You must be vigilant and aggressive about defending your business. As the leader and captain of your business, you must have the foresight to develop a protection strategy preemptively… before you need it and before it’s too late.

You wouldn’t go rock climbing without safety gear (at least I hope not). Perhaps you wouldn’t go at all, under any circumstances, but if you did, you’d bring gloves, ropes, a harness, cams to secure yourself to the rock face and probably even a helmet. Of course, you’d want to make sure this safety gear was in great condition and working properly before you began the climb. And you wouldn’t go alone either. You’d have someone watching out for you. That just makes good sense. It’s wise, sane behavior. Why gamble with your life when it’s unnecessary? Why risk a crippling injury when there are tools to protect you and keep you safe?

I’m often surprised that people who take the recommended precautions in physical activities don’t bring the same logic to their financial activities. If you pay attention at all, you’re aware that, as a business owner, you face some degree of risk… more now than ever before. But I watch many intelligent, prudent, otherwise sane people taking enormous, irrational risks with their businesses.

To their credit, most don’t know they’re doing it. It’s not that they’re ignorant or foolish. Most of the hazards lay hidden from view. There are no flashing lights or loud speakers proclaiming their presence. And they’re not immediately obvious… until it’s too late. You can’t block the blow you didn’t see coming.

Let’s face it. A lot can go wrong

And just about anything can cost you your business – and your future – if you’re not prepared. What if a client suffers a large financial loss due to acting on your advice or because you missed an important deadline? What if you client’s private information (SSN, credit, finacials, etc.) is compromised?

There’s no shortage of potential disasters facing your business: fire, flood, theft, equipment breakdown, loss of key financial records, lawsuits from disgruntled or injured customers and even lawsuits from former or current employees.

You don’t need to be a millionaire to be sued like one.

You don’t even have to do anything wrong to be named in a lawsuit, and even if it’s bogus, you still have to pay to defend yourself in court. Good attorneys don’t come cheap. The important question is: If you find yourself faced with a hefty lawsuit, would you prefer to have your insurance pay for it, or would you rather just pay for it out of your own pocket? Would a $30,000 lawsuit put a strain on your business? What about $50,000? $100,000? $1 Million?

Home-based businesses are not exempt from risk

If you are a home-based business, you are just as susceptible to risk as other businesses, and you may think that all you need is a homeowners policy to protect you. A typical homeowners policy may provide a small amount of coverage for business property (typically $2,500 or less), but NO coverage exists for business liability. In fact, most homeowners policies specifically exclude business liabilities. Even if you don’t have any employees, and you only work part-time, you still face liability risks.

In a perfect world, you could focus all your attention on growing your business and not worry about the risks, but there are simply too many risks to ignore. You must address these risks head-on by developing a proactive risk management strategy that makes sense for your business and your budget.

Matt Hall
Merritt Hall Insurance
(317) 247-7737
mhall@merritthall.com

Matt Hall

By Matt Hall
Merritt Hall Insurance

The other day I added up roughly 19 hours of high-priority “things to do” between now and the end of the month… with only 11 unscheduled hours available in my calendar. That leaves 8 hours of stuff that won’t get done.

Once again, a quick nod to the Law of Strategic Execution:
Infinite Opportunity. Finite Amount of Time.
So, as always, choices have to be made.

When you boil it down to its simplest form, there are really just two keys to success.  They can be expressed in a basic equation.
Strategy + Execution = Success.

Strategy is the aggregate of great ideas, organized into an Action Plan that suits your business and your goals.  (And anyone with a shortage of great ideas is just not listening or paying attention.)  Execution is simply the “getting it done” part.
A serious commitment and focus on execution will overcome even a weak strategy.  The biggest ideas and the greatest strategy will grind to a painful halt without execution.  Since we all have limited time, we must be vigilant to ensure we invest that time on the most important, high-leverage and profitable activities.

Marketing should fall at the top of every entrepreneur’s list – with heavy focus. If you don’t have a strategy to attract prospects, convert them to customers and retain them at the highest possible long-term profit, then your business really isn’t a business at all. It’s a hobby. Getting customers and keeping customers – That’s the point, isn’t it?
So get your time under control.  Get the right people or vendors on board. Strategize and then execute. And focus on marketing.
What type of marketing you ask? Which media works the best (newspaper, radio, direct mail)? My advice: focus more on the principles of successful marketing than on a specific media.

Over the years, we’ve seen media come and go, offering huge opportunities for entrepreneurs to make truckloads of money. And then watching one force or another – government regulation or “media fatigue” – take them away.
Years ago, you could blast out 30,000 faxes per week as a lead generator, and get rich. Government took it away.
Also not too long ago, you could run successful e-blast advertising campaigns with profitable results. But between the CAN-SPAM law and “media fatigue,” you would have been forced to move on.

Voice broadcast laws have changed – though this media can still be used (differently) with great results.
Some of my clients lost their biggest (or only) marketing weapon when the “Do Not Call” lists went into effect.
I’ll Always believe in direct mail, but a handful of states are (stupidly) considering restrictive laws. (Stupid any time. Completely insane during the worst recession since the 1930’s.)

The Yellow Pages are in hospice care. Order flowers for the funeral now

So here’s the bottom line: Media can change frequently and sometimes without much warning, but the principles of successful marketing remain the same. Learn the principles – why people buy, how to get them to buy and how to make them crave what you offer – and you can succeed using any media available.

If you’ll take the time to learn the fundamentals and then execute, success is practically guaranteed. However, I don’t believe you have much choice. Either embrace and master the principles of marketing, or get buried with the dinosaurs while forfeiting your clients (and wealth) to more progressive entrepreneurs.

For those serious in learning these principles, here are a few books that will get you started (in no specific order):
2,239 Tested Secrets For Direct Marketing Success:by Denny Hatch & Don Jackson  This is one of my favorite gems. I’d pay hundreds for this material and never look back. It’s the kind of book that a marketer can keep on his/her desk and review to be constantly reminded of stuff you “already knew but should be doing” or get “tweaks and twists” that bump your response. It’s for the serious direct marketer, so don’t expect much on the “sales side” of the equation.

Influence: The Psychology of Persuasion by Robert B. Cialdini

A book on psychology for entrepreneurs? Yup. This book, first published 22 years ago, sits on the desk of every serious marketer I know, and explains why people take action (And what you can do to nudge ‘em along.).  Advertising Secrets of the Written Word by Joe Sugarman. Any marketing book by Joe Sugarman is worth studying, but this one is a great starting point.  Ultimate Sales Letter by Dan Kennedy. This incredible book is like a mini marketing Bible. It’s one of my favorites. I refer to it often. Tons of tips, strategies and example to help hone your marketing skills. Also see the Ultimate Marketing Plan by the same author.

I’ve always believed that entrepreneurs must “own” their marketing. After all, it is the marketing process that attracts, converts, upsells and retains your customers and clients. It’s one of the most vital and important functions of any successful business. I’ve never understood why anyone would give that away?  And the more you master the principles of marketing, the more control you’ll have over the people and vendors you hire to execute your strategy. I’ve felt the temptation to “delegate” marketing to outsiders, and I’ve seen many entrepreneurs do just that, usually with poor results. The fallacy is that since they’re in the advertising and marketing industry, “they must know more” and “they must know what they’re doing.”

At a minimum, You must be in charge, and You must understand the underlying principles. Beware what you give away. You don’t necessarily need to turn into a marketing technician, that’s not for everyone. But you do need to understand the principles. From understanding comes control. And from control comes money.

Matt Hall
Merritt Hall Insurance
2421 Production Dr., Suite 203
Indianapolis, IN 46242
317-247-7737

Matt Hall

By Matt Hall
Merritt Hall Insurance

I was eating lunch with a police officer friend of mine. We were talking about the risks associated with police work, and the conversation turned to ballistic vests.  He explained that there are light-weight “soft” vests for all-day wear that will stop the most common handgun rounds, but nothing over a .44 and definitely nothing fired from a rifle.  There are heavier and bulkier “hard” vests for tactical situations that can stop armor-piercing handgun rounds and even some rifle-fired rounds. These, he explained, are not very comfortable to wear for long periods of time.

There are special (and expensive) add-on ceramic, metal and composite plates that can be inserted in these vests to offer further protection against heightened threats. Some are even capable of stopping a round from a sniper riffle. And without add-ons and upgrades, most vests are not stab-resistant, which means knives and stabbing weapons can still rip right through.  It seems there is always a tradeoff between the level of protection a vest offers and its level of comfortable wearability and affordability. Those trade-offs come down to personal preference and the level of risk the wearer is willing to acceptable.
Turns out all bulletproof vests are not created equal. Who knew?  While driving back to the office, I couldn’t stop thinking about how bulletproof vests are similar to insurance. The right insurance works a lot like a bulletproof vest.

Let’s imagine for a moment that you are in the market for a bulletproof vest. Would you want a vest that only stops 5 out of 10 bullets? I don’t know about you, but if I were looking to a vest for protection, I’d want it to protect me against all physical threats – bullets, knives, clubs, explosions, shrapnel – everything. And I’d want it to protect as much of my body as possible.

Even with the very best, most expensive vests, still your legs, arms and head are unprotected. You could call these gaps in your armor. And insurance is no different. There’s no such thing as an insurance policy that provides protection against every type of risk. They all have dollar limits, restrictions and exclusions.  I used to think if someone was wearing a bulletproof vest, they were, for the most part, bulletproof. I mean, that’s the point isn’t it? I had no idea there were so many differences between vests and the level of protection they provide.

Most people mistakenly view insurance the same way. They think insurance is a one-size-fits-all deal. They believe if they have insurance, any insurance, then they are protected from virtually every type of risk. Nothing could be further from the truth.
You must carefully analyze your risks. Determine where threats are likely to come from and beef up your protection in those areas.

You’d go to enormous lengths to avoid the loss of your life. You’d spend any amount of money, and do just about anything, so if you felt the need to buy a bulletproof vest, for obvious reasons, you probably wouldn’t buy the cheapest one. You wouldn’t trust it to protect you. After all, you get what you pay for, and there are usually good reasons why one option is cheaper than another, even if they look surprisingly similar on the surface.  All it takes is one bullet fired in your direction to make you wish you’d bought that bulletproof vest – or bought a better one – but it’s too late to buy one after the bullet has been fired.

What about your finances? It may have taken 10, 20, 30 or even 50 years to climb to your current financial heights. All it takes is one event, one financial bullet, to send you spiraling back down that ladder, right back to zero. One accident. One mistake. One lawsuit (even a frivolous one). You don’t have to be a millionaire to be sued like one. There are hordes of people just waiting for you to slip up, so they can swoop in and collect a big payday. And if you are a millionaire, watch out!

In many ways, insurance is your financial bulletproof vest. If you have the right coverage and its set up correctly, your insurance package will stop most financial “bullets.” It will protect you and your family against most financial losses that threaten to rob you of everything you’ve worked so hard for. Pay attention to your insurance. It’s an important piece in your financial arsenal. Don’t ignore it and don’t put it off. Call your agent and schedule a time to review your insurance packages. Make sure they’re up-to-date and provide a level of protection you’re comfortable with.

I asked my friend which vest he thought was best, and he said, “The best vest is the one you are wearing when someone shoots at you!” Point well taken.  I’d say the same about insurance. The policy you don’t have won’t help. The coverage you pass up could be the one you’ll need most. The gap you didn’t fill might take a chuck out of your financial future. The money you saved by cutting your coverage could cost you everything you own.

You owe it to yourself and you family. Make sure your insurance is the bulletproof vest you’d want it to be. And don’t wait until you’re “under fire” to start thinking about it.

Matt Hall
Merritt Hall Insurance
2421 Production Drive, Suite 203
Indianapolis, IN 46242
317-247-7737
317.259.9201
info@wiseelephant.com

Three months ago were you sitting around predicting the worst financial meltdown since the Great Depresssion? Not likely. But on November 19th, the DOW slipped below 8,000 delivering the message that “anything is possible,”

So if you’re sitting on a stockpile of cash, you may be wondering, is NOW the time to invest it in the market? Is it at bottom? Tough call, since many experts thought it hit bottom at 12,000…11,000…9,000…and so forth.

The problem, of course, is that you have NO control over the market. You can study it, analyze it, attempt to predict it. But you can’t control it. Mutual funds? No control. Individual stocks? No control.

You may be wondering if there are any investments that still give you some control? And what are – historically – both the SAFEST and most LUCRATIVE investments? That’s easy.

1. Your own business. Now, especially in rough waters, is the time to pay attention to it, make it stronger, improve your systems and invest in the talents and skills of your team. Meanwhile, other businesses, reeling from economic forces like market plunges and profit erosion will be slipping behind. They do NOT have the skills or the tools you have. Yes, some “lazy enterprenuers” will and SHOULD get back to work and communicate, communicate, communicate to their teams: exploit every opportunity.

2. Your SELF. Now, more than ever, you must be investing your time and skills into making the complete shift from “technician” to “entrepreneur” and “marketer.” Nothing is worth more in the marketplace than the ability to market: to aquire, optimize and retain clients. Study. Practice. Obsess. Test. Read. Listen. Learn. Leave no stone unturned.

3. Your clients. Especially in difficult times, they seek leadership and relationship. While the rest of the economy is going crazy, be there for them. Help them. Let them know you understand their pain. Be their advocate, because while industries continue to “commoditize” and slash prices, now more than ever, your clients are dying for someone to rise up and show them what to do… someone they like and trust.

Invest more heavily in building stronger relationships with your customers and clients. Do more to show them you appreciate them and care about them. Send them information, gifts and communicate with them in ways that say “I care about YOU.” Sure, you’re going to ask them to buy more and buy more often, but occasionally send them something just for them, without asking them to buy anything. Strengthen the relationship, because the stronger the relationship, the more opportunities the client will permit you to ask for larger and more frequent transactions… and the longer you’ll retain their business. Be sure to have this talk with your team too.

If someone reached into your sock drawer and stole a hundred bucks, you’d probably be a little upset. Now let’s imagine that “sock drawer” is a 401(k), IRA or any other kind of savings plan, and then multiply that hundred bucks many times over and watch the reaction of millions of hard working households across America for whom these losses are anything but imaginary. If your clients, employees, friends…family members…are a little on the tense side, don’t be surprised. Rather, be prepared.

4. Your team. Invest in training and tools that will make your team support all your business objectives, and right now might be the perfect time to be on the look-out for new talent to add to your team. The first paragraph of a recent New York Times lead article: “With the economy deteriorating rapidly, the nation’s employers shed 533,000 jobs in November, the 11th consecutive monthly decline, the government reported Friday morning, and the unemployment rate rose to 6.7 percent.”

That’s the biggest job loss in 35 years. Add that to the strong prediction that this will be the longest recession since The Great Depression – and whaddya got? A recipe for a VERY turbulent economy. Clients losing jobs. Clients with jobs getting SUPREMELY price sensitive. Commercial clients cutting back. Cancelled orders on commissions you’ve already spent.

You MUST observe the news, plan, strategize and prepare WITHOUT letting it affect YOU or your team emotionally. In truth, good leaders will USE this “crisis” to bring their team into focus, get them rowing in the same direction – and make them grateful to be in your ship. It’s time to sit down with your team and discuss what you’re doing in your business to navigate your way through the turbulence. If you don’t do this, you have lost a tremendous opportunity as an entrepreneur and CEO. Do this immediately. People thrive with and under leadership. (Do you think they’re not reading and watching the news? They’re constantly getting bombarded with negative information. YOU must counter-balance their worry and fear and convert that energy into positive action.)

Expect resistance from your team. Who among us hasn’t had “blowback” from Team Members when we make changes? But, we supply the jerseys, fill the stadiums, pay for the hotdogs. It is your game. If they’re going to suit up on your team, they better play by your rules.

It’s unfortunate the unemployment rates are so high, but for the business owner, there’s an up side. There are floods of quality people looking for new jobs. Now is the time to start building your world-class team, get your team on track with your goals and demand higher levels of performance. Raise your expectation and minimum performance criteria. Some won’t make the cut.

But – and this is important – great leaders inspire. They don’t bully. However, not everyone tingles at your vision or rises up when you sing your anthem. And those are the ones who just don’t belong on your team.

So invest with confidence in your business, your team, your clients… and yourself. Stay strong. There’s tremendous opportunity on the horizon, and now is THE time to set the stage to dominate your market.

Matt Hall
Merritt Hall Insurance
2421 Production Drive, Suite 203
Indianapolis, IN 46242
317-247-7737
317.259.9201