Stage 2: Starting Your Business

Launch your business and make it operational

 

Turn your plans and ideas into something tangible.

Start business operations and tell the world that you are open for business.

Business launch stage: Issues to address

Before you set out to run a business, there are issues that you need to research and decide on. Going through these may take you some time but it can save you a lot of pain in the future. The business planning stage helps you decide if your business has any real chance at success.

Register your company

Register your business so that it can be recognized as a legal entity. The following are the reasons why you should register your business.

To be more professional

First impressions are important they say. This is even more true in business. Would you prefer to buy an expensive smartphone that has been created by an individual or by a company? That’s the power of registering a company. It establishes you as a professional in your field. You prove to the world that you are legitimate and are not after a quick buck. It shows your customers that you are serious and will not simply disappear tomorrow.

To protect and secure your business name

Registering your business name protects it from being used by other businesses. When you register a company, the name that you choose is reserved to you only. You may not have plans to start operating right away but registering that name that you have always wanted ensures that its available to you when you are finally ready to launch your dream business. Once your company name has been incorporated and registered, you can further restrict its usage by registering it as a trade name or trademark. This ensures that no-one else can legally use it.

To get access to funding

One of the advantages you enjoy when you register a company is the increased access that you get to funding sources. There are various government loans available for youths and small businesses. In addition, various economic development agencies, banks and NGOs provide low-interest loans to small to medium enterprise owners who may not qualify for traditional commercial loans.

To separate personal and business finances

Most small business owners discover painfully that mixing business and personal finances is a recipe for disaster. The majority of small businesses that fail fall into this trap. If you keep business finances in your pocket you run into the temptation of ‘helping out Uncle Thomas’  when he asks for financial help. And when month-end comes you discover that you don’t have enough to pay for business rentals or suppliers. Having your business incorporated helps you separate these two so that you don’t run into problems tomorrow.

To participate in tender processes

In order to apply for both government and commercial tenders you need to be a legalized business entity. All tenders have on their top of the list the requirement to be an incorporated company. Simply put: ‘No registration papers, no tender acceptance’. Most tenders are advertised for big contracts and orders, so this represents a very real opportunity for your business to break out and make some large amounts of cash. Don’t neglect this.

Lower taxes

When doing business you have the option to do so as an individual or as a registered business. When you trade as an individual, you pay tax on the additional income you receive from your business. Unfortunately you don’t get any tax deductions on the expenses you incur in running the business e.g. internet costs, telephone costs, transport, rents, etc. These are all regarded as personal expenses more or less. One of the more appealing reasons for registering a business, as opposed to simply reporting your additional income, is the extra money you have left over. In Zimbabwe, businesses  receive tax deductions for business-related expenses, including use of your car, a home office or a rented storefront, insurance, and more.

Liability protection

There are two types of businesses registered in Zimbabwe and these are the Private Limited Companies and Private Business Corporations. The business is treated as a separate legal entity from it’s owners and enjoys corporate citizenship in Zimbabwe as if it were an individual. Both types of businesses offer limited liability to their owners or shareholders. Both business types provide personal liability protection for business decisions or actions of the business. This means that if the company incurs debt or is sued, its members are not required to satisfy the claims with their personal assets. By registering your business, your business and personal assets are separated from each other. There are many reasons to incorporate but for the protection of your family, this may be the most important.

Business continuity

Do the names Irvines, Microsoft, Facebook or Google sound familiar to you? Good. What do they all have in common? They were started by individuals. And because these individuals registered their companies it means their businesses are able to continue without them. They are now separate entities from their person. That’s the power of registering a business. It ensures the continuity of your business beyond just you. Customers are interested in knowing if your company has a future and if the company is able to continue serving them in your absence.

Acquire office space

You should have a place to conduct your daily operations as an organization and your choice is incredibly important to your business. You can either buy or lease an office space

Is your business well-established?

If your business is still in the startup phase, I rarely recommend buying. During the next 5 to 10 years you’ll experience employee count fluctuations, client and customer changes and even business direction and strategy adjustments. This means that you will not to be tied to a certain space. However, tech employees can work from home. Additionally, clients of many tech companies can successfully access the company’s offering without visiting a physical office space.

Will you endanger your business with a property purchase?

Yes, buying can be a great investment and add a source of revenue, but even well-established business owners need to think about the stress that buying a property can put on their business cash-flow. Oftentimes your time and money is best spent on what you do best, running your enterprise. If buying a property means you won’t be able to focus critical finances to your first priority, your business, then you might want to delaying on buying.

Do you have heavy, difficult-to-move equipment?

If you have machinery or specialized equipment that make it difficult for you to move, buying may be a great option for you. This is because you increase the chances of damaging it every time you move and that your landlord may increase the lease charges when they know it’s difficult for you to relocate. Therefore, buying a custom space for your specialized equipment is the way to go.

Does your location affect employees or clients?

You face quite a number of issues when your customers or clients depend on your position for convenience. This is a challenge when and if your market is ever changing. The trendy spot of the last five years, may not be still the popular spot five years from now. A lease allows flexibility to move where your customer and clients need you to be.

Are you prepared to be a landlord?

There’s a lot of maintenance that goes along with owning a building or land. Will you have the ability to hire a maintenance crew or will you tend the bathrooms, burnt out light bulbs and overflowing trash bins yourself? Even though you may have capital to buy your building, can you afford to build it out the way you want to? The cost of ownership is sometimes underestimated. Make sure you’ve considered all of the possible expenses that go along with buying your office space.

Open a business bank account

Open a bank account that specializes in offering services for companies. A business bank account is important for keeping your business and personal expenses and income separate and getting your new business’s record keeping off to a good start.

Business Credibility

Having a business bank account provides your new business with credibility to both customers and potential creditors which is especially important when you’re starting a business. If some of your customers pay using bank transfers or mobile payments it is much more professional in appearance to have them paying to a company name rather than to a personal name, as does paying your business expenses with  business bank accounts.

Taxation

Having a separate business account is also important for tax purposes. Keeping a separate business bank account for all of your business-related financial transactions provides a clear trail of business revenue and expenses in case you are audited by ZIMRA.

Develop your brand

A brand is a feature that distinguishes an organization or product from its competitors in the eyes of the customers. It can be a name, term, design, symbol.

A strong brand is highly valuable as competition intensifies day by day. Develop your brand so that it you can achieve your specific goals. Good branding increases the value of a company, provides employees with direction and motivation, and makes acquiring new customers easier.

When developing your brand strategy, it should have an emotional impact which will make you connect with your customers. Above all, your brand strategy should include consistency and purpose. Without consistency, a business will struggle to survive and your business must have a functional and intentional purpose.

Define your brand

It is the first step in the process of developing your brand strategy as it creates the foundation for marketing. Your brand definition will help you evaluate your marketing campaigns and strategies. Here is what you should do

  • Specify the products and/or services that you offer as well as the qualities of the services and/or products offered
  • Illustrate what is important to you and your customers.
  • Set out the purpose the of your company.
  • Identify your niche, that is, your specialized market for your particular product or service.
  • State your target market  and identify those attracted to your products and services.
  • Set down the tagline of your company and the kind of message your tagline is sending to your prospects.
  • Thereafter, create a personality for your company that clearly represents your products or services such as innovation, traditional, being hands-on, creativity, energetic or sophistication.

Determine your brand’s objectives

You should state what you want your brand to do for your company and what you want others to know and say about your products or services.

An example of objectives might include

  • being recognized by receiving a specific award
  • picking up a certain number of choice projects
  • gaining a specific number of new clients in the next year, and/or positioning your company as an industry leader in the next several months.

Focus on your target audience

It’s important to focus on your target market when developing your brand. This causes your audience to recognize that you are talking specifically to them.

Focusing on your target audience will

  • help you’ll have the information that you need to achieve your brand marketing goals.
  • help you to solidify your message and increase your confidence in connecting with your audience.

Discover and crush your barriers

When creating your brand strategy for a product or service it is important to perform a careful analysis to determine the main barriers that you may come across. These barriers are also known as market conditions that can prevent your product or service from achieving success.

Brand packaging and identity 

Branding is your identity in the marketplace, make sure that your brand is saying what it should. Your brand is also all about the appearance of your packaging. Is your packaging matching your message?

Acquire office furniture and equipment

Acquire the necessary furniture and equipment for your day to day operations. Office furniture and equipment are an important element of  an office environment as it is needed to conduct office work efficiently and comfortably. Office furniture is needed for sitting, working and storing purposes. It consists of chairs for sitting, table and desks for working and cupboards for storing.

Register with statutory institutions

Register with statutory institutions such as Zimra, NSSA, NEC and the City council.

  • Zimra for tax purposes
  • NSSA for social security (protect an individual in life threatening situations or conditions such as death)
  • NEC for providing agreements that prevent disputes from arising or settle arisen disputes.
  • City council for shop/municipal licence

Product/service development

Design and control the processes of producing your goods or drafting how you will offer your services. Product development involves ensuring the concept has passed the planing/draft stage and has been determined to make business sense and that it has business value. Therefore,  you should start implementing your plans on how you will distribute the product and how you will finance introducing the new product or service.

Acquire/ outsource labor

When hiring employees, you have more options than you may realize. Remember that not every position needs to be in office, full time or part time.

Here are some of the employee types;

Full-time employees

They are the most common type of employees and they are generally offered permanent positions with a salary or hourly wage.There is no set minimum number of hours for full-time employees. However, most employers recognize full-time work as 35+ hours per week. Examples of full-time employees include receptionists and all types managers.

Part-time employees

A part-time worker works fewer contracted hours than a full-time employee. However, they generally also hold permanent positions, and the number of hours they’re scheduled to work per week should be clearly visible within the contract, but they may have the option to work overtime, if and when desired. Benefits of part-time employment include a more flexible schedule for the employee, allowing individuals to fit their work around other commitments, and the opportunity for people to try out new roles without having to give up vast amounts of your time. Most waiters and waitresses are an example of part-time employees.

Fixed-term employees

Fixed-term employees last for a specific amount of time, which has been set and agreed in advance. In some instances, fixed-term employees may not have an exact time-frame, but will instead end when a specific task has been completed or fulfilled. Depending on the role, and an individual’s performance, fixed-term contacts can sometimes lead to longer term positions. Examples include students on industrial attachment and drivers for a specific event such as weddings.

Temporary employees

Similar to fixed-term, temporary employees are offered a contract that is not expected to become permanent. Usually they would have some form of end date included, however, these may be subject to change. As such, temporary workers may have their contracts extended in line with demand and availability. Temporary teachers are a common example in Zimbabwe.

Agency employees

Agency staff have their contracts agreed and managed by a recruitment consultancy or employment agency. They usually work on a temporary basis, and the length of their contract will depend on demand from the employer, as well as their availability. The Valcol Group company offers such services majoring in I.T experts and secretaries.

 

Freelancers and contractors

When working with freelancers or contracted basis, contracts may vary from position to position. However, individuals working in this way are generally considered self-employed. Contracts may include start and end dates, or the salary may be based on set projects or pieces of work, meaning the contract effectively ends upon delivery. Freelance and contract workers may also not be entitled to the same rights as more permanent members of staff, although they do get to manage their own schedule, and negotiate their own terms. Most graphic designers are freelancers.

 

Zero hour employees

Also known as casual employees, zero hour employees specify that an employee works only when required by their employer. The employer is under no obligation to provide a set amount of hours to work. And, similarly, the employee does not have to accept any work that is offered to them. Individuals on a zero hour contract may also seek employment elsewhere. In fact, their contract would not be valid if it prevented them from looking for, or accepting, work from another employer.

Create marketing materials

Create marketing materials to use for your marketing and sales processes, examples may include:

  • Business cards
  • Letterheads
  • Brochures
  • Fliers
  • Product specification sheets
  • Company profile
  • Website
  • Posters
  • Banners
  • Branded envelopes

Get business insurance

Every business should protect their company with business insurance. Here is what you can protect;

Property

The types of property losses that can affect your business include theft, physical damage, and loss of use. Physical damage can occur due to fire, severe weather, accidents, or vandalism. Small businesses may be able to improve their property insurance rates by implementing a variety of safety measures and programs. For example, installing locks, alarm systems, sprinkler systems, and smoke vents may help lower premiums.

Legal liability

Protecting your liability covers business-related injuries to employees, customers, or vendors, on the company premises or off, that occur due to the company’s negligence. It covers problems that occur due to defective merchandise or inadequately performed services.

Company vehicles

Company vehicles must be insured, just like vehicles that are intended for personal use. Automobile insurance is usually handled separately from other property and liability coverage. Experts recommend that business owners be sure to list all employees on the insurance policies for company vehicles. In order to determine needed coverage and obtain the most favorable rates, small businesses can consult an insurance watchdog agency.

Life and health

Ensuring employee welfare is a vital form of coverage. Group life and health insurance are common methods companies use to provide for employee welfare. Specialized plans are available to provide survivors with income upon an employee’s death. Other plans can protect the firm against financial losses due to the death or disability of a key employee.

Register your company

Register your business so that it can be recognized as a legal entity. The following are the reasons why you should register your business.

To be more professional

First impressions are important they say. This is even more true in business. Would you prefer to buy an expensive smartphone that has been created by an individual or by a company? That’s the power of registering a company. It establishes you as a professional in your field. You prove to the world that you are legitimate and are not after a quick buck. It shows your customers that you are serious and will not simply disappear tomorrow.

To protect and secure your business name

Registering your business name protects it from being used by other businesses. When you register a company, the name that you choose is reserved to you only. You may not have plans to start operating right away but registering that name that you have always wanted ensures that its available to you when you are finally ready to launch your dream business. Once your company name has been incorporated and registered, you can further restrict its usage by registering it as a trade name or trademark. This ensures that no-one else can legally use it.

To get access to funding

One of the advantages you enjoy when you register a company is the increased access that you get to funding sources. There are various government loans available for youths and small businesses. In addition, various economic development agencies, banks and NGOs provide low-interest loans to small to medium enterprise owners who may not qualify for traditional commercial loans.

To separate personal and business finances

Most small business owners discover painfully that mixing business and personal finances is a recipe for disaster. The majority of small businesses that fail fall into this trap. If you keep business finances in your pocket you run into the temptation of ‘helping out Uncle Thomas’  when he asks for financial help. And when month-end comes you discover that you don’t have enough to pay for business rentals or suppliers. Having your business incorporated helps you separate these two so that you don’t run into problems tomorrow.

To participate in tender processes

In order to apply for both government and commercial tenders you need to be a legalized business entity. All tenders have on their top of the list the requirement to be an incorporated company. Simply put: ‘No registration papers, no tender acceptance’. Most tenders are advertised for big contracts and orders, so this represents a very real opportunity for your business to break out and make some large amounts of cash. Don’t neglect this.

Lower taxes

When doing business you have the option to do so as an individual or as a registered business. When you trade as an individual, you pay tax on the additional income you receive from your business. Unfortunately you don’t get any tax deductions on the expenses you incur in running the business e.g. internet costs, telephone costs, transport, rents, etc. These are all regarded as personal expenses more or less. One of the more appealing reasons for registering a business, as opposed to simply reporting your additional income, is the extra money you have left over. In Zimbabwe, businesses  receive tax deductions for business-related expenses, including use of your car, a home office or a rented storefront, insurance, and more.

Liability protection

There are two types of businesses registered in Zimbabwe and these are the Private Limited Companies and Private Business Corporations. The business is treated as a separate legal entity from it’s owners and enjoys corporate citizenship in Zimbabwe as if it were an individual. Both types of businesses offer limited liability to their owners or shareholders. Both business types provide personal liability protection for business decisions or actions of the business. This means that if the company incurs debt or is sued, its members are not required to satisfy the claims with their personal assets. By registering your business, your business and personal assets are separated from each other. There are many reasons to incorporate but for the protection of your family, this may be the most important.

Business continuity

Do the names Irvines, Microsoft, Facebook or Google sound familiar to you? Good. What do they all have in common? They were started by individuals. And because these individuals registered their companies it means their businesses are able to continue without them. They are now separate entities from their person. That’s the power of registering a business. It ensures the continuity of your business beyond just you. Customers are interested in knowing if your company has a future and if the company is able to continue serving them in your absence.

 

Acquire office space

You should have a place to conduct your daily operations as an organization and your choice is incredibly important to your business. You can either buy or lease an office space

Is your business well-established?

If your business is still in the startup phase, I rarely recommend buying. During the next 5 to 10 years you’ll experience employee count fluctuations, client and customer changes and even business direction and strategy adjustments. This means that you will not to be tied to a certain space. However, tech employees can work from home. Additionally, clients of many tech companies can successfully access the company’s offering without visiting a physical office space.

Will you endanger your business with a property purchase?

Yes, buying can be a great investment and add a source of revenue, but even well-established business owners need to think about the stress that buying a property can put on their business cash-flow. Oftentimes your time and money is best spent on what you do best, running your enterprise. If buying a property means you won’t be able to focus critical finances to your first priority, your business, then you might want to delaying on buying.

Do you have heavy, difficult-to-move equipment?

If you have machinery or specialized equipment that make it difficult for you to move, buying may be a great option for you. This is because you increase the chances of damaging it every time you move and that your landlord may increase the lease charges when they know it’s difficult for you to relocate. Therefore, buying a custom space for your specialized equipment is the way to go.

Does your location affect employees or clients?

You face quite a number of issues when your customers or clients depend on your position for convenience. This is a challenge when and if your market is ever changing. The trendy spot of the last five years, may not be still the popular spot five years from now. A lease allows flexibility to move where your customer and clients need you to be.

Are you prepared to be a landlord?

There’s a lot of maintenance that goes along with owning a building or land. Will you have the ability to hire a maintenance crew or will you tend the bathrooms, burnt out light bulbs and overflowing trash bins yourself? Even though you may have capital to buy your building, can you afford to build it out the way you want to? The cost of ownership is sometimes underestimated. Make sure you’ve considered all of the possible expenses that go along with buying your office space.

Open a business bank account

Open a bank account that specializes in offering services for companies. A business bank account is important for keeping your business and personal expenses and income separate and getting your new business’s record keeping off to a good start.

Business Credibility

Having a business bank account provides your new business with credibility to both customers and potential creditors which is especially important when you’re starting a business. If some of your customers pay using bank transfers or mobile payments it is much more professional in appearance to have them paying to a company name rather than to a personal name, as does paying your business expenses with  business bank accounts.

Taxation

Having a separate business account is also important for tax purposes. Keeping a separate business bank account for all of your business-related financial transactions provides a clear trail of business revenue and expenses in case you are audited by ZIMRA.

 

Develop your brand

A brand is a feature that distinguishes an organization or product from its competitors in the eyes of the customers. It can be a name, term, design, symbol.

A strong brand is highly valuable as competition intensifies day by day. Develop your brand so that it you can achieve your specific goals. Good branding increases the value of a company, provides employees with direction and motivation, and makes acquiring new customers easier.

When developing your brand strategy, it should have an emotional impact which will make you connect with your customers. Above all, your brand strategy should include consistency and purpose. Without consistency, a business will struggle to survive and your business must have a functional and intentional purpose.

Define your brand

It is the first step in the process of developing your brand strategy as it creates the foundation for marketing. Your brand definition will help you evaluate your marketing campaigns and strategies. Here is what you should do

  • Specify the products and/or services that you offer as well as the qualities of the services and/or products offered
  • Illustrate what is important to you and your customers.
  • Set out the purpose the of your company.
  • Identify your niche, that is, your specialized market for your particular product or service.
  • State your target market  and identify those attracted to your products and services.
  • Set down the tagline of your company and the kind of message your tagline is sending to your prospects.
  • Thereafter, create a personality for your company that clearly represents your products or services such as innovation, traditional, being hands-on, creativity, energetic or sophistication.

Determine your brand’s objectives

You should state what you want your brand to do for your company and what you want others to know and say about your products or services.

An example of objectives might include

  • being recognized by receiving a specific award
  • picking up a certain number of choice projects
  • gaining a specific number of new clients in the next year, and/or positioning your company as an industry leader in the next several months.

 

Focus on your target audience

It’s important to focus on your target market when developing your brand. This causes your audience to recognize that you are talking specifically to them.

Focusing on your target audience will

  • help you’ll have the information that you need to achieve your brand marketing goals.
  • help you to solidify your message and increase your confidence in connecting with your audience.

 

Discover and crush your barriers

When creating your brand strategy for a product or service it is important to perform a careful analysis to determine the main barriers that you may come across. These barriers are also known as market conditions that can prevent your product or service from achieving success.

 

Brand packaging and identity 

Branding is your identity in the marketplace, make sure that your brand is saying what it should. Your brand is also all about the appearance of your packaging. Is your packaging matching your message?

Acquire office furniture and equipment

Acquire the necessary furniture and equipment for your day to day operations. Office furniture and equipment are an important element of  an office environment as it is needed to conduct office work efficiently and comfortably. Office furniture is needed for sitting, working and storing purposes. It consists of chairs for sitting, table and desks for working and cupboards for storing.

 

 

Register with statutory institutions

Register with statutory institutions such as Zimra, NSSA, NEC and the City council.

  • Zimra for tax purposes
  • NSSA for social security (protect an individual in life threatening situations or conditions such as death)
  • NEC for providing agreements that prevent disputes from arising or settle arisen disputes.
  • City council for shop/municipal licence

Product/service development

Design and control the processes of producing your goods or drafting how you will offer your services. Product development involves ensuring the concept has passed the planing/draft stage and has been determined to make business sense and that it has business value. Therefore,  you should start implementing your plans on how you will distribute the product and how you will finance introducing the new product or service.

Acquire/ outsource labor

When hiring employees, you have more options than you may realize. Remember that not every position needs to be in office, full time or part time.

Here are some of the employee types;

 

Full-time employees

They are the most common type of employees and they are generally offered permanent positions with a salary or hourly wage.There is no set minimum number of hours for full-time employees. However, most employers recognize full-time work as 35+ hours per week. Examples of full-time employees include receptionists and all types managers.

 

Part-time employees

A part-time worker works fewer contracted hours than a full-time employee. However, they generally also hold permanent positions, and the number of hours they’re scheduled to work per week should be clearly visible within the contract, but they may have the option to work overtime, if and when desired. Benefits of part-time employment include a more flexible schedule for the employee, allowing individuals to fit their work around other commitments, and the opportunity for people to try out new roles without having to give up vast amounts of your time. Most waiters and waitresses are an example of part-time employees.

 

Fixed-term employees

Fixed-term employees last for a specific amount of time, which has been set and agreed in advance. In some instances, fixed-term employees may not have an exact time-frame, but will instead end when a specific task has been completed or fulfilled. Depending on the role, and an individual’s performance, fixed-term contacts can sometimes lead to longer term positions. Examples include students on industrial attachment and drivers for a specific event such as weddings.

 

Temporary employees

Similar to fixed-term, temporary employees are offered a contract that is not expected to become permanent. Usually they would have some form of end date included, however, these may be subject to change. As such, temporary workers may have their contracts extended in line with demand and availability. Temporary teachers are a common example in Zimbabwe.

 

Agency employees

Agency staff have their contracts agreed and managed by a recruitment consultancy or employment agency. They usually work on a temporary basis, and the length of their contract will depend on demand from the employer, as well as their availability. The Valcol Group company offers such services majoring in I.T experts and secretaries.

 

Freelancers and contractors

When working with freelancers or contracted basis, contracts may vary from position to position. However, individuals working in this way are generally considered self-employed. Contracts may include start and end dates, or the salary may be based on set projects or pieces of work, meaning the contract effectively ends upon delivery. Freelance and contract workers may also not be entitled to the same rights as more permanent members of staff, although they do get to manage their own schedule, and negotiate their own terms. Most graphic designers are freelancers.

 

Zero hour employees

Also known as casual employees, zero hour employees specify that an employee works only when required by their employer. The employer is under no obligation to provide a set amount of hours to work. And, similarly, the employee does not have to accept any work that is offered to them. Individuals on a zero hour contract may also seek employment elsewhere. In fact, their contract would not be valid if it prevented them from looking for, or accepting, work from another employer.

Create marketing materials

Create marketing materials to use for your marketing and sales processes, examples may include:

  • Business cards
  • Letterheads
  • Brochures
  • Fliers
  • Product specification sheets
  • Company profile
  • Website
  • Posters
  • Banners
  • Branded envelopes

Get business insurance

Every business should protect their company with business insurance. Here is what you can protect;

 

Property

The types of property losses that can affect your business include theft, physical damage, and loss of use. Physical damage can occur due to fire, severe weather, accidents, or vandalism. Small businesses may be able to improve their property insurance rates by implementing a variety of safety measures and programs. For example, installing locks, alarm systems, sprinkler systems, and smoke vents may help lower premiums.

 

Legal liability

Protecting your liability covers business-related injuries to employees, customers, or vendors, on the company premises or off, that occur due to the company’s negligence. It covers problems that occur due to defective merchandise or inadequately performed services.

 

Company vehicles

Company vehicles must be insured, just like vehicles that are intended for personal use. Automobile insurance is usually handled separately from other property and liability coverage. Experts recommend that business owners be sure to list all employees on the insurance policies for company vehicles. In order to determine needed coverage and obtain the most favorable rates, small businesses can consult an insurance watchdog agency.

 

Life and health

Ensuring employee welfare is a vital form of coverage. Group life and health insurance are common methods companies use to provide for employee welfare. Specialized plans are available to provide survivors with income upon an employee’s death. Other plans can protect the firm against financial losses due to the death or disability of a key employee.

Do you need a business coach to help you with the planning stage?

Our friendly business consultants can help you come up with a plan for your business.