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Why Insurance Is Vital For Your Business

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StrategyDriven Risk Management Article |Business Insurance|Why Insurance Is Vital For Your BusinessBusiness insurance is financial coverage for your business. It provides you with protection against both potential and unexpected damage. There are different types of insurance for businesses, from insurance on equipment, structure, loss of revenue, cyber insurance and many more. A business owner is exposed to various risks – from loss of equipment and information due to fire or burglary, damage to electronic equipment to possible third party claims, for example claims of injured employees or even claims filed due to professional negligence. Each business has its own unique characteristics, its specific insurance needs and of course the budget available to it. Therefore, the insurance policies must be adapted to the type of business and its activity, in order for you to receive business insurance that gives you exactly the coverage you wanted. There are different types of insurance, including tradesman insurance for example.

I own a home-based business. When do I need business insurance?

There are many freelancers, including lawyers, accountants and the like, who own and operate a small firm from within their own home. In this case, too, it is advisable to draw up an office insurance policy. If the home office is uninsured, not only is it not protected from the risks mentioned above, but the office activity may completely void the home insurance policy (if any). If a business is conducted at home, the apartment policy must be updated and it must be stated that there is a business activity happening inside it. If the business activity in the home is not updated, the insurance benefits may be affected in the event of damage or a claim.

What policies are needed?

Insurance of shops and businesses. Store insurance or any other business requires a unique and customized business insurance policy. First and foremost, the policy covers the business from fire damage and can be extended to many additional coverages as needed, such as flooding, theft and more. The common covers can be divided into three parts:

  1. Structure – can be extended to cover against natural damage and earthquake etc.
  2. Inventory and / or equipment – can be extended for protection against burglary, natural damage, damage to goods during transfer, loss of profits and more.
  3. Liability (liability insurance) – Common coverages are third party damage (spread of fire to nearby businesses or customer injury), employer liability (insurance that protects the business owner from claims by his employees), product liability, professional liability and more. In general, the field of liabilities is a relatively complex field, and it usually covers the risks that can cost a lot of money to the insured.

Professional liability insurance is intended for employees in a variety of areas of expertise, including doctors, paramedical therapists, architects, plumbers, lifeguards, beauticians and the like. This insurance provides coverage for the professional responsibility of the professional when performing his work. Thus, if the professional is sued by a client due to professional negligence, whether for bodily injury or property damage, this professional liability insurance provides financial coverage, in accordance with the limits of liability purchased in the policy including ancillary expenses. Professional liability insurance is an important business insurance because it covers the long-term professional and protects them from future claims, even those that were filed many years after the insured event occurred and it’s better to be safe than sorry!

The Ultimate Guide to Starting Your Own Small Business

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StrategyDriven Starting Your Business Article |Starting a Small Business|The Ultimate Guide to Starting Your Own Small BusinessStarting your own small business can be daunting. This is why we bring you a step-by-step guide to help you get started.

While naming your business and creating a logo is important, ever wondered how determining your business structure or crafting a detailed marketing strategy might affect your business?

It’s easy to get confused and lose motivation because there’s so much to consider. Rather than guessing where to start, follow our checklist to start your own small business.

1. Refine the idea

If you’re thinking of starting your own small business, you’re likely to have an idea of what you wish to sell or at least what your target market is.

Research your competitors to understand how they work and figure out ways how you can do it better.

If you think your business will be able to bridge a gap that your competitors can’t, then you’ve got a solid business idea.

If you’re hesitant to start a business, you can consider opening a franchise. The business model, brand following and concept are already taken care of; all you need is funding and a good location.

Brainstorm your company name

Your business name should be memorable, short and should be able to nail down your idea’s value. Brainstorm ideas with your team or search business name ideas on the web.

Determine your target market

The excitement of starting your own small business can easily make you forget your target market.

Identify how you’ll provide value to your customers, how you’ll communicate with them and how much they’re willing to pay. Iron out all these seemingly small details during the ideation phase to achieve success.

2. Design a Business Plan

You have a business idea in place and now it’s time to consider answering a few important questions such as:

  • What’s the purpose of my business?
  • What’s my product’s USP?
  • How will I finance my business?

These answers will help you create a business plan.

A well-thought-out business plan will help you avoid the most common mistakes new business owners make.

Conduct a Thorough Market Research

Invest in focus groups, conduct surveys with your target audience, research public data and SEO in order to make a full-proof business plan.

Market research will help you understand the behaviour, needs and preferences of your target audience as well as your competitors, both of which have the power to transform your business.

Conduct competitive analysis and collect demographic information to understand the strengths, weaknesses, opportunities and limitations of your market.

Craft an Exit Strategy

It’s wise to consider an exit strategy when drafting your business plan. You need to have a few exit routes to help you look at the future.

When you go to a movie hall (or board an aeroplane), what’s the first thing they show you? Where the exits are.

A good business plan will help you understand where your business is going, how will it overcome any obstacles and how will it sustain itself.

3. Focus on Your Finances

Determine how you’re going to fund your business. Do you have the funds or will you borrow money?

A whopping 29% of startups fail because they run out of money. Overestimate the costs a little to ensure that you have enough to cover up for unexpected expenses.

Understand your funding options. Do you have sufficient means to start the business? If not, will you be taking a business loan or a grant? Would it be better to bring in an investor or opt for crowdfunding?

Conduct a break-even analysis to help you determine profitability, price your products and analyse data properly.

Contrary to popular belief, refrain from overspending when starting your own small business.

Monitor your expenses to ensure that you stay within the pre-decided budget.

4. Determine the Business Structure

You should have a clear idea of the kind of entity your business will be in order to register your company.

Would it be a sole proprietorship, partnership, corporation or limited liability company?

The structure of your business affects everything from your personal liability to how you file taxes therefore, understanding different business structures is crucial.

5. Build a Great Team

Starting your own small business can mean you running your business on your own or hiring a small team to help you get started.

Companies that have a good company culture have a 4X higher revenue.

Clearly define the responsibilities and roles of each employee, consider their feedback and figure out ways to work together early on will help you save a lot of headaches later on.

6. Branding and Advertising

According to 77% of B2B marketers, building a strong brand is the key to a company’s growth.

Understand how you can build your brand and the cost-effective marketing strategies you can invest in to help you establish yourself in the minds of your target audience.

A few places to get started are:

  • Logo: Should be easily identifiable, relevant and easy to recall.
  • CRM: Use CRM software to understand the market demographics. A killer email marketing campaign will do wonders for your new business.
  • Social Media: Are an excellent means to spread the word about your business.
  • Website: 85% of customers conduct online research before making a purchase. Create a clean, minimal, mobile-friendly website that has the capacity to convince your potential customers into long-term customers.

Update your website and social media accounts with interesting and informative content to help you build a rapport with your customers.

The Wrap Up

Starting your own small business is so much more than the launch and first sales are just the beginning of the business.

You need to stay afloat and start making profits to help you grow your business. It’s going to take a lot of time and effort.

Understand that the success of your business depends on the decisions you made before you launched your business. So, invest in research, craft a detailed business plan, keep a track of your finances and create a marketing strategy to take your business to new heights!

About the Author

StrategyDriven Expert Contributor | Shristi PatniShristi Patni is a content writer and owner of F and B Recipes. She enjoys writing about Intuitive Counseling and Spiritual Mind Treatment. Formerly the Chief Content Officer at Raletta, she is currently working on her second cookbook.

 

Credit Dependency And How To Reduce It

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StrategyDriven Managing Your Finances Article |Credit Dependency|Credit Dependency And How To Reduce ItBeing able to rely on credit to help you make purchases and achieve your dreams is something we are fortunate to have. As saving huge sums can be time-consuming and difficult for some to do regularly, being able to take out a loan or get approved for a credit card helps bridge the gap and speed up the process. However, there can be too much of a good thing, and becoming credit dependent is not an ideal situation to be in. So, how can you avoid becoming credit dependent and what can you do to reduce your reliance on borrowing?

Borrow Only When You Need it

If you are in the habit of borrowing money regularly, whether it be to maintain a certain lifestyle or make purchases you otherwise couldn’t afford, this is a sign you have a credit dependency. Ideally, you should only be choosing to borrow money when you really need to, for example, in an emergency when you have no available savings. Payday loans UK lenders are available for this reason to provide short term help when the unexpected happens. Borrowing this type of loan when you have no other available options is more justifiable than continuous borrowing for non-essential reasons. If you can avoid borrowing money to pay for purchases, this will reduce your credit dependency.

Start Saving More

The quickest way to reduce your overall credit dependency is to boost your savings each month. The more money you have put aside, the less you will need to rely on borrowing. If you are someone on a low income, the amount you can save maybe less than others, but even a small amount is a start. Eventually, you will have enough savings to cover any unexpected expenses or to put towards larger purchases such as a deposit on a property or vehicle. Whilst it can be easy to take out credit for big-ticket items you want, having money you can put towards a larger deposit will help decrease how much in total you need to borrow.

Review Non-Essential Spending

One of the main issues for those with credit dependency is having very little disposable income. If the majority of your income disappears quickly each month, leaving little for anything else, this could indicate your finances are overextended. The best way to find out why is to review your expenditure so that you can discover exactly where your money is going. What many people may find is once their essential bills are covered, they in fact do have disposable income but this has been depleted due to non-essential spending. It can be easy to spend a little every day without realising how much in total you are spending throughout the month. If need be, set a budget of how much you want to save from your disposable income and what you can spend on non-essential purchases. This way, you’ll reduce how quickly you run out of money each month and your credit dependency should reduce too.

Once you become dependent on credit, it can be difficult not to stay in this cycle. The risk can be eventually falling into financial difficulty where it will be even harder to resolve. By taking steps as soon as possible to reduce credit dependency, you can reduce debt and put money towards your financial goals.

Job roles within video production

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StrategyDriven Talent Management Article |Video Production|Job roles within video productionOver recent years within the United Kingdom, video production has become an effective way for brands to market themselves and tell their brand story. A lot of work and effort goes into producing a video for a business; therefore, it requires a team of talented people. If you are interested in starting a career in video production, or just want to learn more about what goes into creating a video for a business, then here is a list of job roles that are available within video production.

Director

One of the main roles within video production is that of a director. Directors are typically involved in all stages of creating a video. Video production companies, for example this company who work in video production Cardiff based, play an integral role in boosting sales for a business. Therefore, having a good director is vital for the videos and business’ success. Directors oversee and manage all aspects of the video production from start to finish. It is the director’s job to set the scene for the video production, and essentially direct all crew members on how to create an effective video.

Producer

A producer is another vital job role within video production and is necessary for making effective marketing videos. Producers ensure that a schedule is followed, secures funds for the production and manages the entire cast and crew of the video production. Depending on the size and scale of the production there could be a number of producers working on a project at a time. Producers also usually stay involved throughout the whole video production development and would have the most contact with the business client.

Camera operator

Camera operators, also known as videographers, are the people who are in charge of operating all the cameras and equipment on the production set. Along with the help of a lighting, sound and technical team, camera operators have the role of capturing the footage that will be used in creating a video production for a business. People who work in this role typically have a good eye for things and great attention to detail. Camera operators can create a scene or clip of footage based off what they have been told by the producer and the director. Essentially, they have the role of bringing a client’s vision to life.

Lighting operator

Lighting operators work closely with the camera operates, helping them to create effective videos for a client. Lighting operators must make sure that a set is well lit by coordinating all of the lights on set. Good lighting is essential for achieving the look envisioned by the client and producer. It is also extremely important if the video production company is creating a video that markets a certain product. Lighting operators must make sure that the product that they are trying to market is clearly seen in the video, that way it will catch people’s attention.

Voice over talent

When creating videos for a business client it is quite common for videos to include voice overs. This involves someone speaking over a series of clips, typically about the brand or the product or services that they offer. This narration is usually recorded off camera, and the person doing the voice over will often read from a script that that been written by the client. Voice over is considered to be one of the most important steps in video production marketing as they play a huge role in building a connection with the audience. Businesses typically use someone who is relevant to their audience, making the video seem more personal, therefore building a strong connection.

Video editor

Without a video editor, a video would not exist. Video editors have the task of taking all the clips that were previously filmed by the camera operators and compiling them together into one video. They will also take the voice over audio that has previously been recorded and edit that over the video. Video editors usually spend a lot of time cutting out unnecessary clips and condensing all the clips into a shorter video suitable for the clients. They will also use a variety of sound effects, graphics and special effects while editing the video, in order to enhance the clips. Along with the camera operators, video editors play a huge role in bringing a client’s vision to life. Poorly edited videos do not usually market well, therefore they must make sure that their editing is seamless.

From reading this list hopefully you will now be aware of some of the amazing jobs that video production has to offer. Whether you have just graduated from university or are looking for a new and exciting career change, you’ll be sure to find a great job in video production Cardiff or UK based.

PR Success Secrets – How To Use Publicity Campaigns To Boost Your Business

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StrategyDriven Marketing and Sales Article |Publicity Campaigns|PR Success Secrets - How To Use Publicity Campaigns To Boost Your BusinessCompany leaders usually consider the best-case scenario when planning a PR campaign. The usual points to consider include – the story angle, conversion rate, and the credibility they will gain through these activities.

Of course, the best campaigns are modeled around the ones that have already garnered successful results. In other words, there is a blueprint for PR campaigns that most successful PR campaigns follow around.

In this article, we have collected some of these campaigns. Look at them, and who knows, you may find your befitting strategy from these ideas only.

Real Beauty Campaign – Dove

Unusually, the soap company – Dove – decided to go beyond the conventional marketing campaigns. They created a campaign called “Real Beauty.”

The company decided to go all punchy and redefined perceived and actual beauty concepts. In other words, it appealed to the customers, discarding the distorted perceptions of beauty as fair skin tones.

Their first campaign included a short commercial showing how the cosmetics industry popularized the broken concept of beauty. A normal woman enters a studio in the video and gets her makeup and hair done for a photoshoot. Later, the photos are dramatically enhanced before landing on a billboard.

That video appealed to the shock value and the sinking truth of the social stigmas. Later, in the second part of the campaign, the company hired real women instead of models to represent the brand’s face. And surprisingly, it worked. According to a report, the annual sales for the brand almost doubled over the decade from $2.5 to $4 billion.

Timing Is Everything – Shopping Slot

2020 has been a learning chapter in our lives. And as far as businesses are concerned, many attracted PR attention for how they responded to the changing needs during the pandemic.

One of the most significant examples during the pandemic was Shopping Slot. The startup was about gathering and sharing information about available delivery slots. Well, it seemed appropriate in times when delivery spots rarely seemed open.

Its PR campaign outstruck many, leading to a frenzy among its target users. It only released a “press” article that attracted 3 million site viewers. Subsequently, though the company gained half a million users, the website crashed due to a sudden surge in traffic.

Well, the key here was the timing. Besides, it created an incentive for the corporates to give back to the community. Sabrina Stocker, the co-founder of Shopping Slot, said, “We used real-life case studies and stories of how the service was bettering lives — these are the stories that stick.”

User Participation – #ALS

How many of you remember the ice bucket challenge? Well, it indeed did went viral on social media. And since social media is (mostly) the source of ideas about what’s essential for humans as a society, using it to gain real campaign exposure can be pretty resourceful.

Good challenges spread like wildfire, and there’s no doubt in it. Nonetheless, to your surprise, the ice bucket challenge was introduced by the ALS Association.

First of all, it was fun to watch someone pour a bucket full of ice-cold water on themselves. It doesn’t matter who’s taking up the challenge as long as it is good entertainment.

And the best thing about that challenge was, it was all meant to raise awareness and money for the ALS Association. According to some reports, the campaign raised around $115 million from about 2.4 million online videos. And all of them hashtagged with #ALS.

The Takeaway

What’s common in all the campaigns mentioned above? – They were all enticing and tried to break away from the common agendas.

If any of these ideas intrigued you, the next intimidating task you have at hand would be measuring the success of your campaign.

Remember, you need inspiration and no plagiarism in your campaign. To put it simply, you just have to have the idea of thinking out of the box. And wait for your drive to see the success lights.

Nonetheless, some key takeaways from these examples can help you redefine your PR campaign.

Say What Your Audience Doesn’t Expect You To

Thinking that your PR campaigns are primarily advertising strategies might be foolhardy. They are indeed a lot more than that.

Think of how you can capture your audience. Can you deliver a compelling message that out-shadows advertising norms? Or is your campaign enough to create a statement for your brand that your customers can relate to? What is the cause that your brand stands for?

Answering these questions, you may find it easier to build a rapport for your brand.

Invite Participation From Your Audience

PR campaigns can also be about engaging your customers. It gives them a feeling of belongingness that they can associate with. And this is precisely what the ALS Association did with their campaign.

There are many ways to do that. Creating funny challenges on social media is just one of them. You can pick, mix, and make your challenges that can connect with your audience. And invite them to participate.

In a nutshell, this would not only increase your brand’s reach but also build a community of loyal users around it.

Learn The Art Of Storytelling

This is what helped Shopping Slot gain that immediate surge in its web traffic. Though they didn’t plan for it, as was evident from their site being crashed, they still outperformed the conventional norms.

They not only earned customers but turned them into clients. In other words, rather than making claims about how your business is different or better, let your work speak for itself.

Ask yourself, what are you trying to solve, and how is it helping people. And when you have the answer, you already have a story to tell to your audience.

Summing It Up

Creating PR campaigns that resonate with the audience and your brand at the same time is certainly no easy task. And we didn’t intend to imply any such claims. However, there’s one thing that all of these campaigns tell us – it’s about defining your brand and letting your audience decide what they want to relate it with.