Mike McRitchie | Resume and LinkedIn Profile Writer | Telecom Marketing Content Writer

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Why Entrepreneurs Need To Invest In Insurance to Succeed

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The number of self-employed workers in the U.S. stands at 15 million but Freshbooks forecasts that an additional 27 million workers will go the self-employed route over the next two years. This is due to many people placing more value on maintaining flexibility and freedom. While being in control of your earnings can be rewarding, it is important to remember that high rewards comes with higher risk. Even as you try to safely transition your career into self-employment, the unexpected can happen and you will need an insurance policy that can protect your business, your health and your income.

Property Insurance

This type of insurance is essential especially if you have business property such as office equipment, inventory or other assets. For the cost of $500 to $1000 annually, this product can cover the cost of damage to your business due to a fire accident, vandalism, theft etc. You may also want to include business interruption as part of the policy in order to insure your earnings if the business is unable to operate. While insuring your business’s buildings is not mandatory, if you have a mortgage your provider may require a cover to be in place.

Short-Term Disability

A health insurance may cover your medical bills, but if you’re too sick or injured to work how will you generate enough income to sustain yourself ? Depending on your coverage, a disability policy will replace your income by paying about 60% of your usual income. The catch is that the payments can only last from nine weeks to a year and so it is important that you have an emergency fund in place.

Health and Relevant Life Insurance

In the regular work force, many employees find that medical insurance is included as part of their benefits package. However, as a self-employed person you will have to get your own coverage. Getting health insurance is not just important for you, but for your family as well. A policy will ensure protection for you and your family, covering everything from routine medical care to emergencies. On the other hand, life insurance can be similar to a typical employment-based life insurance policy in that your business pays the premiums instead of you. This policy is a tax-efficient way for your family to receive financial support in the form of a lump sum in case something happens to you.

General and Professional Liability

A product liability claim on average can cost about $35,000. This can cause huge losses to your business if you have no policy in place. Therefore, a general liability insurance is needed to protect your business from third party claims for property damages or bodily harm that may have been caused by your products or services. A professional liability (also known as errors and omissions insurance) is a must have if you offer advice or certain professional services. This type of policy will cover the cost of legal fees and compensation in case a client charges you with negligence, misconduct or mistakes made by you. In addition, if you want to land contracts with government agencies and enterprise clients, you’ll most likely need to present proof of liability insurance in order to bid.

Other types of Insurance that you may need

Based on your company’s specific needs, a business owner’s policy can reduce costs by packaging all the required coverage a business owner may need. If you handle sensitive client information, a data breach insurance can protect you in case of digital or physical theft.

If you are venturing into self-employment you will definitely need some type of insurance. It is also a good idea to review your coverage frequently in order to ensure that you have policies that meet your needs and can be sustained financially.

Why Millennials Love Remote Working (And Why It Loves Them)

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There has been, in recent years, a huge surge in the amount of businesses of all shapes and sizes embracing remote working for their employees. From a business perspective, it’s easy to see why. Remote working affords businesses an opportunity to significantly reduce their overhead costs. When employees aren’t in the building they’re not using energy or water or paper. They’re not making coffee or flushing toilet. What’s more, they’re not driving into work every day and so they’re helping their employers to reduce their carbon footprint and increase their green credentials.

Yet, the reasons for the widespread growth of remote working aren’t all down to benefits for employers.

The factors behind the growth

There’s obviously a technological component at play when it comes to the rise of remote working. In recent years, managed IT services have enabled even modestly sized business affordable access to robust and reliable cloud based solutions- read more about this here. This has made it easier for remote workers to do anything they could to from their desktop at work from their home PC or in some cases even through mobile devices.

Yet, perhaps one of the lesser known factors is the way in which remote working is so closely aligned with the millennial generation’s ideals for workplace success. For clarification, by millennials we mean those born between 1977 and 1997. As you can see from this infographic we posted recently, there’s some pretty neat correlation between the two…

Advocates for work life balance

Many millennials were raised by baby boomer parents who worked long hours for their money and it likely did little to convince their young minds that good money trumps time spent with friends and family. Thus, millennial workers are every bit as diligent as their baby boomer parents but focus on working smart over working hard and strive for work / life balance.

Remote work allows employees to be more productive while enjoying greater autonomy over how they use their time. Moreover, they save a great deal of time every day by not commuting to work.

Digital pioneers

‘80s and ‘90s kids grew up in an era of colossal digital and technological expansion. While Generation Z are digital natives who have never known adult life without digital technology, millennials are still excited by it and don’t take it for granted. Thus, they’re more likely to be enthused by the cloud based technologies that allow them to be at work… At home.

Team oriented and collaborative

Millennials are inveterate team workers and embrace opportunities to combine this with their enthusiasm for digital technologies. New digital applications can facilitate innovative collaborations through digital communications technologies. Millennials enjoy using the tools that enable them to collaborate with others even while working remotely such as Slack, Asana, Zoom etc.

As you can see, there are many reasons why millennials love remote working and why it loves them. While it will likely never take the place of the traditional office it nonetheless makes for happier and more productive employees as well as reduced overheads for their employers… So everybody wins!

The Five Emails You Can Send On A Regular Basis To Secure Your Future Promotion

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Good communication is undoubtedly the skill that all employers value the most. Many great managers say the best skill set they have is to listen, especially to those who employ the roles most lucrative to the company. The symbiotic relationship between individual contributor and manager is there, but it’s up to you to ensure you are communicating so that your manager can play their part.

From the start of your employment journey, communication has always been at the forefront of why you are successful. From answering the hiring managers phone interview questions in a clear and concise way, to the email you send after your interview, and the communication you have regularly after you’re hired. Without good communication, managers can’t place their focus on performing their duties. For example, if you have a roadblock and the manager could help unblock you, but they simply don’t know about it; then efficiency is lost. Because of this, most managers reward communicative individual contributors.

Email is a great tool because it allows us to spend time thinking about what we’d like to communicate before the other party has a chance to read it. In the moment, or in front of your peers, you may feel more pressure to respond quickly. And with that pressure your communication skills may naturally become stressed as well. I’m going to show you five email techniques you can do to go above and beyond with regards to good communication. These communication techniques take very little time, are impactful to your manager, show you have leadership or promotion potential, show you are proactive about your role, and best of all, you can do this passively. Meaning you won’t place yourself into potentially stressful situations, like presenting in front of a group.

#1: The priority check in

In this email your goal is to ensure no new information has entered the managers knowledge bank. And that you are spending your time the best way you can. Here’s what your email should look like:

Hi Jeff,

Here’s my priorities. Let me know if I should reorder some of them, remove them or add any other priorities in.

  1. Redesign our print flyers
  2. Finish our sales pitch deck
  3. Improve our homepage experience

Thanks Jeff.

You’ll need to place your own priorities in this list. Keep them high level and something you and the team have already discussed. Make them the top three most important objectives or tasks from your perspective. This one you can send bi-weekly if your work doesn’t change frequently.

#2: The random thank you email

In these emails your goal is to pick a team member each week and show your appreciation for them. These random acts of kindness don’t go unnoticed. When a manager asks your peers how they like working with you, these emails are sure to be brought up. Here’s what you’ll say.

Hi Sarah,

I just wanted to send you a short note about how much I appreciate working with you. You are so talented. Thank you for all of your hard work.

Thanks Sarah

If you can use a more specific and recent moment that stood out to you, the better. Like when Sarah worked on Saturday to meet a deadline.

#3: The weekly report

This will be your most valuable weekly email. Send this email every Friday and recap the weeks work. When crafting this email. Think about the questions your manager would have for you if you two were to talk. For example they would ask, how’s the progress on our new homepage? Answer these questions for them so you can save them time. Here’s what you’ll say:

Hi Jeff,

Here’s my weekly report.

New homepage:

  • Finished our design brief
  • Met with Nancy in sales to prepare her on timing
  • Sent our technical needs to the web developers
  • We’re on track with regards to timing

Sales pitch:

  • Finished 2 sales pitches this week for Nancy and Kevin

Thanks Jeff

Let me know if you have any thoughts. Have a good weekend!

Keep it brief, impactful, informative and insightful.

#4: The request for feedback

It’s imperative that you are always willing to hear feedback on how you can do better. It shows you are leadership material. I wouldn’t send this email more than once per month but be sure you are sending it.

Hi Jeff,

Would love to know if there’s anything you feel I could be doing better. Or if there’s anything you appreciate that I am doing, and that you’d like to see more of.

Thanks Jeff

This information gives you insight into how to beat perform for the manager. Be prepared to take criticism you might receive, though.

#5: Asking if your manager wants any other type of regular communication

After a while, your manager might start appreciating but ignoring your weekly reports. That’s ok! That’s good! That means they’ve built trust with you. But ask them what other communication they’d appreciate so you are always moving forward. Here’s how to do it:

Hi Jeff,

I hope you’ve been appreciating my weekly reports. What are some things you’d like to see in them? Anything I can cover which may be most beneficial to you?

Thanks Jeff

And there you have it. Five simple communication techniques you can send by email each week which will do wonders for your development within the company. The good thing about these emails is that your manager has the option to read them. You may be wondering, what if they are annoyed by all the emails I’m sending them? Remember that these emails are insights, not strictly discussion. They’re digestible action items your manager can choose to see or not. They have the option to open the email if they’re curious or maybe lacking insight into your work. And they have the option to ignore it if they feel they already know enough. It’s a win-win for both parties!

Patrick Algrim is an experienced executive in the technology sector. He’s helped to build some of the worlds greatest teams at some of the fastest growing Companies in Silicon Valley. You can find out more about him and see more content like this at Algrim.co.

Need To Turn The Workplace Into A Paradise For Your Employees? Use These Strategies

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Nothing is as important as employees to a business. But the costs of ignoring sluggish employee productivity and the critical unhealthy organizational culture are high, a new study suggests. Business leaders should focus on fostering teamwork amongst workers to improve their productivity, and also enhance business growth. One of the qualities that define a great leader is the ability to communicate effectively with co-workers. Such leaders practice positive reinforcement, reward good performers, and put mechanisms in place that encourage employees to deliver more in a shorter period.

Invest In Effective Communication

People like being heard by their employers. Regardless of how much passion they could have for their job, poor communication undercuts their ability to execute. A survey done by the HR consultancy Willis Tower Watson found that organizations with staff members that communicate well are 3.5 times more likely to outperform their industry peers who are less effective communicators, and witness lower rates of employee turnover. Naturally, employees want everyone around them to listen to them — managers, co-workers, and acquaintances. By communicating with your team, you will understand the kind of grievances they intend to share, allowing you to tackle those concerns sooner rather than later.

Communication skills are what allow employees to connect with each other. To communicate better with your colleagues, you have to be a good listener. Since effective communication is two-way, pay attention to the message of others before putting yours across. Respect every coworker’s preferred medium of communication — it doesn’t matter whether it’s via text, voice or video. Last, pick your moments correctly. Know when to say something, and have some empathy for coworkers who are stressed out.

Let Employees Own The Company

Having a strong management team that encourages workers to be creative and publicly recognizes individual and group efforts are proven to improve productivity and engagement at work, so work consistently toward incorporating new and amazing employee engagement ideas to create a culture that helps employees feel engaged continuously in their everyday tasks. Furthermore, research indicates that a sense of ownership and purpose is a great motivator in keeping staff engaged and productive.

Motivate And Reward For Good Results

Showing workers how much the organization respects, values and appreciates each one of them is gratifying, yet often overlooked. Motivate, encourage and reward employees, and inform colleagues when they are doing good work, giving constructive criticism. Offer employees personal incentives for performing beyond their roles. Also, indicate precisely the achievement of a single employee to other workers to instill a sense of fulfillment and motivate others. By motivating your co-workers to put in more effort and rewarding them for their exemplary performance, they’re more likely to push themselves to achieve more productivity, as they have a reward ahead of them.

Decreasing productivity in your company can put its sustainability at risk if left unresolved for long. Even so, your team will not be at peak performance every day, so prepare for this, and don’t blame it on anybody. Instead, implement these tips, and you will be surprised how much everyone can do, both in and out of the workplace

How Should Your Business Handle Customer Service

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There are many things that go into making a great company, a good product, a well-designed marketing strategy, dedicated employees etc. However, one aspect that is often overlooked, is the value a good customer service can bring to your business. In fact, many small businesses choose to completely neglect it and focus on other things they deem more important. In order to see just how much impact customer service can really have when it comes to improving your business, let’s take a look at how your business should handle customer service.

The pros of a customer service

For a small business, every customer counts. This means that you can’t afford to lose any loyal customers to your competition. On top of this, recent years have shown that one of the most effective ways to grow your business is to sell more to current customers. The only way to successfully achieve both of these things is to invest in high-quality customer service.

Providing a platform on which your customers can ask for help, as well as voice their concerns, will make them feel appreciated and cared for, making it a lot more likely that they will stick with your business. This will also help you define and convey your brand image and company values to your customers, forming public opinion of your company as one that really puts their customers in the first place.

The other big and often unappreciated value customer service can bring to your business is the way in which it can help you gather and track customer opinions about your business. Having this source of constant feedback will prove invaluable, as it will allow you to know which aspects of your business may need to change or improve. If used to its full potential, this information will give you the competitive edge you need to grow and rise above your competition.

Choosing the right type of customer service

With the lack of funding you most likely have to deal with as a small business, it can be hard to encompass all of the different channels of customer service within your business. Because of this, choosing the right one to invest in is crucial.

The first thing you should consider is what assets you possess can be used to your advantage. For example, if you already have a well-established social media presence, integrating customer service through it can help you save a lot of money. On top of this, a big advantage social media has is that most of the support you are offering will be public, and everyone will be able to see it. This will allow you to maximize your efficiency, but also to affirm to everyone that your business cares for its customers.

Phone calls are another popular channel of customer support, as many people today still prefer human interaction when asking for assistance. And, while it may require a somewhat larger investment in order to get a proper call centre going, it will definitely be worth the price. There are many modern tools that can help you along the way,  like 1800 numbers and key performance indicators (KPIs), that will ensure your call centre is operating at full capacity.

Finally, live chat is channel of customer service with rising popularity. Unlike other online-based ways to help your customers, live chats are unique because they allow people to go into greater details on what their problems are, as well as ask follow-up questions. This allows them to easily fix their issues which increases the overall satisfaction they have with your business. Another benefit of live chats is that the time customers have to wait in order to receive help is minimal, as they basically only need to be patient until a chat slot to become available.

Adapting customer service to your business

As your business starts to grow and develop, the chances are it will begin to outgrow the capacity of your current customer service. Once that time arrives, an important question you should be asking yourself is: whether or not it’s time for you to outsource it?

There are many reasons to outsource customer service. However, the most important one is that there is no need for you to actively spend money on it when others can do it for you with lower expenses and more efficiently. In order to see if this is the case, the first thing you should do is to take a deeper look at the performances of your current customer service, and with them in mind decide whether or not it’s time to outsource.

If you believe the time is right, a good idea would be to define the goals and expectations you have from your customer service. This will help you set a clear target to aim at and aid you in the search for an appropriate partner. The most important thing to remember here is that at the end of the day you should diligently take note of the feedback you are receiving from your customers, as their opinions will be the ones that really matter. In conclusion, it’s important to remember that customer service isn’t just another unimportant cost of doing business. It is instead a key element of it, which will if done correctly, give your business the advantage it needs in order to succeed and set itself apart.

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