Nancy Chorpenning

Eight Insurance Coverage Areas to Review Annually

A once-a-year checkup can save you big bucks in the year ahead!

Year end is always busy, but it’s also the perfect time to review your insurance coverage as you look ahead to the beginning of a new year. Even if you don’t do it all at once, you need to review each of these areas at some point during the year. Your insurance agent should be able to advise what is appropriate for your business (or steer you towards other agents who handle them!), and there may even be other insurance types depending upon your industry (e.g., Errors & Omissions for professional services).

Here are some areas you might want to check out:

Don’t Skimp On Ad Budgets – Forbes.com:

So you read or heard the news the other day (and I use the term “news” loosely) – the US is in a recession and has been since December of ’07. I’m so glad there’s a group of academics poised to tell us such things!

More helpful is the advice from Knowledge@Wharton via Forbes.com: Now is not the time to slash your ad budget! This harkens back to what I’ve preached for some time (see my Oct 15 post) but it is very hard for most small business owners to buy into. It takes particular intestinal fortitude this season, but this is precisely when it has the potential to pay off the

It is well established that concentrated attention and focused thought are more productive than the start-and-stop too many of our days are like. That working in dribs and drabs is also a common symptom of business owners who work IN their business more than they work ON their business, then wonder why they never make progress.

Try setting aside time regularly as you plan each day – or each week, minimally – when you

Tool Kit – How to Avoid Becoming a Failure Statistic – NYTimes.com:

The link above takes you to the New York Times, and one in a growing number of cautionary articles online and offline directed to Entrepreneurs and Small Business Owners – just like Small Business Central!

Another similarity among that ballooning number of commentaries is one particular piece of advice: as Karyn Greenstreet (a self-employment expert and small-business coach) is quoted here as saying, “Test every new idea against your business plan and mission statement

Crisis Advice from GE’s Immelt – Harvard Business Online’s HBR Editors’ Blog:
“Keep your company safe but keep building the future”

Terrific brief article from GE’s CEO Immelt about Leadership and Change he teaches his management teams. While he acknowledges that adjustment is necessary in light of current economic troubles, it doesn’t mean turning from growth.

Immelt had some final advice for leaders, which struck me as especially valuable in tough times:

Be decisive: Make decisions, including some occasions when you don’t have perfect information.

Have you heard the quote by our 34th President, Dwight Eisenhower while he was Supreme Allied Commander? Good advice for soldiers as well as business owners.

“The plan is useless, but planning is essential.”

And there couldn’t be a better time than right now. During a recession, pragmatic business planning is vital. Strategic plans are important but tactical operating plans might be your most valuable management tool during this recession. Here’s the perfect opportunity to focus in on

It’s tempting, to be sure. First, stop listening to the news hourly – it will only depress you and not offer any  information useful to your business. Unless you’re an investment banker or needing credit to stay afloat, the economic situation oughtn’t to affect your business directly. And Wall Street’s woes don’t mean that you […]

The Crisis Facing Business: Succumbing to the Madness of the Crowd | The Corner Office | BNET This excellent article by Stanford B School Org Behavior prof, Jeffrey Pfeffer, is a breath of fresh air in an otherwise dismal and gloomy business media environment. Pfeffer confirms what I have long believed: “the evidence on the […]

How To Hire A Lawyer – Forbes.com by Robert Bovarnick Legal fees are a cost of doing business. This very practical article (Click to Open Link) covers such things as how to identify potential attorneys and then selecting the right firm. Don’t miss this!

How Angel Investing Works – BusinessWeek (click to open link)

While VCs make much larger investments, angel groups give from around $25,000 to $50,000—and tend to want real involvement with the company

Here is a good brief by Tom Taulli that explains the difference between Angel Investors and Venture Capitalists. He also references some websites you can explore to locate a good fit angel group.

“Is your company looking for an equity investment under a few million dollars? You might first