Business Partner Magazine - Issue 60

MESSAGE FROM THE EDITOR

Dear Readers,

Welcome to a truly special edition of our magazine – a celebration of a remarkable journey as we proudly present our 60th edition. Ten years of insightful articles, cutting-edge perspectives, and a community of avid learners and industry enthusiasts.

As we stand at this milestone, I want to extend my heartfelt gratitude to each one of you – our dedicated contributors and cherished readers. Your support has been the driving force behind our success. In particular, I’d like to shine a spotlight on Malik Muhammad for his unwavering support over the years and whose contributions have provided us with profound insights and perspectives that have ignited countless discussions.

Reflecting on the past decade, we’ve witnessed an extraordinary transformation in the world of business. From the rapid surge of digital transformation to the profound impacts of the e-commerce revolution, our landscape has evolved significantly. The embrace of remote work and collaboration tools, the rise of the gig economy, and the emergence of AI have reshaped how companies operate and thrive.

Subscription models, data privacy concerns, and global supply chain disruptions have kept us on our toes, reminding us of the dynamic nature of business. The shift towards renewable energy, the growing emphasis on health and wellness, and the imperative of sustainability underscore the evolving priorities of today’s corporate world.

In the spirit of this milestone, our focus in this edition is on vital aspects that ensure the continuity of your business journey, from sustaining and nurturing growth to carving out your unique identity in a crowded marketplace.

While I share this news with a tinge of sadness, this will be our final edition. However, our commitment to providing valuable business insights remains. Our website will continue to be a hub of business tips, strategies, and inspiration, just as you’ve come to expect.

As you continue your business ventures, may you find success in every endeavour. Remember, the world of business is a canvas of boundless opportunities – seize them, innovate fearlessly, and make your mark.

Beat wishes,

Sandra

Simple Ways to Keep Your Business Going in Hard

Times

You may make your business endure difficult times by attempting something new, keeping an eye on your finances, hanging out with positive people, avoiding doing nothing, saving money, and other strategies. You must know key business survival techniques for your small business to survive in difficult times. Market variables, including rivalry, the recession, and non-adaptive behavior toward emerging technology, might harm your company. A prospective business plan enters the picture to help you navigate such challenging business conditions.

Keep Your Current Clients Satisfied

It’s simple to concentrate on acquiring new clients at all costs when times are tough. Yet doing this is considerably more difficult than keeping your current clientele.

Consider this: Your clients are familiar with and fond of your product. Your current clients are more likely to make trustworthy purchases and are simpler to upsell or cross-sell to. Selling to existing clients is also significantly less expensive than acquiring

new ones. Upselling an existing customer costs almost twice as much as obtaining a new one.

Keep Going

When conditions are uncertain, or a substantial change has occurred, your brain advises you to stop. Therefore, a small delay is advantageous. However, conquering challenges and reaping benefits on the other side has much to recommend. You won’t let a handful or a group of random people stop you regarding your business. As an entrepreneur, you must have been accustomed to a standard weekday from your time in an office, or perhaps you already operated a home business. You consistently adhered to the same routine. Try as hard as possible to get back into a normal work schedule because it is the structure that holds your work life together and is the key to success.

Keep Away From Negativity

When things go rough, it’s important to keep your head up and avoid anything that can drag you down, including negative thoughts or individuals. You’d do well to surround yourself with upbeat people who will lift your spirits. Seminars, online

training, reading motivational stories, and other related activities can be helpful.

Boost Group Spirit to Get Through Difficult Times

Get your team motivated for the future now more than ever. Whether you’ve been an entrepreneur for a while or are just getting started, you understand how crucial high staff morale is to the success of your business. However, some companies are now finding that it is slipping through the gaps. Since you are the team’s leader, you should lead by example. For your Zoom calls, try to avoid wearing your pajamas. Make your home office appear professional, inspiring, and in line with the spirit of your brand. If you’ve read something bad online, don’t mention it to your coworkers, and be careful with your language.

Reconsider Your SelfPromotion Strategy

Don’t stop advertising your company or yourself just because it looks like everyone is waiting impatiently to see what change will occur. While it’s common for businesses to suspend advertising during difficult and uncertain times, doing so means you’ll have

a lot of effort to do whenever business picks up. See if you can get creative and approach it from a different angle if you previously spent a lot of money on marketing and publicity. Share how your business is giving back when so many individuals are battling to keep your brand in front of consumers and build your internet presence.

Reevaluate How You Run Your Company

Now is the ideal moment to evaluate what has and hasn’t been successful for your company. You’ve learned from these weird times that many methods you previously relied on are no longer necessary. You may consider optimizing your site, and do away with the old one if it was not effective enough for your business. Consider SEO migrations, and enhance

a more user friendly site. Consider any further actions you take on behalf of your company that are no longer necessary. Engage your team by taking advantage of this chance. Together, come up with fresh ideas on how the company could be run more effectively.

Remember that every coin has two sides; therefore, take note of the bright aspects of difficult times even when they make business survival exceedingly challenging. You can’t test new pathways and business concepts during such times because many business people feel anxious and pack their bags to exit the market. Try to bank your investments and policies to prevent a crash or financial crisis. Try turning to the triedand-true strategy of community outreach to spread the word to persevere during such trying times.

How Can Customer Feedback Help in Business Growth?

One of the game-changing benefits of business digitization is the depth of information you can gather. Customer feedback has become a vital component for every business venture. Today’s online world has made the business environment very competitive and analytical metrics give plenty of options to your customers.

Remaining competitive requires an understanding of your customers and their overall experience with your business. So, how can you do this? By simply asking them. Valuing your customer’s feedback is vital for the survival of your business. Here’s why

HELPS TO IMPROVE SERVICES AND PRODUCTS

Valuable customer feedback helps you gain insight into the pros and cons of your product or service. It will also tell you the steps you can take to improve customer experience. Remember that customer expectations and needs evolve with time. Your business needs to adapt to these trends to remain

competitive. Customer feedback is a great venue to investigate whether your product is meeting customer expectations and fulfilling their requirements.

HELPS TO MEASURE CUSTOMER SATISFACTION

Your company’s financial performance is dependent on customer loyalty. It leads to many benefits like increased market share, higher revenue, and lower expenditures. Hence you would want to ensure that your customers are happy with your business. Rating-based customer feedback tools are the best option to gauge customer satisfaction. They will also help you to judge whether a customer is likely to recommend your business to others.

DEMONSTRATES THE CUSTOMER’S VALUE

Collecting customer feedback indicates that you value their opinion. Byinvolving customers in shaping your business, you are likely to create a healthy, working relationship. Your business will gain valuable ambassadors who will spread

positive reviews about your services. The customers will get a feeling that your business aims at customer satisfaction and not just making money. Collecting customer feedback puts your customers in the limelight and it is the right way to run a business.

CREATES THE BEST CUSTOMER EXPERIENCE

Customer feedback tools like ‘’tell us today’’ are designed for having an openended conversation with the users. Today, customers do not purchase your product or service just for their needs. They also have attached their emotions and prestige to your brand.

By concentrating on improving customer experience, you can build a loyal customer base. Other tools, like icon feedbacks, offer uniqueness in their approach towards collecting customer inputs. These inputs will serve as the base over which you can identify problem areas and work towards higher customer satisfaction.

HELPS TO IMPROVE CUSTOMER RETENTION

Satisfied customers are bound to stick with your business while the unsatisfied ones find an alternative. By collecting feedback, you can identify the issues with minimal effort. Making this a regular practice will help you keep a tab on your business and employee performance. In some cases, dissatisfied customers may even return to your business when you take steps to address their concerns on time.

ACTS AS A RELIABLE SOURCE OF INFORMATION

In these changing times, potential customers do not rely on commercials for availing a product or service. They mostly consider reviews from others who have used your business service or product. Including reviews in your business structure, therefore, becomes crucial.

HELPS TO GIVE YOU DATA FOR BUSINESS DECISIONS

You cannot expect business growth based on loose guesses. Customer feedback gives you tangible data that can fuel business development. Your business can understand customer needs and make crucial decisions on resource allotment. You must be equipped with the right tool that helps you gain customer insights and convert them into actionable items.

Customers express their opinions in different forms. Learning how to tap them effectively can help in business promotion. Embracing various tools and techniques will equip you with efficient business management.

ABOUT THE AUTHOR

Ashly William is a freelance writer, with years of experience, creating content for varied online portals. Her content is published on many national and international publications. She has expertise in writing about Business services and Education.

TOP FINANCIAL TIPS FOR A THRIVING BUSINESS

Running a business is not what it used to be in the age before technology. This is especially the case when we take into account the internet and all the ways it has changed the various industries. Nowadays, new businesses are springing up every day and the competition is fierce. That is why running a business is not as easy as it once used to be. If you are a startup or a small business then you have to be on top of your game and have the necessary skills that are required to ensure that your business survives the landscape and thrive. These skills include managing customer relationships, managing employees and handling all of their issues, keeping the cash flow going smoothly and others just like these. The only thing is that these skills require a lot of your time and you might find that you are spending more money than you had expected as well.

When business owners invest themselves in all these tasks, they sometimes forget the one aspect that is more important than anything else: the finances. You will find a lot of business owners who think that they can put off their financial planning and operate their business with all cash that is

at hand. This is what causes the business growth to decline exponentially and makes survival tougher.

Worry about Your Tomorrow Today

We already know that as a small business owner or as the owner of a startup, you are already playing various roles in your

business. You might have a great business strategy in place and your vision could be really clear, but if you put more effort into the menial everyday tasks and forget the things that affect your business in the long run then you will find that there will come a time when you are short of time as well as money and that can spell doom for your business. But if you take out the time to plan a secure future for your business, then you can go ahead and do anything that you want. For example, if you know that you are in a financial crunch, instead of taking it one day at a time, you could plan for it and take the necessary steps for your business’s survival like submitting a

personal loan application or crowdfunding, among others.

Financial Tips for Businesses

Here we have selected some of the top tips for you to ensure that your business thrives in today’s competitive space and doesn’t go down.

1. Managing Cash and Debt Levels

One of the most important things that you need to do for your startup or small business is to manage the cash flow. There are constant demands from vendors and customers alike and if you don’t make sure that you know where every penny is going and what you are going to do in the future, you might find yourself in a boat without paddles. You will be going with the flow of water without having any control over it.

The same goes for your expenses. You need to conserve any cash that you have so that you can use it when it is needed. Keep your expenses to the minimum. There are a lot of scenarios that can arise and which require your immediate attention and if you don’t have the savings to deal with them, you might not be able to survive.

2. Paying Yourself

A lot of business owners think that if they pay themselves, it will bring problems to their doorstep like income tax and payroll problems. That might be true, but not paying yourself can lead to bigger disasters in the future like not saving up for your retirement or any other objectives that you have. They may provide the short term relief at tax time, but these activities are never good for the long run. On the flip side, make sure that you are not paying yourself too much and not leaving enough cash in the bank for the business needs.

3. Business Goals

Sometimes when we are too focused on the day to day operations and handling each and every problem that arises, we forget our business goals and that can lead to disastrous circumstances. You might find out that you are not on the road that leads to your goals and you have veered off into some other direction. So make sure that, first of all, to have a multi-year plan for your business that makes it very clear as to where you should be in one year, five years, and ten years and so on. And the other thing is to keep those goals and objectives in mind so that everything that you do relates to those goals. Take into

account your company’s financial situation so that you can ensure that your goals are realistic and not too “out there”.

4. Diversifying Your Assets

Another thing that you need to do for a secure financial future is to invest in assets that you know can stand the test of time. Make sure that your investments are diversified and that they are compatible with the risk that you know you will be facing in the future. A lot of business owners don’t listen to or ask for financial advice and get stuck in the “trending” market ideas. To make sure that your financial future is safe you need to do your research and manage your assets in a very disciplined and effective manner.

5. Managing Risk

There are a lot of risks and situations that can really put you between a rock and a hard place. These could be because of financial instability or they could be happening because of the death of your partner or any similar situation. You need to ensure that you have taken into account any adverse situation that might arise and planned for it accordingly. This planning

might include life insurance or buy-sell agreements, among other things. You could also look into disability insurance while you are doing your research. Even if you’re not going for it, it pays to know the solutions to problems that might arise in the future.

Bringing It All Together

With a little research, hard work, and the right planning, you can ensure that you are ready to face the challenges of the market and grow with it. Just make sure that you know your finances and what to do with them to keep them in a stable condition.

6 Strategies To Position You As A Leading Authority

Business may be considered an intellectual sport to the extent that strategies for success and profitability come as much from established methodologies as well as your mindset as an entrepreneur. Here are 6 strategies that will help position you as a leading authority in your industry, which naturally increases sales and market share.

Deepen your knowledge base:

Authority stems from expertise. Continuously invest time in learning and mastering your industry’s nuances, trends, and developments. Stay updated with the latest research, technologies, and best practices. Attend conferences, workshops, and online courses to expand your knowledge. Develop a thirst for information and a genuine passion for your field.

Provide fresh perspectives:

Analyse existing problems and challenges from unique angles. Craft well-researched articles, reports, or presentations that offer solutions or alternative viewpoints. Sharing original insights will establish you as a thought leader, prompting others to seek your opinion and advice.

Create high-quality content:

Develop a consistent content strategy that showcases your expertise. Start a podcast or video series where you discuss industry trends, share case studies or offer practical tips. Distribute your content through various platforms such as social media, industry forums and on your website. Quality content will attract a loyal audience and build your reputation.

Build a strong personal brand:

As a small to medium-sized business, it’s fair to deduce that you are the face of your brand, so your personal brand is how others will professionally perceive you. Craft a compelling narrative highlighting your journey, expertise and values using a consistent tone and style across your communication channels. Engage with your audience authentically and be open to discussions and feedback. A strong personal brand bolsters your credibility and makes you more relatable.

Network and Collaborate:

Networking is crucial for becoming an authority. Connect with influencers, professionals, and peers in your industry. Attend events, join online groups and participate in relevant discussions. Collaborate on projects, contribute to joint ventures and share your knowledge generously. Building relationships with others can lead to valuable partnerships and opportunities for growth.

Speak and Present:

Public speaking establishes you as an authority in your industry. Offer to speak at conferences, webinars, workshops or podcasts. Craft compelling presentations that showcase your expertise and provide

value to your audience. Public speaking enhances your credibility and expands your reach as more audiences are exposed to your insights.

The intellectual sport of business requires personal investment, team investment and increased returns on investment. Whether you are a start-up, relatively new or established business, there is always room for improvement and another sale to be made. Never rest on your laurels. You have put so much time and effort into being where you are now. It is only fair that you keep pushing forward to become an authority in your chosen industry. Small, compounded gains have a way of consistently increasing profit. Stay in the process of applying strategies that have been proven to work. There is no need to reinvent the wheel.

About the Author

Malik Muhammad was raised and educated in Jamaica, read law in London and is the author of Coffee & Contemplation. He created The Empowerment Mastery System to influence, help and inspire businesses to cultivate their visions in a specified time. Malik enjoys vegan cooking and quad biking. He is a voiceover artist, ghost writer and convenes empowerment masterclasses globally.

6 Tips To Make Your Business the Go-To Choice

It can be a challenge to ensure competitive market survival, especially running a smaller business or finding yourself at odds with continuous evolution. No matter who you are, there will always be another brand and company that does everything it can to steal your customers.

But what if you could make your brand the go-to choice no matter what? While you won’t be able to attract 100% of consumers, you could attract 99.9% of them, and that seems close enough to perfection. If you want to transform your brand’s fortunes,

here are six ways to make your business the first choice.

Customer service is a primary component of running a thriving business. If you fail to show compassion for your customers and clients, they will find another business happy to welcome them and help them solve their problems.

You must treat every customer like a VIP and make their experience memorable. While not all customers want (or need) the red carpet rolling out, you can still do everything possible to accommodate their needs, even if those needs are to be left alone. Your customers will remember how you treated them, and this will reflect how willing they are to return.

MAKE YOUR BRAND EASY TO THINK ABOUT

The likes of Coca-Cola and Google have products that are synonymous with a type of product or service. Even if you don’t want a Coke, you may still ask for it at a restaurant, while Googling something sounds much more natural than Bing-ing a query. You need to make your business the Coca-Cola or Google of your industry.

It’s also worth considering the buying process. Companies like Category Entry Points have developed better approaches that ensure your brand is the first thing customers think of. By improving the traditional sales funnel and instead encouraging you to consider the what, why, and where of any purchase, you can more easily meet customer needs and make your business easier to remember next time.

OFFER SOMETHING UNIQUE

Businesses always need to do something to stand out to attract new customers and keep current customers interested. A unique approach - whether through your marketing efforts or product development - can keep your name in people’s minds and ensure they are always thinking of you when they need a service.

Making an effort during the holidays and producing new limited-time products is one way to offer something unique. However, it’s more important to consider normal times of the year. If you want to provide something exceptional at all times, you can vastly improve your industry standing and ensure longevity.

FIND AN APPROACH TO SUIT YOUR BUSINESS

All businesses are slightly different. Because of this, what works for one brand may not work for your business. You need to remember this when focusing on spreading brand awareness and reaching new customers.

Many companies immediately opt for digital marketing as opposed to more traditional marketing approaches. While digital marketing is one of the most effective methods, it is not a secret formula you can always rely on. Sometimes, you need to choose a marketing approach that better blends with your brand. Doing something different could be the exciting approach you need to attract attention.

KEEP DETAILED RECORDS

Detailed records that include customer

information such as names, birthdays, and previous purchases can all improve your customer service efforts and make your business stand out. Just like the customer experience is important, so too is any aftercare. If a customer contacts you, the more you know about them can make their experience more enjoyable.

Your detailed records should also help manage different times of the year. Knowing how busy your business will be at Christmas can help you stock up, hire enough people, and keep things running smoothly.

UNDERSTAND YOUR COMPETITION

You will never get ahead of your competition if you do not understand them. Studying your competitors helps you recognize what they do well and what they do wrong. When you get an idea of this, you can find ways to

approach their mistakes successfully.

Every small business should offer something different from its competition so you can provide a beneficial and appealing alternative. So, don’t assume everything your competition does is good. Instead, look at how you can improve it.

NUMBER ONE CHOICE

Becoming the number one choice won’t happen overnight, and even when you become the industry leader, you still need to promote innovation and avoid resting on your laurels. With these tips, you can help your business stake a claim as the firstchoice brand in your industry, ensuring plenty of plaudits and perhaps a name that becomes synonymous with the type of products you offer.

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HOW TO HELP YOUR BUSINESS SURVIVE IN CHALLENGING TIMES

Ensuring your business survives through difficult economic times and comes through this challenging period stronger than ever is no easy task. In times of economic uncertainty, it is difficult to see a way to move forward and remain positive. When you have put your time, money, and energy into launching a company and building it up, it can seem a waste to walk away when you have invested so much of yourself in its success. While things are tough right now, it does not mean they will be this way forever. Taking action now can help your company recover enough to make it through the immediate future and to put plans in place to ensure its long term survival. Here are some ideas to help you get your business back on track:

Regain Your Perspective

When you have suppliers to pay and clients are slow to settle their invoices, it can be hard to focus on very little else. But, it is crucial to take a step back and see the bigger picture. Regaining your perspective on your business will ensure you look at it

with fresh eyes. It can be helpful to revisit your business plan and see if any points in it would prove beneficial right now. Going through your business finances in detail is another excellent way to understand which areas are performing and which are proving to be a drain on your organization. Examining your business in this way can provide some valuable insights you may not have previously considered.

Weigh Up Your Options

Once you have gained a clear picture of your business’s current status and performance, it is time to begin weighing up your options and deciding what to do next. Exploring all the options available should help to bring you some clarity. So researching everything from the Liquidation of a Company to diversifying your business can provide you with some genuine alternative options to consider.

Keep Marketing

Marketing your business may seem impossible when you have very little or no budget at all. However, it is still possible to successfully promote your business without blowing the budget. Engaging with your social media followers and encouraging interaction between your target audience and your brand will help promote your business and increase your reach without spending a fortune.

Make a Firm Plan

tempting to try and wait for the issue to pass or to get caught up trying to manically implement many different solutions simultaneously. Instead of taking either of these approaches, it is better to stay calm and remain methodical. Putting a clear plan in place to reduce your costs and boost sales will ensure you can monitor your progress and identify which methods are working and which are not having the desired impact. You will then be in a far better position to assess your business’s performance in the long term and keep these positive changes on track. When your business is trying to make it through a precarious time, it can feel

SURVIVAL STRATEGIES SURFACE AS LABOR SHORTAGES PLAGUE BUSINESSES AMID IMPENDING HOLIDAY SEASON

As the holiday season approaches, early predictions are in: For many businesses, it won’t be the most wonderful time of year. Continued labor shortages are expected to plague businesses during their busiest season, most notably in retail but also in the restaurant, tourism and hospitality industries. Combined with delivery delays and supply chain bottlenecks, job openings have reached an all-time high of 10 million in the U.S., according to the Department of Labor. These are positions businesses desperately need filled and have placed added pressure. And for some, it’s not only pressure but an ability to maintain critical operations necessary to drive

much-needed revenue. This is alarming since even prior to the holiday season businesses have experienced the fallout.

The NFIB Small Business Economic Trends Survey found that over 60 percent of business owners reported a shortage of labor with over 20 percent characterizing the shortage as “critical” to business operations. Also, over 80 percent reported a loss of sales due to the shortage with 19 percent of those being serious losses. Recent headlines have communicated the impact on large companies. Chic-fil-a restaurants in Alabama have closed early or closed their dining rooms amid the crisis while other fast-food chains have pivoted

to drive-in only. 7-Eleven Franchises National Coalition, representing about 7,200 U.S. locations, warned that the shortage may make 24-hour operations impossible. In addition to closures or reduced hours, some businesses, like CVS and Walmart, have increased their wages or provided bonuses. It’s small businesses, however, that are struggling the most.

The release of a U.S. labor market report in August showed workers quitting at a historic level, but that the rates were much higher among small businesses with fewer than 50 employees. While larger businesses can offer robust benefits and higher wages, their smaller counterparts don’t always have the resources to do so— or the financial foundation to withstand decreased operations, closures or a revenue reduction for a sustained period.

The Problem with Labor Shortage Solutions

When

1. Increasing wages

2. Increasing employee hours and/or productivity

3. Scaling back operations

The problem with these solutions is that in many cases (particularly with small businesses), even at an increased

wage, businesses still report a struggle to recruit and retain employees—or to compete with the sign-on bonuses of larger companies. While increasing employee hours and productivity could help cover shortages, this will create a strain on current employees who are already feeling the stress of being understaffed. And scaling back operations will only further impact businesses’ bottom lines.

A labor shortage is tricky when it comes to insurance policies. A business can insure against the loss of key personnel, but that typically applies only to central decision makers, chief executives or highly skilled individuals. There is also business interruption insurance that can help sustain a business when it’s unable to operate, however, for most businesses, the labor shortage hasn’t created an inability to operate—but a detrimental revenue or profit loss due to decreased hours or higher wages. Also, for an insurance claim to be paid, there must be a “triggering event” which is difficult to pinpoint with the current labor challenges.

Relying on a Stronger Financial Structure

Between tactics that fall short and the inability to insure against a labor shortage, it may seem impossible to solve or even mitigate the fallout of this threat. However, whether large or small, it’s businesses with strong financial posture are better equipped to navigate and remain viable

during crises whether it’s a pandemic, natural disaster, supply chain disruption, litigation, or in this case, a lack of workers.

A survey of over 1,100 small businesses by Goldman Sachs found that 44 percent of small businesses have less than three months of cash reserves, leaving them vulnerable to risks. The other culprit preventing a stronger posture is too much debt in addition to an inability to access funding or capital, especially for small businesses. What’s worse is that many small businesses experience all three missteps which leads to a perfect storm during a crisis, and all too often leads to a failure in remaining viable.

A Captivating Solution

There are certainly strategies and steps businesses can take to be better equipped for survival, but one financial strategy that addresses this while also providing a robust approach to risk management and a valuable second profit center is captive insurance. It was once considered an opportunity only for Fortune 1000 companies, but today, many mid-market and small businesses alike can benefit from this strategy. With captive insurance, businesses own their own insurance company which turns insurance premiums that would otherwise be a sunk cost into profit once claims are paid. This profit accumulates over time

and can serve as a critical lifeline during a difficult period of time.

In the past, businesses have been deterred from pursuing captive insurance due to potential (and illegal) backlash from the Internal Revenue Service. The unfortunate outcome was it led to businesses forgoing captive insurance when it could have enabled them to survive the challenges of the COVID-19 pandemic. Thus, captive insurance management firm, CIC Services, fought the IRS in the Supreme Court of the United States and won in May of this year—a victory for taxpayers and businesses that proved the IRS could not utilize unlawful for abusive tactics. More recently, CIC Services’ injunction against the IRS was upheld in district court in September. The outcome is improved peace of mind for businesses pursuing captive insurance and that businesses will thus have access to a stronger business model and risk management that will enable them to mitigate risks and survive through crises.

What the Future Holds

It’s late in the game now for businesses to pursue stronger financial strategies, like captive insurance ownership, prior to the 2021 holiday shopping season and to reap the benefits and address the labor shortage. However, as history has proven, the next crisis awaits. It’s nearly

impossible to foresee what that crisis may be. After all, that’s the nature of “Black Swan” events like the pandemic and ensuing supply chain and labor challenges— they’re unpredictable, severe and have widespread consequences. Before the next one hits, whether it’s a labor shortage or the unknown, it behooves businesses to review their risk management approach, business contingency plan and insurance policies while also assessing financial statements to ensure a solid foundation that will withstand next plight, whatever it will be.

About the Author

Randy Sadler started his career in risk management as an officer in the U.S. Army, where he was responsible for the training and safety of hundreds of soldiers and over 150 wheeled and tracked vehicles. He graduated from the U.S. Military Academy at West Point with a Bachelor of Science degree in International and Strategic History with a focus on U.S. – Chinese Relations in the 20th century. He has been a Principal with CIC Services, LLC for 7 years and consults directly with business owners, CEOs and CFOs in the formation of captive insurance programs for their respective businesses. CIC Services, LLC manages over 100 captives.

The 5 Key Assets of a Successful Company

In today’s environment, building a successful business needs more than a great idea. Every potential idea must be backed by the right mindset with a longterm vision in order to build sustainability, market loyalty, and a strong brand image.

Here are the top 5 most critical assets and attributes that enable a company to succeed:

The Strategic Mindset

A great business idea often translates into

a great product or service. But every great idea needs to be supported by strategic planning and implementation across the enterprise. It is only the strategically executed ideas that accomplish the set objectives and deliver the expected results. All the major decision-makers should be backed by a single strategic plan that forms the basis for making any tactical decisions in each of the functional areas. Rational and well-informed decision making at the right time, with calculated risks is essential for the core team members. Any compromise in this regard would prove a costly mistake in the company’s long-term success.

Building a successful business is not an overnight phenomenon. It needs thorough dedication and continuous effort in the right direction. The management and the leadership teams should lead the company’s people and processes with a long-term proactive approach rather than a day-to-day reactive approach. Lack of a strategic outlook in every sphere of the business has often led even great business ideas to falter and fail ultimately.

The Human Resource Pool

A successful business is backed by a worldclass talent pool. Top notch management teams fail to deliver in the absence of the right delivery teams. The competence of the team is a deciding factor for prospective investors to make an investment in the company. Every CEO realizes the importance of attracting, hiring and retaining the best talent. If not, it is essential for the core management team members to take every measure to convince the CEO about the significance of investing in human talent.

Well qualified and experienced professionals enable quick adaptability that enables the business to respond to circumstances and stay ahead of the competition. Without competence, all the

other core strengths of the organization would take a backseat. Putting the right business team in place forms the crux of forming a high-performance team in various fields. To enable the organization’s human resources to emerge as the greatest asset, the equal focus needs to be given to both the internal and external teams with regard to strategic professional services, training plans, and delegation. Hiring the professionals with the right attitude, integrity and learning spirit is very critical to building a growth-oriented corporate culture.

High-performance professionals establish the right dynamics and longterm engagement with customers, partners, associates, suppliers and other stakeholders.

Operational Efficiencies

All the operational processes must be finetuned for achieving a high productivity in terms of employee performance and overall output. The standards need to be well defined and the procedures are to be documented, measured and controlled, to make organizational efficiency and effectiveness systemic rather than a haphazard occurrence. The systems are to

be aligned to consistently deliver superior value to the customers. Employees need to be coached to emerge as the champions of the process. This is only possible when the methodologies and processes are defined with clarity and are simple to understand, practice, monitor, and measure.

A successful business encourages innovation and continuous improvement. Immediate corrective action supported by a thorough root cause analysis helps in preventing the repetition of the problems. Benchmarking with the best ensures operational efficiency and excellence that gives the competitive edge.

The Financial Health

In addition to management efficiency, the financial stability and health of a company play a major role in its profitability and growth. Successful businesses invest in hiring a competent business advisor or accountant to improve the financial position and increase the options for sourcing the funds internally. It is well worth considering the various aspects of maintaining the financial health of the firm which includes close observation of liquidity, profitability, solvency among other key fiscal ratios. Studying the standalone numbers like net profit, gross margin or total debt would not

suffice to predict the future of the company and take the appropriate steps to improve the company’s value.

Complete Customer Orientation

Expanding to new markets is important for market leadership. But more important than that is, improving customer loyalty and creating a great customer experience. While profitability and growth rate measure the success of a business, it is customer loyalty that emerges as the biggest predictor of the survival of a business amidst the onslaught of competition. The business needs to have a complete understanding of the customer journey to build value-driven interactions that lead to improved customer experience and customer engagement. Customer orientation cannot be limited to marketing and sales. In order to succeed, an enterprise must make it part of its core value that infuses across every function of the organization.

A company that lays emphasis on all the above key factors is geared towards success and market leadership. Attaining these assets no doubt requires time and dedication of every team member in the organization.

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