Have you ever rented to a tenant who refuses to pay rent on time, adhere to rental agreements, or get along with other property residents? If so, then you understand the value of a high-quality resident. Whether you are trying to attract a reliable, considerate tenant with a stable income or are simply trying to keep one, these three techniques will increase your chances of finding a first-rate, long-term tenant.
1. Implement an Effective Tenant Selection Process
Quality residents are easier to find if you have a detailed screening procedure. Do not allow your need for a renter to prevent you from checking an applicant’s income, references, criminal history, previous eviction history and credit rating. Having the potential applicant provide references from previous landlords and employers will give you another opportunity to identify any red flags before generating a lease agreement.
2. Keep Your Property Well Maintained
Regular cleaning, painting, and appliance replacement will make your property look like a nice place to live. Property investment gurus like Paul Daneshrad understand that you must treat your properties as assets. Therefore, a landlord must keep their rental property impeccably maintained if they wish to entice good tenants to stay. Renters who make regular payments enable you to make repairs, comply with building code requirements, pay utilities and taxes, and supply other services to residents. You do not want to tick them off a tenant by not promptly responding when they inform you that something is broken. Keeping up with maintenance schedules and maintaining your property will reduce the likelihood of things breaking.
3. Use Effective Communication Strategies
Approachable, frequent, and clear landlord-tenant communication will help you build positive relationships. It is especially considerate for you to show flexibility in how you communicate with tenants, as some people prefer emails, texts or phone calls. Make yourself available in person and through all three of these communication modes. High-quality residents will want to stay long-term if you are easy to reach in the event of an emergency. Providing your tenant with a 24/7 contact goes a long way to building a trusting, professional relationship that will last.
Reliable and responsible tenants are hard to find, and not keeping them long-term can make your property management experience difficult. If you are choosy in your selection process, impeccably maintain your property, and practice frequent and clear communication, you are more likely to attract a trustworthy resident.
Running a business and being your own boss is a dream that most people nurture. After all, is there is anything better than being answerable to no one, and working at your own pace? Owning a business provides you with full control of various aspects of your life. You get to decide when to work, whom to work with and how to work. You do not have to be answerable to anyone, and that is perhaps the best thing ever. However, as appealing as the idea of running your own business sounds, it also comes with a number of challenges. Being an entrepreneur is not a cakewalk.
You have a world of responsibilities to shoulder and take care of the smallest details. One slight error of judgement or carelessness on your part can lay waste to the little empire you built for yourself and leave you with nothing. You not only have to take care of your employees but also feel responsible if anything happens to even one of them. Plus, there are several other aspects to factor in too, while running your business. From accounts to shipping, shouldering the weight of a business is not an easy task. That is why, if you have ever nurtured the dream of becoming an entrepreneur, you need to be careful about and consider several things.
Having said that, in this article, we shall shed light upon one of the most important aspects of running a business. We shall talk at length about the necessity of business insurance and the types of business insurance plans you need to know. Most entrepreneurs pay very little attention to this crucial part of their business. They fail to comprehend the complete scope of business insurance policies and the role they have to play in securing their business, and thus, end up leaving a lot of money on the table. That said, let us now proceed to the main part of this discussion and help ourselves become better and responsible entrepreneurs.
Why Does Your Business Need Insurance?
There are a number of insurance policies that people come across in their lifetime. From home insurance and car insurance to life and health insurance, the types of insurance policies are very many. We do not waste a single minute before purchasing the right life insurance plan or car insurance for that matter. We want to protect our loved ones long after we are gone, and also protect the car that we have invested in. Then why would you think that your business is any different?
You have spent a lot of time, invested yourself emotionally and financially and put in a ginormous amount of effort in building your business. Therefore, leaving it at the risk of various potential threats is inane. This is where business insurance policies step into the picture. Let us now look at a few other reasons why you must purchase business insurance without fail.
You Could Be Sued
The law across most of the countries makes it mandatory to purchase business insurance policies. Therefore, if you do not invest in the same, you could be sued. Plus, in an event where a lawsuit has been filed against you, or there is an instance of a liability claim, without the right business insurance policy at your disposal, your business could shut down. It only takes one employee or an unhappy client to sue you. And even if you happen to win the suit, the cost of legal defense could leave you in tatters and cause your business to fold.
Business Insurance Keeps Your Business Afloat
The second and perhaps the most important reason to purchase business insurance is that the right policies keep your business afloat. No one can predict natural disasters. In the event of an earthquake or a fire, your business might suffer irreparable losses and damages. The right business insurance policy, about which we shall discuss in the next section, shall help you pull through the tough times and make the difficult phase relatively easier. Without any business insurance policy, your business might never be able to recover and fall flat on its face.
Business Insurance Protects Your Employees
Your employees are an irreplaceable resource. You might have cutting-edge technology at your disposal and AI that makes your job easy and hassle-free. But you cannot manage without human labor. You need your employees to run these machines and technological innovations that you are ever so thankful for. Without your employees, your business shall have a cataclysmic downfall. Therefore, it is extremely important that you have business insurance that protects the interest of your employees as well. From workers’ compensation to disability coverage, your business insurance shall help your employees make a living despite the odds and stay safe at all times.
The Policies Cover Acts of God
One final reason why it is imperative for businesses to purchase business insurance is that these policies cover Acts of God. Acts of God are events that are not human-made disasters. Therefore, if your business experiences losses due to earthquakes, floods or tornado, the right policies shall cover these damages. There are two types of insurance policies that protect your business against such losses- all-risk insurance and peril-specific insurance. Without these insurance policies, you might end up losing everything, and it might then be extremely challenging for you to rebuild your business.
Types of Business Insurance You Must Know of
Now that we have discussed at length all the reasons you need to invest in business insurance, it is now time to look at the policies that you absolutely need to have. As we already discussed at the beginning, running a business might seem appealing, but it has several inherent risks. As an entrepreneur, you will not always have the best time in your business. There will be highs, lows and potential threats that you need to navigate. However, if you invest in the right business insurance policies, you might have to suffer less when disaster strikes. Therefore, without any further ado, let make our way to the next section of the article and enlighten ourselves.
Professional Liability Insurance
The first type of business insurance that you need to learn about is the Professional Liability Insurance. This policy is also known as the Errors and Omissions Insurance and for good enough reasons. This insurance policy covers your business against professional negligence due to errors on your part or failure to deliver on time. The best thing about this policy is that businesses can customize the policy based on what rubrics they function on.
Property Insurance
Just as employees are one of the most vital resources of a business, equipment, workspace, and other properties are equally important. Can you imagine your business to function without the right computers or the right tools? Plus, some of these pieces of equipment like desktops, electrical parts, crucial tools like permanent lifting magnets (the best of which you shall find at https://magnetized.com/products/model-1037jr-permanent-lifting-magnet-1000-lb-capacity) come at exorbitant rates. You cannot always manage to buy them all over again once they are damaged or lost due to a calamity like a flood or fire.
This is where your business needs Property Insurance. This insurance covers pieces of equipment like the ones we discussed a while ago, signage, inventory and furniture sets in the event of a fire, torrential rains or even theft. However, there is an aspect that you need to be careful about while purchasing this insurance. A standard version of this insurance might not cover earthquakes and floods. You have to talk to your insurance agent to clarify this part and figure out what extra policy you need for such instances.
Workers’ Compensation Insurance
One of the most important insurance policies that we need to talk about is the Workers’ Compensation Insurance. You must not wait for your business to expand and hire more employees in order to get this policy. Once you have hired your first employee, you need to purchase this policy.
The Workers’ Compensation Insurance covers the instances where a worker is injured or passes away as a result of his responsibilities in your business. In such a situation, the policy shall cover the workers’ medical treatment, and provide the families with death benefits as well. Your workers are an integral part of your business. You cannot do without them. Therefore, it is mandatory that you purchase the Workers’ Compensation Insurance as soon as you hire your first worker.
Product Liability Insurance
If your business is associated with manufacturing and selling products, it is imperative that you invest in Product Liability Insurance. It goes without saying that every business takes the necessary precautions to make their products as safe as possible. However, human beings make mistakes and sometimes the mistakes could lead to lawsuits being filed too.
The Product Liability Insurance comes handy at this juncture. This insurance policy helps you fight the battle easily in case you have a lawsuit filed against you due to a product failing to perform as was expected.
Vehicle Insurance
Another insurance that you need to buy to secure your business is Vehicle Insurance. This type of insurance comes handy, especially if your business uses vehicles for shipping and transportation. You need to insure your company vehicles fully. They cost a fortune, and you might not be able to invest in them again once they run into some kind of an accident.
If your business uses its own vehicle, your personal insurance will cover these situations of accidents. However, if you lease out vehicles, you will need to get a policy that shall insure you against third-party injuries.
Business Interruption Insurance
The final type of business insurance that we shall discuss in this article is the Business Interruption Insurance. In the event of any disaster or natural calamity, you might be forced to fold your business for a while. And this shall obviously cause you to lose a significant amount of money. This is where Business Interruption Insurance comes handy.
This insurance policy shall cover your expenses and prevent your business from running into a major financial debacle. Until you are ready to open your office again, this insurance policy shall cover you and protect you from further legal and financial complications.
Summing Up
There are a number of other business insurance policies that you might want to invest in if you have a business to run. However, the ones that we have mentioned in this article are the most important, and you must purchase them without fail.
However, if you are interested in finding out more about these policies, dig around some more and enlighten yourself. Your business is like your child, and therefore, you must do everything in your capacity to protect it.
https://www.strategydriven.com/wp-content/uploads/c-users-hp-downloads-scott-graham-oqmzwnd3thu-uns.jpeg9551431StrategyDrivenhttps://www.strategydriven.com/wp-content/uploads/SDELogo5-300x70-300x70.pngStrategyDriven2021-02-12 15:00:182021-02-28 21:36:03The Importance of Business Insurance and the Types of Business Insurance that Every Business Needs
Most new entrepreneurs are at several particular and distinct disadvantages to the established players in their fields.
Perhaps first and foremost, giant established companies will have vast financial resources at their disposal, which can be used to pursue all manner of different innovations and campaigns, while also allowing them to more easily and effectively absorb losses.
For a new entrepreneur, there are all sorts of different things that should be taken into account when it comes to following the most productive path forward. Figuring out how best to avoid wasting money is a key priority.
Here are some tips on how to avoid wasting money as a new entrepreneur
Don’t invest in countless training materials, but learn “on-the-job”
There is a very large industry out there focused on selling books, instructional DVDs, motivational speeches, and more technically-focused “training materials” and “mentorship programs,” for entrepreneurs in general.
While some of these may certainly be helpful in particular contexts, the truth is that, in the majority of cases, these training courses, books, and so on, are unlikely to make much of a difference to your professional life. What they likely will do, though, is to drain your bank balance.
For the most part, the best way to learn how to do things as an entrepreneur is through “on-the-job experience.” Both your successes and your missteps and mistakes will give you a lot of insight about where you need to make adjustments versus staying on the current path.
Invest extra where it counts, but don’t fall for the idea that higher prices always reflect superior outcomes
In a professional context, there are always going to be areas where investing extra money results in a higher overall quality of service, and superior outcomes overall, that can significantly enhance the experience of your customers and improve the prospects of your business.
At the same time, however, there are also going to be many areas where spending a lot of money will not make much difference in outcome compared to spending a more moderate amount of money.
An important art to master is figuring out where that extra investment of money will really count, and where it won’t. The cheapest UPS domestic shipping rates are likely to get the job done well, in many cases.
Work on a focused number of things at a time, instead of trying to cover all the bases
The more you try to “do it all” as an entrepreneur, and to “cover all bases,” the less progress you are likely to make on any one thing at a time, and the less efficient you are likely to be with your money, as well.
By focusing on a limited number of things at a time, you can make more impact with your money, and can also keep your business moving in a more coherent direction.
While you can certainly branch out and add new features to your business over time, trying to do too much at once is often a road to self sabotage.
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Having an outdated phone system in your operation can have lots of repercussions. It limits communication between members of your team, leads to major delays because of shortages, and can also result in lost leads. Having customers not being able to reach you if they need support will also hurt your brand. This is why you must always monitor your system’s performance and see if it’s up to par. Here are some of the signs that your business’s telecom system is due for an upgrade.
You’re Experiencing Shortages
If your customers constantly let you know that they couldn’t get through or that their calls were lost, then it could mean that your system needs an overhaul. These are often caused by network issues. Sometimes, it may be due to poor cabling, like improperly grounded lines, for instance. In this case, you might want to call a professional structured cabling service to come and give your network a close look and propose solutions.
It’s Holding Your Team Back
Whether you like it or not, the future of business will be increasingly mobile and we can’t think of many industries that will not have to embrace remote working at least to some level. And, in this case, your current phone systems might be a huge hurdle in making the switch.
For instance, traditional phone systems do not allow interconnectivity in the same way modern solutions like PBX and VoIP do. These solutions could allow you or your reps to seamlessly answer calls sent to your main office on your mobile from wherever you are. If you’re in a line of business that requires you to move a lot, such as construction, then a legacy phone system will limit you.
Modern technologies also allow things like transcription, for instance. Voice messages can be transcribed and sent to any email or through SMS. Conversations with clients can be transcribed and stored in a CRM for future reference. Legacy systems can’t keep up and you will have to consider making the switch as fast as possible if you are thinking of going remote or hybrid.
You’re Spending Too Much
An outdated phone system will cost you in so many ways. Not only will you end up spending more when scaling or for repairs, but you’ll also be missing out on the savings you could be making with a more recent system. Not only that, but you’ll also be losing money from lower productivity. Just changing to a new, more efficient system will automatically reflect on your bottom line.
It’s Taking too Much Time to Resolve Issues
If it takes days for everything to be back to normal when you’re experiencing issues, then you might also need to upgrade your system. This could, again, be an issue with how your system was cabled. In this case, only an expert team will be able to help.
These are all clear signs that you may need to overhaul your current business phone system. We suggest you speak with a reputable team today if you’re experiencing recurrent issues.
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There are many reasons why one company may merge with or acquire another company. Sometimes it may be out of convenience and other times it is a necessity. When two companies join it leads to more resources, expanded profit share and less competition. As Aristotle said, “The whole is greater than the sum of its parts.” Entrepreneurs, like David Walsh Bronxville, make their living by knowing which mergers and acquisitions are going to profitable and which are not. Often, this comes down to the legal details and what type of transaction takes place.
Asset Purchase
When one business acquires another, it could be done through an asset purchase. In an asset purchase, the target business sells all of its assets to another company, known as the acquirer. These assets may include licenses, customer lists, equipment and patents. The target business retains ownership of the entity. Sometimes the target company also passes some liabilities to the acquiring company, especially if that debt is associated with an asset. Asset purchases favor the acquiring company when it comes to taxes. This is because the newly acquired assets provide tax deductions for depreciation. On the downside, contracts with employees, customers and suppliers may need to be renegotiated.
Stock Purchase
A stock purchase is another type of acquisition. With a stock purchase, the acquirer takes the target company’s assets and liabilities by buying its stock. The target company then dissolves. Contracts typically transfer to the acquiring business without renegotiating, and the assets transfer without having to pay for retitling. This type of acquisition is more straightforward. There is less to negotiate, making the purchase much simpler. The main disadvantage comes with the transferred liabilities. Separate agreements need to be negotiated if the acquirer doesn’t want the liabilities. Also, the acquirer doesn’t receive tax benefits from those assets.
Merger
Mergers are a little more complex than acquisitions. This is when two companies completely combine, along with all the assets and liabilities of both companies. In this case, the stocks for both companies are surrendered. The new business entity is issued its own stocks. A merger is usually thought of as friendly, while an acquisition can be hostile. Although mergers sometimes lead to hostile work environments. The management structure changes and many departments need to be blended, which often leads to layoffs. Restructuring is necessary so that operating costs are not doubled. Successful mergers benefit both contributing companies and are usually done between similar size businesses.
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Have you ever rented to a tenant who refuses to pay rent on time, adhere to rental agreements, or get along with other property residents? If so, then you understand the value of a high-quality resident. Whether you are trying to attract a reliable, considerate tenant with a stable income or are simply trying to keep one, these three techniques will increase your chances of finding a first-rate, long-term tenant.
Having an outdated phone system in your operation can have lots of repercussions. It limits communication between members of your team, leads to major delays because of shortages, and can also result in lost leads. Having customers not being able to reach you if they need support will also hurt your brand. This is why you must always monitor your system’s performance and see if it’s up to par. Here are some of the signs that your business’s telecom system is due for an upgrade.
There are many reasons why one company may merge with or acquire another company. Sometimes it may be out of convenience and other times it is a necessity. When two companies join it leads to more resources, expanded profit share and less competition. As Aristotle said, “The whole is greater than the sum of its parts.” Entrepreneurs, like 
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