a year or more can become quite substantial.The typical small business we meet converts less than 50% to 60% of its leads into sales. By developing an effective Sales System which provides appropriate inquiry paths and processes for the different types of DiSC Personalities a business encounters every day, you can literally start to “‘Funnel” leads straight through to sales at much higher conversion rates and profit margins than ever before. Imagine what it would mean to your income if you were able to convert 80% or more of your leads into sales at close to full profit margin!Cash-flow and Profitability are the Lifeblood of any business and the fuel it needs to prosper and grow. We have some great tools to help you understand your financials in simple terms (No Accountant Jargon) and set clear financial goals for the future. We can then help you to track your progress while we focus on increasing margins and generating the the highest profits possible for your business.

Systems and Technology are the KEYS to a smooth running stress-free business. We can show you how to implement Simple Systems to get things run smoothly and ensure that problems get corrected effectively. By doing so you will no longer need to be the System people rely on to know what to do each day.  We can also show you a whole range of web/cloud based technology and software packages which are simple to use and allow you to manage your business and access task critical information from anywhere at anytime. Imagine freeing yourself up from the paperwork monster and hassles most small business owners struggle with and being FREE to work ON your business or just enjoy yourself a little more.

In the following article by Sherrie Campbelld, you will explore the top 10 habit that help you to build your dream business.

10 Success Habits That Will Dramatically Improve Your Business

In order to achieve success, you need to adopt the habits that will drive you to the top. Successful people strongly believe in something and are driven to manifest it. Their path is so strong that it keeps them true to their ideas and principles, despite the inevitable times of adversity and disagreements.

Financial gain is not the sole definition here. “Success” means a deep commitment to the pursuit of the fullness of life. Along the way, the following ten habits of success will serve to improve all areas of life, both personal and professional.

1. See the value in every detail.

To be successful, emphasize the results of your actions. Pay attention to each action as you strive for success and invest meaning and value into each step.

Any action lacking a clear purpose leaves you vulnerable to reacting to unexpected challenges. So, make a habit of directing each detail of your business toward your larger visions and goals. Train your mind to do the things that are especially hard and challenging.

When each detail has value, you have control over making it bold, determined and full of purpose. It is through this detail that you carve out your own personal fulfillment.

2. Practice mental clarity.

Avoid getting bogged down in mental tasks. Learn to make quick and conclusive decisions. Mental clarity makes it easier to see which decisions bring you closer (or take you further) from your goals.

Before altering a decision, however, carefully consider the pros and cons of any change. Impulsiveness may lead to disaster. Any time you change a previous decision, use the opportunity to learn what needs to go better next time, and further clarify the details that will meet your standards.

Making decisions quickly and changing decisions intelligently leads to balance.

 

3. Listen by sensing messages, not just hearing them.

Listening takes a tremendous amount of self-control, to not only check your own impulses for getting what you want, but also analyzing those you work with to understand what is really being communicated.

Make a habit of paying less attention to the surface messages people convey and instead listen for what is underneath.Tune in to your gut to “sense” other people’s emotions and feelings. Most of what they communicate is nonverbal. Truth is often expressed through body language, tone of voice, eye contact and touch.

Without the discipline to listen and sense the underlying messages, you may derail your success and see it get “lost in translation.”

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People are a big investment for any business so it makes sense to know how to find the right ones and be able to get the best return from your wages bill.  Smart-Biz can show you the steps you need to take to not only attract and keep the right people for your business, but also become a GREAT LEADER and have them performing at maximum productivity with minimal mistakes.

Once you have mastered the previous seven areas of success in your business you will have created something that is well worth growing and expanding upon and Smart-Biz will be there to work with you on developing the right plan of action to do so, whether it be via Franchising, additional outlets and employees or a range of other methods we can explain the pros and cons of each and help you proceed in the most suitable manner.