How to Survive the Recession
…Stronger Than Before

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Worth Reading

BOOK REVIEW
No B.S. Business Success, by Dan Kennedy

As the title of this book suggests, Dan Kennedy tells it like it is.

And because he’s got huge experience at the sharp end of marketing, you’d be well advised to listen.

This isn’t a book full of business theory. Instead, you’ll find what Kennedy calls Eternal Business Truths learned from running businesses and advising thousands more.

For example: Live by price, die by price; You cannot trust your own judgment. Test, test, test. Then test some more; and No one will ever be a bigger expert in your business than you.

Although written with humor, this book is still a tough read. You might not want to hear some of Kennedy’s advice.

But if you are interested in hearing what works (even if it’s counterintuitive) and you’re willing to put Kennedy’s advice into practice, then you’re likely to profit well from reading this book.

Wisdom
Quotes by…Edward de Bono

We may need to solve problems not by removing the cause but by designing the way forward even if the cause remains in place.Traditional thinking is all about “what is.” Future thinking will also need to be about what can be.

Sometimes the situation is only a problem because it is looked at in a certain way. Looked at in another way, the right course of action may be so obvious that the problem no longer exists.

Edward de Bono, a consultant, is the originator of the term “lateral thinking.”

It does not protect the personal assets of the business owner, just the company assets.

Purchasing general liability insurance is fairly straightforward, but it does require a bit of advance planning and preparation.

The following are some things to keep in mind:

For example, an insurance company will need to know the type of business you own, number of years you have been in business, your claims experience,address and other pertinent information.

Moran insurance can help you find the policy that meets your needs, taking into account limitations and exclusions.

Agency News:
Congratulations to our May employee of the month Eddy Flynn. Eddy has been an account manager with the agency for five years.   
 
Moran is the proud sponsor of the Lukemia /Lymphoma Society event this month.
 
Please welcome the following two members to the Moran team:
Natalie Slater, Account Executive who is licensed in property, casualty, life and health in MD and VA.
Stephanie Machin, Office Assistant who recently graduated from University of Maryland College Park. 
 
The entire Moran Team was proud to participate in The Providence Center Golf Tournament for the 19th consecutive year on June 6th.

HUMAN RESOURCES
How to Get the Most from Your Admin Assistant

A capable administrative assistant – one who truly understands your expectations and is in sync with your policies, processes and preferences – can be an invaluable asset to your business.

A good administrative assistant can boost the productivity of your business, protect your time and enable you to concentrate solely on things that truly require your expertise.

It is up to you to train and manage your assistant so that you can perform effectively as a team.

Following are some ways to do this:

1. Commit to meeting with your assistant daily to review your schedule, go over the workflow and address any questions or concerns that either of you may have.

2. Train your assistant to sort and prioritize the office workflow. You will have to do this jointly at first, until the assistant can independently identify what needs to be elevated to your level and what can be offloaded, delegated or simply sent to the trash.

3. As you gain confidence in your assistant’s judgment and ability, give him or her authority to process your inbox. A competent assistant should be able to purge the garbage, handle the routine and forward only those things that require your personal attention.

4. Allow your assistant to handle routine correspondence. Armed with prewritten templates and form letters, a capable assistant can easily handle these routine items.

5. Have your assistant sit in on working meetings, teleconferences and brainstorming sessions. He or she will be able to take care of many action items right away, leaving you to deal only with high-level areas of responsibility.

Picture credit.

INSURANCE
Why You Should Do an Annual Policy Review

Small-business owners are accustomed to doing annual employee reviews, audits and reviews of existing inventory.

Unfortunately, many forget one of the most important annual reviews of all – to look at your insurance needs.

There are several reasons your business might need to increase or decrease insurance coverage. Following are some of those reasons:

Property and Casualty Coverage: Have you purchased or disposed of property or equipment? If so, it may be time to update your existing policy to reflect changes to capital investments.

General Liability: Expansion of the physical property, new locations and expanded product or service offerings may require additional layers of liability protection.

Health, Disability and Other Employee Benefits: New hires, especially those in critical positions, may change the overall status of health insurance premiums for the entire company. Take time to carefully analyze the needs of employees versus expenses to find the right balance between cost and benefit.

Commercial Auto Insurance: Whether you have an entire fleet of company-owned vehicles or simply use employee vehicles to run errands, take time to audit transportation trends. Be sure to speak with your insurance agent about mileage adjustments, accidents or other changes.

Key Employee Insurance: Critical employees, including the primary business owner, may require special insurance to protect the company in the event of a disability, injury or other situation where specialized knowledge or skill is required, especially if the business plans to seek outside investment or financing.

Umbrella Policy: Savvy small-business owners may want to invest in two umbrella policies – one for the business and one for their personal coverage. Umbrella insurance, also known as excess liability, provides protection against claims that may exceed the normal policy limits. As the business grows, it is important to increase the limits of coverage without breaking the bank. Umbrella insurance allows business owners to reduce risk without making major changes to the primary policy. Instead, the insurance can grow as your business grows, simply by adding an umbrella policy to enhance the existing coverage options.

Workers’ Compensation: Workers’ compensation costs are not set in stone. Instead, they are a reflection of the overall industry, individual record and general classification structure of the company. Doing an annual audit ensures that the latest information remains up to date and potential deductions are taken into account.

Bonds: If your business deals with issues of trust and security, bonds are already a big part of your business. Changes to employee status can have a profound impact on your bottom line and business reputation. Make a point of knowing how employee conduct both on and off the job may impact your company.

Equipment Coverage: Contractors and others concerned with the loss of equipment, vandalism or destruction of property should invest in ample equipment coverage, especially if it is an expensive investment or critical to the operational success of an endeavor.
 

Without a doubt, the most important item is safety, but that includes criteria that may not be obvious.

For example, new drivers tend to have safe records because they haven’t established a history. Therefore, they are unproven. Counter the impact by taking a driver’s education course to show you’re safety conscious.

Experienced drivers should focus on remaining accident-free and abiding by traffic laws.

Demographics

Gender, age and even zip code have a major impact on auto insurance rates. Some can be dealt with, while others can’t. For example, younger male drivers statistically have more accidents, so they tend to pay more. Likewise, if you live or work in an accident-prone area, expect to see higher rates. Installing an approved security system and parking indoors at all times might help.

Miles Matter

Perhaps one of the most frequently forgotten criteria is the number of miles driven each year. While you may not be able to reduce the total number of miles driven to and from work or school, it is still possible to reduce the total cost of coverage.

Consider carpooling once or twice a week, taking public transportation or squeezing in a little exercise for quick commutes.

Over time, it all adds up to fewer miles and less costly auto coverage.

Shared Concern

Last but not least, other drivers that have access to your automobile are likely to impact rates.

In some cases, it is actually more cost-effective to purchase a second vehicle and help pay for an individual insurance policy than include a secondary driver, especially if liability is a major concern.