business advice

The Big Business Benefits of Compliance

Angela Manning Business , ,
The Big Business Benefits of Compliance

Just the word compliance is enough to have corporate leaders and employees groaning.

The idea of compliance is one that seems arduous, tedious and often unnecessary, but is that the reality?

There are real, significant business benefits for organizations that focus on compliance, and it’s a lot simpler to maintain a culture of compliance thanks to technology and security solutions like Reciprocity Labs.

When an organization can embrace the business benefits of compliance, they’re likely to see it as a worthwhile, valuable venture, so what are some of those advantages for compliant companies?

More Confidence Means More Innovation

When your organization is working within a strong framework of compliance, it can improve confidence at every level.

When a sense of confidence is pervasive, it prevents hesitation which in turn lets all team members move forward with innovation and new ideas without unnecessary limitations.

When you have a culture of compliance enforced through technology, there’s not that sense that people don’t know how to operate or that worry that they could be doing something wrong.

Reputation

When a business in any industry isn’t able to adhere to regulatory guidelines and meet compliance requirements, it can cause big problems not just internally, but externally as well.

We’re at a time when customer loyalty is based on trust, and trustworthy organizations are ones that avoid compliance-based scandals.

One example of this is what happens with a data breach. A data breach can be caused by issues of non-compliance, and if that does happen, it can tarnish the reputation of a business for a long time, or maybe even forever.

When you have a strong foundation of compliance, you’re also more likely to adhere to higher levels of social, ethical and environmental sustainability. That’s good in the eyes of customers, and therefore good for business.

Modern customers want to work with companies that share their values on every level, and this starts with a focus on compliance.

More Transparency and Available Data

Organization transparency is important to break down silos and reduce inefficiencies, and the use of big data is important to drive smart decision-making.

Both of these areas can relate to compliance as well.

First, a compliant organization is one that’s going to have more transparency inherently, and then when with compliance comes strong record-keeping, which translates to more available data that can be used to drive information-based decision-making.

Distractions

When a company is busy dealing with issues related to non-compliance, such as legal costs, or lost productivity, they’re not focusing on what they’re there to do which is make money.

Being compliant can allow for the elimination of unnecessary distractions within an organization, and there are more resources available to put toward increasing the bottom line.

Compliance is no easy feat, particularly in the face of growing regulatory environments, but luckily for businesses, there are evolving technological tools available to help them maintain compliance and improve their efficiency, transparency, reputation, and productivity. Being compliant isn’t just an unnecessary headache—it makes good business sense.

How to Make Your Business More Likeable

Angela Manning Business , , , ,
How to Make Your Business More Likeable

Brand loyalty and brand recognition are arguably the hardest parts of constructing a business image. That means starting from scratch and reaching out to customers that have yet to form an emotional connection with your brand. After all, brands that allow an emotional connection to form with their customers are twice as likely to keep them.

Easier said than done, because not every brand and company has an image that is ingrained in to our daily life, and those that do have cultivated and nurtured that image for a long time.

But that doesn’t mean that it’s impossible for a new brand to instantly connect to its customers. There are plenty of example of brands that have done just that, and have made it seem as if they were here since forever. It’s possible for every brand to achieve this while following a few tips and tricks.

Social media

Being active on social media is a must. Hiring a social media specialist is definitely worth it, and if your budget allows it, then definitely hire one, because social media is highly important in gaining a foothold in the market. Companies that are active on social media platforms consistently perform better than companies that do not, especially smaller ones.

Be constantly available

Not only on social media, but through live voice and video chat. This means to be available to people either for customer support or simply to bring them up to speed on the latest development of your brand and company. This can either be done through the website of the company or through a service an app. Customers always like it more when a company has a direct interest in what they have to say, especially if a human face is the one showing an interest.

Personify your brand

Be always in control of what your brand is where it’s shown, and then present it in the best light possible. The most important thing is to never forget the distinct identity your brand has, and to always know what your customers need from it.

Consistency

As it is with many aspects of life, it’s the same with branding – consistency is key. That means to only be constantly available, but to keep your word as a brand and your quality standards to a high level. Communicating this consistency is an important factor as well, and there are plenty of channels for that.

Reaching out

Reaching out can take many forms. It’s the basis of online advertising, whether it’s a standard marketing strategy, gmail advertising, social media marketing, or simply traditional marketing methods, it doesn’t matter. It’s important to make the extra mile and connect with customers to find out more about their preferences, needs, and wants.

After your business grows and becomes liked and respected, of course your sales numbers will grow, but that means that no matter the growth, efforts have to be genuine. Only then, the customers will come to a realisation that your brand is worthwhile, and they will find themselves loyal customers that will elevate your brand head and shoulders above the rest.

6 Steps Every Business Must Take to Protect Against Personal Injury Lawsuits

Angela Manning Business , , , , , , ,
6 Steps Every Business Must Take to Protect Against Personal Injury Lawsuits

The law expects that all businesses must take the proper steps to ensure that the customers and clients visiting their premises are safe and protected from injuries and accidents. Although unforeseen incidents cannot be prevented, every business owner should be prepared for the possibility of having to deal with personal injury lawsuits.

As a store or company owner, you must take the basic precautions to ensure that your setup remains safe from lawsuits brought by employees or customers. Keep in mind that plaintiffs suing your company even with a small complaint can cost you millions of dollars if found to be valid. It might interest you to know the U.S. Department of Justice estimates that each year 16,397 personal injury cases are presented in court. This number makes up only 4% of the total number of incidents with the other 96% being settled out of court.

Here are some of the initiatives you can implement on a regular basis.

1. Conduct Regular Training Sessions for Your Employees

Educate your employees about the importance of a creating a hazard-free workplace, both for the people who work in the company and for customers, vendors, and any other visitors so that personal injury lawsuits are avoided. Remember, even if the incident occurs because of the negligence of a worker, you could still be held responsible.

  • Set up a protocol that employees must strictly follow when using equipment. Train them carefully so that even the simplest of tasks are performed without causing injury or creating a hazard. For example, a smart stacking system that won’t cause products to tumble with casual brushing.
  • Insist that all equipment is stored carefully after use and not left lying around so it can hurt people.
  • On your part, keep all equipment well-maintained and in perfect working order.
  • As a feature in Business.com explains, teach your employees to keep a sharp lookout for loose railings and floorboards, torn carpets, shaky tiles and bricks, or any other potential hazard.
  • Welcome feedback from your workers regarding any health and safety issues that need to be dealt with.

2. Invite Professional Health and Safety Inspections

Even if you’re not the property owner, as the lessee, it is up to you to ensure that the building is safe. You can conduct regular inspections of the structure to look for any risks and hazards that can potentially lead to personal injury lawsuits resulting from negligence on the part of the store owner. If possible, get a professional to inspect the external and internal sections, sidewalks outside, storerooms, stairways, hallways, restrooms, and all other areas of the company structure. Yet another smart strategy is to call in an attorney who has the necessary experience in litigation to take a look around and identify any weak spots.

3. Conduct All Maintenance and Renovations Out of Working Hours

Schedule any cleaning and maintenance tasks out of business hours so that they don’t cause any slips and falls. For instance, water or soap on the floor, ladders in the hallways, and tools lying around could hurt visitors. You can also risk a personal injury lawsuit because of the dust or fumes from cleaning solutions. If you must have the repair jobs done right away, section off the area with the mandatory yellow signs warning visitors of the risks.

4. Organize the Workplace Carefully

Organize your store or workplace carefully so that there is no clutter lying around that can cause tripping incidents. Mark out all corners carefully with signs that are clearly visible. Arrange the desks and aisles with enough moving space. If your organization has earned certificates and licenses for health and safety precautions, you might want to display them. In this way, you offer assurance to customers that your company takes all the necessary care for their protection.

 

5. Talk to Your Insurance Company about General Liability Coverage

Getting protection against personal injury lawsuits that can cause significant losses is a good move. As an article on FindLaw reveals, accidents can also occur in areas where the lighting is inadequate or because of natural weather conditions like rain water or melted snow that can result in a slip-and-fall occurrence. General liability insurance can provide you with coverage in case you get sued. In addition to personal and bodily harm, the insurance also protects you from advertising injury, slander, libel, damage to property and any other risks.

6. Handle an Accident with Tact and Sensitivity

You can take all the possible precautions to secure your establishment but accidents can take place. It is advisable to stay informed on the best measures to take when an incident occurs. For instance, have an updated first-aid kit always at hand. Inform emergency services right away and do everything you can to add to the comfort of the injured person. Create a detailed account of the incident and request all the other people around for statements. Record their impressions along with their names and contact information in case you need to call them in as witnesses. Also, get in touch with your attorney to prepare for the possibility of a personal injury lawsuit.

In addition to the costs of litigation, you may have to deal with the loss of reputation of your business in case an accident and its fallout takes place. Protect your company from unwanted and unfavorable publicity by doing the best you can to secure the premises and avoid personal injury lawsuits.

Top 3 Business Principles For Successful Business Growth

Angela Manning Business , , , ,
Top 3 Business Principles For Successful Business Growth

The principles that contribute to successful growth don’t change much from small to big businesses, at least not the important ones. This is because success is primarily based on productivity. Making certain principles and practices part of your core ideals is the key, but also making them part of your daily life. These basic principles can be used by any business, as a foundation for successful growth in the long term.

Three top principles are rooted in all successful business growth. If you carry forward using these in the office, in public and even in the courtroom, you will continue to meet goals that lead to furthering success for your small or large business ventures. Take these to heart and learn to live by them.

Make Money By Spending Money

It is a traditional idea in business, but should never be forgotten. Money spending is something all businesses must do, so expect it and become comfortable with it. It is actually more important than paying the bills, because bills will not exist without putting any money at risk. A business that is thriving is constantly moving money, this is a byproduct of becoming more successful. You must invest in yourself or your company, if you expect it to flourish. Successful businesses know that investment is a huge part of their potential productivity. Without a sufficient amount of spending, a business can hardly get off the ground. Money spent wisely will build contact, open new opportunities and will reap profits. All these being products of working more productively. Every company needs to make money, every business also needs to spend money. It is a simple principle of successful economics.

Surround Yourself With Intelligence

As a company grows, so does the need to have input and recruit talent. Moving upward in the business world requires more than a few good minds to deal with the daily tasks and changes growth brings about. The people hired to cover your workload must be able to take direction, learn your business model, cross train in relevant areas for basic redundancy and think outside the box, as the company expands. Hiring people that can lead and follow is an art, all good business owners learn to read people. Your hiring process should include the idea that grooming people to stay with the company is a good thing. These people should not all be yes men or women, but people that bring ideas to the table that challenge the whole business. Being surrounded by intelligent minds is an asset that really has no price tag, it is invaluable and apparent, when nobody knows how to solve a problem. Commit to your talented employees, give them a reason to stick with your business and keep your promises as a business owner. The loyalty your actions inspire in others, create new dimensions and potentials for successful growth as a business.

Always Be Upgrading Your Resources

The essential tools to run a business are structured around what product you sell or what service you provide. Each industry has technology that is uniquely designed for the type business model it emulates. Whatever the essential tools, tech or materials are for your business productivity, never stop upgrading them. If you need a computer, always purchase another for redundancy, so breakdowns never stop production. When new technology becomes the best option, always spring for the upgrade packages. This kind of thinking will always save your business money, but also keep it state of the art. Keeping up with upgrades to materials and resources is an ongoing investment. It is also the differential line that leads small businesses into becoming bigger ones.

If you carry these principles and utilize them in your daily work, any business model is sure to be more productive. Successful business growth lends itself to companies that are consistent about how they conduct themselves. Having clear core principles helps in guiding small or large businesses in the right direction.

Jessica Kane is a professional blogger who focuses on personal finance and other money matters. She currently writes for Checkworks.com, where you can get personal checks and business checks.

Two Important Factors that Set Good Financial Advisors Apart

Angela Manning Business, Finance , , , ,
Two Important Factors that Set Good Financial Advisors Apart

Keith Springer is a popular financial advisor that has dealt with some high profile clients. He believes everyone should work together with a financial advisor, and has created some advice on how to choose the best one. According to him, there are just two factors that people should really look for.

Their Experience in Financial Planning and Their Price Package

Good financial advisors are also excellent financial planners. That means they look at the full situation of an individual, making sure they plan personalized strategies to meet their goals. This is very different from a financial advisor who works more as a broker, meaning you ring them with a description of your needs, such as an insurance policy or investment, and they execute it for you. Financial planning is always separate from financial advice, so it is likely that you will be charged for that as well.

Their Area of Focus

Different financial advisors have different areas of focus. Common areas include:

  • Estates.
  • Taxes.
  • Retirement planning.
  • Financial planning.
  • Insurance.
  • Investment.

Others, however, take a more generalized approach. Which of the two is better for you depends on your personal needs. You have to think about the bigger picture yourself as well. For instance, if you are in your late 40s, you may only require financial planning, but will quickly be approaching the time where you will need retirement planning and, eventually, estate planning. This means that a generalist advisor may be more beneficial, as it means that you won’t have to find a new advisor each step of the way. However, if you have a specific issue that you need help with, such as buying into the right life insurance, then a specialist advisor is perhaps more suited to you.

Some Extra Considerations to Make

The two factors above are the most important ones to consider when choosing a financial advisor. However, there are a few other things to consider as well, including:

  • Whether they offer convenient appointment times, including outside of regular office hours.
  • Whether they and their staff make you feel respected and comfortable.
  • Whether you feel like your advisor and support staff go out of their way to help you out.
  • Whether you feel like your best interests are at the heart of what they do.
  • Whether their office is comfortable, efficient, and easy to get to.

Make sure that you research and speak to a number of different advisors before you make a final decision. This will enable you to see what sets the different advisors apart, enabling you to find the one that will best suit your needs. All good financial advisors will offer you a free initial consultation if nothing else, and you need to use those to see how you feel about the advisor, their work, and their office. The decision on whether or not go ahead with their help should be left up to you, and you should not be pressured into making a decision on the spot.