Este contenido se originó en The Business Journals, patrocinado por State Farm.
All the reasons you need to get your company covered.
As a small business owner, particularly a woman small business owner, it can feel like you against the world. You’ve got to stay competitive in a constantly changing marketplace. Perhaps you’re also juggling family responsibilities of one kind or another. It can be a lot.
In her years as a State Farm insurance agent and small business owner, Jen Wilkes has found preparation and awareness to be the keys to succeeding. “What led to my success is the following three things: having a good plan, surrounding yourself with a knowledgeable team and facing little problems head on before they spiral out of control,” she says.
What does Wilkes mean by establishing a plan? It entails not only having a clear vision for your business, but also identifying any potential roadblocks that could throw you off course. Preparing for issues before they cause trouble may seem pessimistic, but, really, it’s practical. Wilkes has found that it’s better to look ahead a few weeks or months to try to anticipate and troubleshoot problems that could arise. By having the right protections and stopgaps in place, you can better ensure that your business continues, even in times of crisis.
Reassuringly, you don’t need to do this alone. In fact, you shouldn’t. As an entrepreneur, you’ve invested so much time, money, heart and soul into your business, it’s important to have some armor to keep it safe. “To protect what you’ve built,” she advises, “you need a good team around you. That includes an attorney, an insurance agent, a certified public accountant and a financial advisor.” Each plays an equally vital role.
To build that ever-important moat to keep your business safe, the first step is to sit down with each member of your specialist team to strategize what you’ll need going forward. Ask each of these team members to help you look ahead to contingencies in their area of expertise that you might not have considered on your own.
For example, as a State Farm agent, Wilkes helps small business owners with the kind of insurance coverage they need. She helps them to customize a coverage plan: A photography studio may not need the same protections as a dog boarding facility, for instance, which will likely require something different from a hair salon or a boutique. General liability insurance, for instance, protects against covered claims or lawsuits that could run into the tens of thousands of dollars or more. Property insurance covers equipment or inventory in case of loss or damage. And a commercial auto rider covers the vehicles you or your employees use on the job, as well as when you’re in transit between sites. When Wilkes discusses a policy and creates a plan, it’s not only to protect the business, but the business owner herself.
And while every business, and every entrepreneur, is different, Wilkes has noticed some commonalities. “Three of the most common hurdles I see small business owners face are cash flow, staffing shortages and lack of flexibility,” Wilkes says.
Harnessing the latter, that flexibility, can make the first two issues far easier to manage. If cash flow is an issue, it may be time to rethink your business model, in the immediate term, at least. When it comes to staffing, continually refill your bench of prospective employees and frequently review your salary, benefit and compensation packages to ensure they’re competitive. Inadequate staffing can lead to operating difficulties and, in extreme cases, to having to close up shop. It is also recommended to stay on top of your taxes and adjust your financial plan periodically, as needed.
“The good news for women business owners is that there are a host of resources available to us. We can leverage our personal and professional lives to help one another and provide referrals, support and advice,” Wilkes says. Participating in that circle of empowerment is one of the things she most enjoys about being a State Farm agent and a small business owner. Together, Wilkes knows, there’s no limit to what women entrepreneurs can achieve.
Find a local agent, or visit statefarm.com/smallbusiness to protect your business today.
State Farm
Bloomington, IL
