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    NEED COVERAGE, LIKE YESTERDAY?

    Whether you just closed a huge new account or if you are moving into that sweet new office; chances are you need proof of insurance - and you need it fast!

    Here @ Insurance4Technology, we utilize the best insurance tech available to turn around customized quotes catered to your exact needs in hours, not days.

     
    Wednesday
    Dec112013

    Even Visionaries Could Use a Little Hindsight

     

    Okay, this is not the real definition of hindsight, but this is how most people come to think of it. The official definition of hindsight is: the understanding of a situation or event only after it has happened or developed. 

    Most entrepreneurs go into business thinking they are going to have a jump start, be successful and build thier empire. Reality dictates that this is a rare occurrence. Even young tech companies require time to incubate and grow into thriving businesses, profitable or not... If you are a visionary starting your business you are likely taking time to make the right decisions. At Insurance 4 Technology, we have the opportunity to see many businesses come and go; to succeed and fail. In speaking with some of our clients that have succeeded and learning from those that have failed we have concluded that most wish their hindsight was better in these areas:

    1. Doing Enough Research Before Launching- Every new business is excited to show themselves off and hit the ground running, but without the proper research you could be making a premature move. Your business has plenty of brain power, but hiring independent consultants that are experts in market research and demographics could be the best investment you could make early on. Not only will you learn how to market and to whom, when and why, but you could learn that yourr your demographic is not quite ready for your product or service. Don't be the next Apple Newton (yes, even Apple can make mistakes).
    2. Paying Enough Attention to Market Trends- So you've done your research and launched because the world is ready. All too many businesses have failed because they do not prepare themselves for market trends. If you are selling a product or providing a service, be ready to change. It's easy to get tunnel vision when times are good, but not paying attention and adapting to change is a recipe for failure. One day your widgets may be talk of the town and you go through rapid growth, but unless you plan for constant improvement or added products or features, you may be hosting a garage sale to make money with your widgets in it. 
    3. Investing In the Business- Some businesses get off to a great beginning then start spending on new staff, new office space, fixtures and furniture. Before they know it there is no retained earnings and no capital to really grow the business. They may look for private or angel investors, but then make themselves vulnerable to losing equity and possibly control of their company. 
    4. Hiring Practices- Many business owners make great visionaries. However, just because they can start a company doesn't mean they make good Human Resources managers. Hiring the right people can be a science and this is a costly area to make mistakes. Consider using a staffing firm or hiring one person as your HR manager that can assist with hiring, management and firing if necessary. Employees are your most valuable assets, but sure you hire wisely and manage just as wisely. 
    5. Having the Right Insurance- Come on you had to know I would throw that in the mix. Many businesses fail because they fail to protect themselves. The cost to defend your company in a lawsuit could be enough to put you out of business. Smart business owners work with smart insurance brokers to get the right coverage. A tech insurance broker and risk manager can help you avoid accidents from happening and protect you if they do.

    We rarely see a startup go from Bootstrap to Bugatti overnight, but love to see it happen. Don't let hindsight get the best of you and keep you from being the next success story! 

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      Even Visionaries Could Use a Little Hindsight - Technology Insurance Blogs - Insurance 4 Technology
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      Even Visionaries Could Use a Little Hindsight - Technology Insurance Blogs - Insurance 4 Technology
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      Even Visionaries Could Use a Little Hindsight - Technology Insurance Blogs - Insurance 4 Technology
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      Even Visionaries Could Use a Little Hindsight - Technology Insurance Blogs - Insurance 4 Technology
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      Response: DamSoon
      This is a good common sense article. Very helpful to one who is just finding the resouces about this part. It will certainly help educate me.

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