How to Decrease Your Business Insurance Costs

 

Adequate insurance coverage is, in many cases, a legal requirement for a business. Even if it’s not for your company, proper coverage remains a risk management imperative. But that doesn’t mean you have to take high insurance costs sitting down.

If you are wondering how to decrease your business insurance costs, there are a wide variety of ways. Just two examples are staying on top of facilities maintenance and improving the safety of those who work there. [Read more…]

Business Owners: Put Your Successor in a Position to Succeed

 

When it comes time to transition your role as business owner to someone else, you’ll face many changes. One of them is becoming a mentor. As such, you’ll have to communicate clearly, show some patience and have a clear conception of what you want to accomplish before stepping down. Here are some tips on putting your successor in a position to succeed. [Read more…]

Could Stronger Governance Benefit Your Business?

 

Every company has at least one owner. And, in many cases, there exists leadership down through the organizational chart. But not every business has strong governance.

In a nutshell, governance is the set of rules, practices and processes by which a company is directed and controlled. Strengthening it can help ensure productivity, reduce legal risks and, when the time comes, ease ownership transitions. [Read more…]

How to Find Bottleneck Risks in Your Supply Chain

 

Concentration risks are a threat to your supply chain. These occur when a company relies on a customer or supplier for 10% or more of its revenue or materials, or on several customers or suppliers located in the same geographic region. If a key customer or supplier experiences turmoil, the repercussions travel up or down the supply chain and can quickly and negatively impact your business. [Read more…]

Enhance benefits’ perceived value with strong communication

 

Providing a strong package of benefits is a competitive imperative in today’s business world. Like many employers, you’ve probably worked hard to put together a solid menu of offerings to your staff. Unfortunately, many employees don’t perceive the full value of the benefits they receive. [Read more…]

How to Improve Customer Service with 3 Strategies

 

Just about every business intends to provide world-class customer service. And though many claim their customer service is exceptional, very few can back up that assertion. After all, once a company has established a baseline level of success in interacting with customers, it’s not easy to get to that next level of truly great service. But, fear not, there are ways to elevate your game and, ultimately, strengthen your bottom line in the process. [Read more…]

How to Choose the Right Lender for Your Business

It’s easy to think of lenders as doing your company a favor. But business financing relationships are just that: relationships. Yes, a lender has the working capital you need to grow. But a stable, successful business represents an enormously beneficial opportunity for the lender as well. So you should be just as picky with your lender as it is with your financials. [Read more…]

Consider key person insurance as a succession plan safeguard

In business, and in life, among the most important ways to manage risk is through insurance. For certain types of companies — particularly start-ups and small businesses — one major threat is the sudden loss of an owner or hard-to-replace employee. To safeguard against this risk, insurers offer key person insurance. [Read more…]

Listen and trust: The power of collaborative management

 

Many business owners are accustomed to running the whole show. But as your company grows, you’ll likely be better off sharing responsibility for major decisions. Whether you’ve recruited experienced managers or developed “home grown” talent, you can empower these employees by taking a more collaborative approach to management. [Read more…]

Can I Claim My Airbnb Rental as a Hotel?

A young couple run on the sandy beach toward the house in the late afternoon light.

by William E. Rogers MBA, CFP, EA

Vacation rentals are nothing new. For centuries travelers have opted to stay in private residences over hotels for a variety of reasons. It’s quite common here in Southern California with the lure of our local beaches and mountains for property owners to rent out their properties on a transient basis. Vacationers have long used the Internet to search for available properties by visiting sites like Craigslist or VRBO.com (Vacation Rentals by Owner). The emergence of Airbnb over the last few years has taken the industry to a whole another level. In fact, Airbnb has gained such large scale prominence that its nightly occupancy rates rival many major hotel chains. In 2015, 155 million guests stayed in Airbnb hosted properties that is 22% more than Hilton Worldwide.[i] Unlike other aspects of the sharing economy, long established tax rules do exist for vacation rentals. [Read more…]