business management

As we approach Earth Day, the annual event dedicated to environmental protection and sustainability, it's imperative for businesses to reflect on their role in preserving our planet. While Earth Day is celebrated globally on April 22nd, the commitment to environmental responsibility should extend far beyond a single day. Every business, regardless of size or industry, has the power to make a positive impact on the environment. In this blog post, we'll explore actionable steps that businesses can take to honor Earth Day not just on April 22nd, but every day of the year.
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If you've picked up a newspaper in the past year, you've heard about the rise of artificial intelligence (AI). Most of the media coverage pertains to the down sides, including fears of privacy breaches, the spread of misinformation, biased algorithms, plagiarism, job displacement, and the list goes on – to the point where legislation and policy changes are being considered around the globe.
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Holiday cheer in the workplace can spice up the regular workday for both customers and employees. At the same time, business owners need to consider setting up some guidelines to ensure that the office remains free of discrimination. Aside from legal considerations, it's important to be respectful and inclusive of all staff and clients when decorating the office and planning holiday parties, if you choose to host one.
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In many cases, the reasons for letting someone go are quite obvious and difficult for employers to ignore. This includes things that can be measured, like a decline in performance made clear by shrinking sales numbers and frequent absences. Then there are the ones that are witnessed or reported from other workers, such as poor team dynamics and low overall morale.
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Whether you're looking to expand operations, launch a new product, or overcome a temporary financial challenge, having access to capital is essential. While different lenders have particular standards and regulations, there are some basic steps business owners can take to improve their chances of scoring a loan.
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Business is a great way to supplement your income, pursue your passions, or build a foundation for a future full-time venture. However, it's important to be aware of the risks involved before you take the plunge.
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Both business owners and employees have likely heard of OSHA, which stands for the Occupational Safety and Health Administration, a federal agency that sets and enforces safety regulations to ensure a safe and healthy working environment for employees.
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Business owners in North Carolina are likely in tune with some of the most essential factors that lead to success. Some examples of things that are taught in most business classes include the importance of customer retention, building a loyal customer base, and building a positive brand reputation.
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No matter what part of the country you live in, summertime is when service industry businesses are in full swing. The nice weather brings people out, it's when many try to tackle home improvement projects, kids are out of school, and families tend to travel more it's an action-packed time of year.
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Now that the tax deadline for 2022 has passed, as a business owner, you might be left thinking about ways to make it easier when the next one rolls around. Since many are busy enough actually running the business, it's easy to push the accounting work to the side, which is fine... until tax season approaches. By then, you have a mammoth job ahead of you.
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Even businesses with the most effective Human Resources Departments and the happiest of employees are vulnerable to lawsuits. Unforeseen situations can quickly escalate, positive working relationships can turn sour, and employees can become litigious, sometimes without valid reason. Unfortunately, even the most bogus claims must be addressed in court, and legal fees associated with winning a lawsuit can exceed $250,000, which hardly feels like a victory.
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Successful small businesses are often the result of the proverbial blood, sweat, and tears of the owner. They require no small measure of risk, sacrifice, and commitment. Long hours, unpredictability, increased responsibility, financial insecurity, and a host of other factors all make running a small business a challenging and taxing endeavor.
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We've said it before: the distinction between a small and large business is somewhat arbitrary. At what point in the business growth life cycle do you cross over? One way to answer the question is when your business no longer qualifies for a Business Owners Package Policy. The BOP bundles up several kinds of insurance protection in one policy. But as business become larger the risks they pose become more varied and difficult to address in one policy.
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There's no getting around the fact that many jobs require desk time, and for many people, that means eight-plus hours a day just sitting. In an ideal world, a life complete with regular yoga practice, chiropractic adjustments, strength training, constitutionals, ideal nutrition, and relaxing massages might be the obvious solution. But few can support such luxuries. Still, adjustments must be made to the sedentary necessities of the grind if it's to continue, well, grinding. Here are a few simple solutions to the desk debacle:
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Fraudulent charges to your personal or business accounts can be both financially and emotionally devastating. Even if you do eventually recover the funds, the stress and time that results from having been stolen from can take a toll.
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The "Great Resignation" and labor shortages throughout 2021 made recruiting and retaining employees a challenge for businesses across the country. And, while 2022 remains an employee's market, there's room for hope. The U.S. Bureau of Labor Statistics' April 2022 jobs report showed that both the unemployment rate and participating labor force closely mirror pre-pandemic numbers, remaining steady at 3.6 percent and 62.2 percent, respectively.
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An impending lawsuit is never good news. Not only are they costly, but, perhaps worse, they can permanently damage a company's reputation, an expense no business can easily afford during highly competitive consumer and employee markets like the current. While companies are sued for a range of reasons, there are a few recurring culprits that can be avoided with appropriate planning, clear communication, and due diligence.
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When COVID-19 shut the entire world down two years ago, many wondered how businesses would pivot and persist. As closures and restrictions continued far beyond anyone's initial projections, it became obvious that "business as usual" was going to be anything but. And, while the transition to a remote model for schools and businesses throughout the world was an unprecedented shift with no real map for structure or outcomes, many made the adjustment with relative ease and found the remote model was not without benefit. Now, as the corporate world attempts a return to what was, it faces a number of concerns and considerations, not the least of which being a pool of employees that might rather remain remote.
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Internet queries for advice about finding success in life, love, and business consistently top trending charts, while self-help titles touting one route or another as the road to greatness never fail to make their mark on the New York Times Bestsellers list. So, if you've ever wondered how to make that proverbial lemonade from the lot of lemons life may have dealt you, here are some bits of entrepreneurial wisdom from some of the world's most successful people.
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Large or established businesses often have top level management and policies guided by a board of directors. But boards exist all around us and not just in a corporate setting. In each case, individual board members can be held liable for their actions or the actions of the board of directors and subject to lawsuits.
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Business travelers, and the travel managers who plan for them, have different concerns when it comes to addressing unexpected inconveniences. Corporate travel insurance policies can be a great fit for any business looking to mitigate expenses related to company travel, including non-refundable costs associated with emergency flight or hotel changes, necessary medical treatments for traveling employees, and equipment or property loss. While canceled flights, missed connections, baggage delays, and medical emergencies are difficult for any traveler, there are unique considerations for corporate travelers and specific provisions for the business travel insurance policies that cover them.
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The New Year is a time to start fresh. And that doesn't have to only apply to your personal life. You can also take advantage of the energy and momentum around New Year's to make improvements to your company. If you want to take your business to the next level, here are five New Year's resolutions to commit to in 2022.
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Whether you're a business owner, contractor, or employee, most likely you take job safetyand on-the-job injuriesseriously. But many people have incomplete or incorrect information about Workers Compensation Insurance, which is designed to support both employers and workers when an injury does occur. Take the time to read about some common misconceptions about Workers' Compensation Insurance, and set the record straight.
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Business insurance is a must in today's climate, but many owners don't understand the basic ins-and-outs of this type of policy, including why it's necessary, what it covers, and how to get the right coverage for yourself and your business. Here are five common myths about business insurance, and the myth-busters that you need to know.
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Every type of business comes with its own unique risks. When it comes to insuring your business, you want to make sure you have the right type and amount of coverage, while not paying for coverage you really don't need. So how can you make sure you're getting the best deal, but not putting your business at risk?
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For a small business owner, having to let go of employees is never easy. When employees have become like friends or even family, it can be especially tough to make a decision to do what's right for your business. So how do you know when it's time to let people go, and how do you downsize in the most humane way possible? Here are some things you should consider before downsizing, and some tips for going through the process.
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So your business is growing, and that's a great thing. But as you add employees, assets, services, or any other elements, your business operations naturally become more complex. In addition, as your business grows, different laws and regulations may start to apply. If you're at a point where it's getting hard to keep up with all the rules you're supposed to be following and monitor whether your employees are fulfilling their legal and ethical responsibilities, it might be time to look into hiring a compliance officer.
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After a year of living through a global pandemic, many people's work lives look much, much different. While many of us are excited to get back to the office, others actually worry about returning to the demands of a nine to five schedule away from home. Employees and employers alike are wondering: is remote work here to stay?
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Recently, we covered the basics of commercial umbrella insurance: What is it, and is it right for your business? This month, we'll get into a few more details, and look at some of the instances in which commercial umbrella insurance might apply.
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As a small business owner, you want to keep your business, employees, and customers safe. Whether you're a new business owner or a veteran who just wants to make sure you're doing things right, here's a checklist of things you can do to promote a safe and healthy working environment.
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Thinking of starting a business? You should know that the way you choose to structure your business for official and tax purposes matters. It can impact how much you pay in taxes, whether partners are allowed to participate in managing the business, and your amount of personal liability. Here are a few of the most common business types, and what you need to know about some of their major differences.
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Deciding what you want to be when you grow up is not as straightforward as it used to be. These days, it's not uncommon for people to switch careers multiple times, work in a field that is completely different from what they studied in college, or create a completely new job or business doing something that started as a hobby. So how do you know whether you're on the right path, and not just jumping from position to position? And how do you plan for and realize your goals when it's likely they will change over time? Here's how to plan for a successful career, even when the future is uncertain.
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All business owners in North Carolina need solid, affordable insurance, and many companies require multiple types. But what happens when something goes wrong and your insurance doesn't cover it? If the cost to pay for injury to others exceeds your policy limits, or worse, is excluded by the insurance policies you have, you could be stuck with potentially crippling out-of-pocket costs.
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Training employees can be costly and time-consuming. Even if you don't work in an industry with a high turnover rate, we now live in an era where many people switch careers multiple times in their lifetime, making it harder to find employees you can really nurture and invest in the long term. So how do you decide how much time, money, and energy to invest in training new employees? Consider these things to help you decide how to develop your workforce in a way that makes the most sense for your business.
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If you're a small business owner, chances are the pandemic has been especially tough on you and your family. You may have had to change your business model, lay off employees or worse, close up shop indefinitely. But what about your employees? If you're a small business owner looking to support your staff through the pandemic, here's what you need to know.
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In theory, as a small business owner, you hire some employees because of their skills and expertise, and others for their labor and ability to learn. But there's no getting around the fact that both types of staff will need at least some training, and both will benefit from clear expectations and guidance.
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For small business owners, hiring and managing employees can be a rewarding but stressful part of the job. During uncertain times, maybe you need extra help but are thinking twice about committing to an official employee. So when should you hire, and when might an independent contractor or outsourcing company be a better fit? Here are some tips to guide that decision.
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A comprehensive business insurance policy is a must for any business owner. But under what circumstances do you need to take another look at that policy and make important adjustments? Here are some instances when it would be a good idea to revisit your business insurance plan and add to, or change, your coverage.
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For business owners, operating during a pandemic is complicated to say the least. You want to do the right thing by your staff and customers, without losing the business you love. In many cases, there is a lot you can do to make patronizing and working at your business safer for everyone.
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So your business has grown enough that you have full time employees and want to start offering benefits, including paid time off. How do you craft a vacation policy that works for you, your business and employees? There's not a one-size-fits all solution, but here are some things to think about and tips for getting started.
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Deciding to sell your small business is no small decision. Whether you're moving on to a new opportunity, shifting your professional focus, or just handing over the reins to an owner with fresh enthusiasm, it's always bittersweet to let go of something that you undoubtedly poured yourself into. Here are some things you can do to ease the transition and leave on a positive note:
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Whether you use a single vehicle or an entire fleet for your business, keeping them running smoothly is critical to fulfilling your business goals. And if employees are using those vehicles, that adds in another layer of complexity. Here's what you need to know about how to keep your business vehicles well maintained, and keep your employees safe on the job while using them.
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If you're a small business owner, every dollar counts, and tax preparation is no exception. The good news is that there are many ways for small business owners to maximize credits and deductions, and to find help and resources for preparation. Here are our top five tips for a stress-free tax season.
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Research has shown that the lighting, arrangement, scent, and color can influence a person's mood, stress level, and even their productivity. The Chinese philosophy of Feng Shui explains the principles of arranging and decorating a space in order to support the goals and well being of the people who use it. Feng shui is about living in harmony with your surroundings and increasing the kind of energy you want, whether that be powerful, calm, or inspiring. Here are some tips to bring the principles of feng shui, and therefore more harmony, into your office.
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Starting your own business is inherently risky. It takes courage to become an entrepreneur and the risks involved can be part of what makes it exciting. But not all risks are created equal, and those who end up making it know the difference between a calculated risk versus one they can and should avoid. So what potential hazards and obstacles should new business owners be thinking about ahead of time?
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Running a small business in North Carolina can bring daily challenges, from minor equipment breakdowns to staff or customer injuries; or damage to your building caused by a storm or break in. These daily obstacles are the cost of doing business, but if you're not prepared, they can keep your business from moving forward or even force you to close your doors. That's why every small business owner needs a great business owner's policy (BOP). A business owner's policy combines multiple necessary insurance coverages into one package for a reduced price. Here's what you need to know to find the right policy for your business:
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If you're thinking of starting a business, writing a business plan may seem overwhelming, unnecessary, or both. Maybe you're going into an industry you already know extremely well; or maybe you simply feel confident that you know where you want to go and can articulate it to others. No matter your situation, don't skip this step. A business plan done right can save you time, energy and some major headaches in the long run.
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Opening a restaurant is a lifelong dream for some small business owners. And as with starting any business, it takes a lot of guts, not to mention blood, sweat, and tears, just to get it up and running.
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Although the idea for Inland Marine Insurance was inspired by Ocean Marine Insurance, which protects cargo and equipment while in transit on the ocean, it doesn't actually have anything to do with the sea. Inland Marine Insurance is a specialized coverage that can cover equipment, tools, project materials and other items while they are being transported on land, or while they are off your property. This type of insurance can benefit a wide variety of business and provide protection in some common situations that wouldn't normally be covered by insurance. So does your business need Inland Marine Insurance?
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If you're a business owner, you need insurance. But how much and what type can vary greatly depending on your type of business, resources, assets and specific needs. So what should you consider before purchasing a business policy? Here are some risks and coverages you will want to take into account as you work with Litaker Insurance to find the right plan for you.
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This past year, it seemed like just about every week there was a new headline about some serious privacy breach, intentional or otherwise, occurring at a major organization. With the increasing popularity of technologies, from genetic testing to health tracking apps and electronic payment services, we're putting more of our important personal information online, and we have less and less understanding of what's being done with that information or how to keep it safe. Here are a few important takeaways from the year in digital privacy, and a few things you can do to make your information safer this year.
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Owning a business means that you're responsible and often liable for the welfare of your staff and clients. Winter can bring extra hazards and increase the possibility of accidents and injury.
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In today's information economy, it's easier than ever for potential customers to get what used to be considered inside information on companies' business practices, products, and, maybe most importantly, how they treat their clients. It's also easier than ever for clients to vote with their dollars when a company doesn't live up to their expectations. So how do you gain and retain loyal, long-term clients in an increasingly competitive marketplace? Give them an exceptional experience. Here's how:
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As a small business owner, you may not be in the position to offer traditional benefits, such as health insurance or 401Ks, to your staff. But there are other things you can do to make your business a great place to work, and enticing for both current and potential employers. Try these to get started:
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If you're a modern business owner in North Carolina, chances are you have spent time developing a mission and vision for your business, and you have a detailed strategic plan for making those things happen. Many business owners are also using vision boards as a tool to bring their company closer to success. Here's how you can, too:
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Many employers take the time and effort to follow through with employee reviews, while others let this annual tradition slide. Annual performance reviews can be excruciating, productive, or somewhere in between. So what makes the difference? What makes an annual review effective, and how can both employers and employees can prepare to get the best possible outcome?
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It's a big step for a small business owner to hire a manager, to hand over and trust certain tasks to someone else. In doing so, it's important, even in bigger corporations, to look for those with certain traits and talents.
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Whether your workplace is outdoors or in a cozy office, winter conditions can affect your employees' work and personal safety on the job. According to the Occupational Health and Safety Administration (OSHA), employers are required to provide sufficient training and the right equipment to keep employees safe in the workplace, and to provide an environment that is "free from recognized hazards" that could cause injury or death. Here's what you can do to prepare for and protect yourself and your employees from the most common winter workplace hazards.
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Some small business owners in North Carolina can hardly keep apace with the holiday rush; other businesses slow down to a near crawl during this time of the year. So how do you make the most of the season, regardless of which end of the spectrum you're on?
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Many companies are saving money by outsourcing instead of hiring in-house positions. How does outsourcing work and when does it make sense?
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According to the Small Business Association (SBA), the number of small businesses is growing. Recent data shows a newly upward trend in startups, and an influx of jobs created by businesses with less than 50 employees, which has positively contributed to a declining unemployment rate. Still, only about half of small businesses with employees survive to the five year mark and beyond (SBA). What factors most influence a new business's success, and what are the major issues facing employers today? A recent survey by the National Federation of Independent Business (NFIB) and research from other small business organizations highlight some of the most critical issues affecting the small business landscape.
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Do you have employees who travel for work, or do you travel for work often? If so, you may know the ins-and-outs. Here are some considerations for business travel that you can pass along to those employees who hit the road regularly.
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It's that time of year when high school and college students are out of school, and many are looking for summer work. It's also the time when some seasonal businesses pick up, and many depend on solid summer help. Hiring seasonal workers?
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Have you ever thought about how many industries are dying, or at least cutting jobs, due to automation? According to the World Economic Forum, we're in the midst of a "Fourth Industrial Revolution," in which technological developments in a wide variety of fields are quickly transforming the labor market and the way we do business.
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Running a family business in with your spouse as your business partner or another family member means that there are struggles outside the boundaries of the typical business day. For all family businesses in North Carolina, here are some tips for leaving the family drama behind.
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Starting a small business in North Carolina is exciting, but on the journey to success, mistakes are inevitable. But if you're starting your own company, some mistakes can be fatal. Increase the odds that your new venture will stay afloat by avoiding these all-too-common roadblocks:
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Much of our lives are spent online these days, so it only makes sense that insurance companies are starting to offer products to help protect consumers from the significant losses that can occur related to their online activity. And it's not just identity theft that's covered by these new cyber insurance and related "cyber loss" policies. Here are a few of the most popular new coverages to protect yourself online and ultimately, off.
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In a classic "Saturday Night Live" sketch, actor and comedian Steve Martin once gave the most underrated advice on how to become a millionaire: "First, you get a million dollars." But if that doesn't work for you, try these inspirational ideas from some of the world's most famous self-made entrepreneurs:
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Last month, we wrote about tips for scoring a job promotion. So you finally got that well-deserved promotion, now what? Even if it's everything you dreamed it would be, there will be some adjustments to make. Here are some tips for making the transition gracefully:
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Most people assume that if they perform well, they'll probably get a promotion somewhere along the line maybe at their annual review. But a smart employee doesn't leave these things to chance. Here are some tips for getting that promotion when the time is right:
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Even for an excellent employee, an annual performance review can be stressful. They're tough on managers, too. Follow these 10 tips to make your reviews go as smoothly as possible for you as well as your most delightful and most difficult employees.
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For small business owners in North Carolina, taking off for a summer vacation can be more stressful than just staying at work. Here are some tips for going on vacation if you're the boss so that you can actually relax while you're away from the office.
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In one of our latest blog posts we talked about cleaning up your personal finances. Now that we've made it through tax season, it's a smart idea to evaluate your business financial picture as well. Here are some tips on how to appraise your company's financial health, and make improvements for its future:
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Last week we talked about some important guidelines to follow for maintaining a holiday environment that's free from discrimination and harassment. Today's blog post is all about making your office party the best.
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Bringing a little holiday cheer into your business is usually welcomed by customers and employees alike. But if you're a business owner, it's important to remember that there are legal guidelines you must follow to maintain an environment that's free from discrimination and harassment. Aside from legal considerations, it's best practice to be respectful and inclusive of all staff and clients during the holidays. Here are some tips on how to do the holidays at work:
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We all need a vacation. And for many employees in North Carolina, summer is the ideal time to plan a visit to the beach, take an extended road trip, or organize a family reunion. As a business owner, you want your employees to have time off, but you don't want your customers to suffer because of it.
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Finding a great employee takes effort, and keeping a good one long-term is a major accomplishment. If you're a business owner, you know that hiring and training employees takes an enormous amount of time and energy and always results in lost productivity. By some estimates, replacing an employee even a mediocre one can result in the loss of up to 20 percent of that worker's annual salary. And there's nothing worse than investing in a great prospect, only to have him or her move on in six months for the next best opportunity.
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It's no secret that many well-known, high-performing companies put serious effort into creating a healthy and comfortable work environment that is conducive to employees' productivity, creativity, and overall wellbeing. But you don't have to be a multi-million dollar enterprise to promote a healthy workplace. Implement these simple ideas to enhance your office atmosphere, and potentially improve your bottom line to boot.
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Before the Internet, a dissatisfied customer might complain to a family member, and perhaps a neighbor or two. These days, he'll use his computer or smartphone to vent his displeasure; he might even include an exaggeration or two (or 10). And instead of sharing his experience with a few people, he'll share it with potentially thousands upon thousands. Thanks to Yelp, Google Reviews, Amazon, and the like, everyone's a critic.
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