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Insurance is one of the pillars of any successful business. Every business needs to be protected against unforeseen and unprecedented events that might arise in the near future. The unpredictability of the market and the world in general has made insurance such a big industry. In as much as any business needs insurance, it should do so carefully and finding the right type that fit in its budget is key. It is of notice to say that no business wants to end up with an insurance product that has no benefit at all An efficient business should ensure that all the costs incurred in production are well utilised. The issue of how to choose best business insurance is a big one, but that can be done effortlessly if one has the right information and mind-set. When choosing the best business insurance there are factors that you should consider before making any decision.


For many businesses, particularly small ones, the default insurance of choice is personal insurance. For a small business with little cash to spare for insurance, this might seem like the best option but it might prove to be a risky one in the end as many personal insurance providers lack the experience required to tackle some issues that might arise in business insurance. A business should select a business insurance agent who has had clients like you in the past.

Types of Business Insurances

There are a variety of insurance products for businesses big and small. These insurance covers different aspects of the business such as property liability, privacy liability and many more You should make an assessment and pinpoint where you have the highest risk and thereby take steps to cover that part.


After verifying the above, you also need to make sure that your insurer will grow with you all the way. Many start-ups and small business have the capacity to grow to become big business and when that happens, you need to have an insurer that has the stamina to cover your rising needs too. Many businesses make the mistake if thinking that their insurance is a short term option without forgetting the prospects of future growth.


An insurance provider should also put focus on the customer rather than the commission they get from them. If a business settles for an insurance provider that compromises on the quality then they are sure to have problems in the future. These providers are also prone to let you down when you need their help in times of disasters.

From the above, businesses and entrepreneurs alike should know how to choose the best business insurance before thinking of anything else.


Hand with a calculator. Money saving concept.

One area that most upcoming entrepreneurs normally do struggle with is managing their business finances; it is worth noting that this is quite an essential part since cash flow is basically the lifeblood of a business, thus small and petty errors and lack of knowledge and resources can cost a firm deeply. We are therefore going to look at some of the tips on how to manage business finance successfully.

Tips and resources for managing your business finances

1. Be organized by creating time regularly for reviewing your numbers preferably on a weekly basis
Most of the small business owners normally do think of their finances only when it is time to pay the taxes. This can be quite problematic since most essential decision points do occur organically and rather not just around the tax period. One effective solution is setting aside time every week for reviewing your finances. It does not matter if you are just checking the current cash flow status or rather reviewing your performance level relatively to a peer group. The essential thing is that you are making financial management to be part of your routine. This might seem tedious initially; however, the behavior will finally pay off in the long run.

2. Use the FOGS framework when weighing on decisions

FOGS stand for Finance, Operations, Goals, and Strategy. An FOGS frame work does come in quite handy as a majority of firms and businesses normally do struggle in making data driven decisions. When trying to make a decision, always think of the financial impact and its effect on your operations; whether it furthers the firm from the goals or rather aligns you to the set strategy. The framework is normally a component of every successful firm; whether they realize it or not.

3. Finally, always keep focus of the big picture

Every entrepreneur is always looking to maximize his/her value. The definition of value can vary amongst individuals; generally, it’s the firm’s financial value that the entrepreneurs really care about, since it is the culmination of everything that takes place in the business: where it was in the past, where it does stand presently, and where it is projected to be in the future. Focusing on the big picture of the firm can help you uphold motivation and be engaged in your finances’ management.

Here is the thing: while most people normally do consider finance and accounting to be boring, their applications however do not have to be. The today’s entrepreneur can use technology to handle the grunt task of organizing their data, thus they can use their time on using the organized information in running their business. Organized finances will generally lead to better decisions, and consequently better communication, and in the long run, better results for small and upcoming businesses.