Make More Sales By Being Contrary

Here’s something I’ve been playing with, and my results have been pretty good, too.

A few months ago a friend was launching a big product with lots of cash prizes for the top affiliates. I knew there would be tons of affiliate competition, with every affiliate trying to out-do the others with bigger and better bonuses.

How to compete?

I decided not to.

Instead, I thought about what every affiliate’s bonus pages would look like: Highly polished, slick, professional, lots of graphics, videos, etc.

Odds are they would all start to look very much alike, right?

So I thought… what if I did something different?

What if my page looked like something you might get in the mail – black and white sales letter, using the Courier typewriter font, very old-school looking…

And what if, instead of a highly polished professional photo of myself, I used one where I just woke up? Or one where I just finished exercising, or just finished the yard work?

In other words, I looked like the guy next door and not some slick marketer.

Taking this thinking to the next level, I decided I didn’t want to spend time or money on creating a bonus. Everyone else was doing that, so why should I?

Instead, I would hold a live class. The homework would be to go over the program before class. Then in class we would implement, step-by-step, what was in the program. And I would record the whole thing, so people could just follow along.

In case you’re wondering – it worked beautifully. My sales were a very decent 5 figure number, and my commissions were half that plus bonuses.

And one more thing – I cheated, too. I had my virtual assistant run the class for me. She got to learn some great new skills, and I put less than 2 hours into the entire project.

The takeaway: When you have a lot of competition, it’s time to stop directly competing and find another way.

If they are using tons of graphics and slick videos, you go with a 1980’s black and white typewriter look.

If they are offering bonus packages filled with 5, 10 or 20 products, you offer no products (I offered hold-your-hand training, which in my opinion is worth far more anyway.)

You get the idea.

Do you know what would work even better than that?

MAILING the actual letter. Yup. Talk about old school. If you collect real addresses of your BUYERS, you might consider doing this on big ticket items.

I know marketers who do this. They are few and far between, and they are KILLING it. They only mail to buyers, which greatly improves their conversions. They use a service to send out the mailers for them. And they make more on one of these mailings than most successful marketers earn in 6 months.

Which brings me to my second idea… if you don’t already have the mailing addresses for your buyers, start collecting those now.

When you have a sizable portion of them (at least 200, preferably 500) approach a marketer with a product your list would love. Make sure there is plenty of profit in that product. Take the sales letter, adapt it to a black and white mailer (cheap to produce) and send it to your buyers.

See what happens. Tweak, rinse and repeat.

You can easily DOUBLE your income using this method.

Know why? Again, because it’s contrary. It’s different. Almost no one is doing it.

Your customer gets maybe a half dozen pieces of mail in a day. Two are bills. Two are sales flyers from local businesses. One is a catalog.

And then there’s that mysterious white envelope. Yeah, it’s going to get opened. Yes, it’s going to get read.

The Cybercrimals

The mindset of an individual who would want to attack the computers and networks owned by others is, without question, criminal. The act of intruding upon another confidential personal or business information requires a pre-meditated and calculated act. Its purpose is to inflict financial or personal harm on others by stealing money, denying the use of their information or to gain illegal access to proprietary plans. The cybercriminal is totally cynical and strives to remain in the shadows.

People who attack the information assets of others are on the prowl for system weaknesses to exploit. The prime targets are unsuspecting individuals or businesses that are vulnerable to the attack modes chosen by cybercriminals. They are deceitful and seek the cloak of anonymity.

The true nature of someone who would access, use and exploit your private information is a mixed bag. His or her character is between that of a person who would enjoy searching through your personal items and an employee who would embezzle money from a corporation.

The focus of crackers and hackers is to use their specialized knowledge to encroach upon the private lives of people and organizations. Electronic thieves seek to take advantage of people who are without information needed to fight back and block them. Cyber criminals are true low-life.

Digital bandits are sociopaths who ply their trade without regard to the harmful effects they have on others and truly lack remorse. What’s particularly unsettling about felonious computer whizzes is that they are usually very intelligent. They are without a conscience and enjoy stealing and hurting others.

Computer crooks can be ranked on a scale from “less skilled” to “expert”. Anyone can download basic cracking software from the Internet. The real pros, however, study their targets over time in stealth mode. The highly skilled cracker plans and analyzes the victim to get the maximum effect.

Preying upon unsuspecting users is among the most disturbing behaviors of the PC and mainframe pirates. Most computer users are unaware of how many threats and vulnerabilities that they face when they power-up their computer or go online. Lawless computer users thrive on the ignorance of others.

So how do you fight those who would breach your personal data with the purpose of stealing or hurting you in a variety of different ways? Presume that the bad guys are trying to break into your system. Use your knowledge and security best practices to block them.

You should:

1. Develop a security mindset
2. Assess your risks
3. Use complex passwords and phrases for your system(s)
4. Identify and eliminate common vulnerabilities
5. Routinely update software patches and fixes
6. Probe and test electronic systems
7. Use appropriate security-related hardware and software (e.g. anti-virus software, firewalls)
8. Lock your computer screen when you leave your work area
9. Encrypt and back up all of your data
10. Practice good cyber hygiene (e.g. avoid clicking on email links and attachments)
11. Avoid maintaining a persistent Internet connection

You can defend against those who would try to harm you using digital technology and the Internet. Obstruct the pathways that are followed by lawless information thieves.

Plans for Your Business Venture

Whatever the health and condition of your business venture, it will benefit from planning. Business planning of all types provides a road-map that guides the leadership team to successfully achieve business goals.

I’ve taught business plan writing for more than 10 years and I’ve also developed a one-day business plan writing workshop. As I see it, the process of business planning gives company leaders opportunities to see the big picture and remove “magical thinking” from the process. Business planning first reveals if the proposed goals are potentially viable and second, requires that we devise strategies that will make them a reality.

What your team wants to achieve will shape the plan that is written. For example, if the mission is to launch a start-up that will require significant outside investment, then the plan will include detailed financial projections. Additionally, marketing strategies that delve into customer acquisition, the competitive landscape, the logistics of the product or service launch, messaging and sales distribution, along with operational aspects such as manufacturing, staffing and quality control, must be thoroughly detailed.

Solopreneur consultants will focus heavily on marketing, in particular defining the target clients and client acquisition; providing services for which there is adequate demand; and appropriate pricing. Financial planning will focus on allocating the budget to support promotional strategies and marketing campaigns.

Whether the plan will be used to launch a big venture and attract outside investment money or open a boutique-style consulting service, include the following elements:

EXECUTIVE SUMMARY

Present the business mission statement here. Include as well the date the business was formed; the leadership team and other key management personnel; the credentials or experience that make you and the leadership team uniquely qualified to launch and successfully run the venture; the business legal structure (LLC, Sole Proprietor, or Corporation); the products and services; one or two key competitive advantages; a concise overview of sales projections; and the amount of capital needed if recruiting investors or obtaining bank financing is a goal.

BUSINESS DESCRIPTION

It’s traditional to present a brief description of your industry and its outlook, nationally and regionally. Give the details of your products and services and briefly discuss how they’ll be used by target customers. Identify whether the venture is B2B, B2C, or B2G. If the organization holds a patent, review the competitive advantages that it will convey. Have there been any technological advances that will help or hinder the enterprise? Divulge the details here.

MARKETING

This element is a big tent that encompasses sales, product or service distribution, competitors, advertising, social media, PR, networking, branding, customer acquisition and pricing. Plans written for a small organization will spotlight the role of marketing because for Solopreneurs, success hinges on identifying and reaching paying clients, as well as pricing the services advantageously.

FINANCE

Whether you’re wealthy enough to self-finance or the venture is small and not especially demanding of capital investment, the leadership team nevertheless needs to know with a reasonable degree of certainty how much money will be required to achieve important goals.

The plan might be written to support financing for the acquisition of new office space, additional staffing, or manufacturing equipment. Bank loans typically require a business plan to demonstrate how the investment money would be used and how the organization will generate funds for loan repayment.

If the goal is to attract investors, they’ll need to be convinced by the projected sales revenue figures (as will the bank), so they’ll know when their investment will be repaid and when to expect profits if they are made co-owners of the business. A break-even analysis, projected income statement, projected cash-flow statement and projected balance sheet are required by those who will need significant money.

OPERATIONS

How will day-to-day business processes function? Tell it here, along with providing the organizational chart, the business location, the method of producing that which you sell (if you are, for example, a freelance book editor or graphic designer, you produce the service yourself), your usual sub-contractors (if you are a special events organizer, who are your preferred caterer, florist and limo service?) and quality control methods. This element is about logistics.

The Alternative Investment Fund Regulations

What is an Alternative Investment Fund (AIF)

AIF is an Alternative Investment Fund Regulations privately pooled investment vehicle which collects funds from investors, whether Indian or foreign, for investing it in accordance with a defined investment policy for the benefit of its investors. AIF may be in the form of a trust or a company or a limited liability partnership or a body corporate.

Why AIF

AIF Regulations endeavor to extend the perimeter of regulation to unregulated funds with a view to ensuring systemic stability, increasing market efficiency, encouraging the formation of new capital and consumer protection.

Who are not covered

Currently, the AIF Regulations do not apply to mutual funds, collective investment schemes, family trusts, ESOP and other employee welfare trusts, holding companies, special purpose vehicles, funds managed by securitisation or reconstruction companies and any such pool of funds which is directly regulated by any other regulator in India.

Categories of AIFs

An AIF needs to seek registration broadly under one of the 3 categories –

Category I AIF: The following are covered under Category I

1. Funds investing in start-up or early stage ventures or social ventures or SMEs or infrastructure

2. Other sectors or areas which the government or regulators consider as socially or economically desirable including the Venture Capital Funds

3. AIFs with positive spillover effects on the economy, for which certain incentives or concessions might be considered by SEBI or Government of India or other regulators in India

Category II AIF: The following are covered under Category II

1. AIFs for which no specific incentives or concessions are given by the government or any other Regulator

2. Which shall not undertake leverage other than to meet day-to-day operational requirements as permitted in these Regulations

3. Which shall include Private Equity Funds, Debt Funds, Fund of Funds and such other funds that are not classified as category I or III

Category III AIF: The following get covered under Category III

1. The AIFs including hedge funds which trade with a view to making short term returns;

2. Which employ diverse or complex trading strategies

3. Which may employ leverage including through investment in listed or unlisted derivatives

Applicability of AIF Regulations to Real Estate Funds

After knowing what an AIF is and its broad categories, we analyse whether AIF Regulations are applicable to the Real Estate Funds

Firstly AIF has to seek registration under AIF Regulations under one of the three categories stated above. Therefore if a Fund does not fall under any of the three categories stated above, then it will not seek the registration with SEBI.

If we look at the Category 1, registration is required by funds which invest in start-up or early stage ventures or social ventures or SMEs or infrastructure

If we look at the definition of infrastructure, Explanation to Regulation 2 (m) states that Infrastructure shall be as defined by the Government of India from time to time.

And in the normal parlance, the term typically refers to the technical structures that support a society, such as roads, water supply, sewers, electrical grids,

telecommunications, and so forth, and can be defined as “the physical components of interrelated systems providing commodities and services essential to enable, sustain, or enhance societal living conditions.

Therefore infrastructure does not include the real estate or construction activity since this activity deals in investing in land, developing the land by way of construction of flats, townships and other residential and commercial projects.

But if the real estate fund carries on certain projects for a social purpose like purchasing land for charity etc.; then the fund may be covered under social venture funds.

The clause further states that ‘or other sectors or areas which the government or regulators consider as socially or economically desirable and such other Alternative Investment Funds as may be specified;’

The AIF Regulations have been notified just a few days back and till date, no other AIF funds have been specified in the Category 1 by the Government. Further what the government or regulators consider as socially and economically viable is a very broad concept. However, till the Government specifically comes out with specific inclusions under Category 1; a Real Estate Fund will not be covered under Category 1 and therefore would not require Registration.

Further, the clause also states that – Alternative Investment Funds which are generally perceived to have positive spillover effects on economy and for which the Board or Government of India or other regulators in India might consider providing incentives or concessions will bee included

By adding these lines to the Category 1, SEBI has made the category 1 very vague and open to dispute and litigations since what SEBI intends with positive spillover effects on the economy is not defined or clarified. Different people or organizations may have a different opinion on this which would lead to unnecessary litigations and hardships to business owners. However, till any clarity comes on this, the business owners need to take a cautious approach to the decision of seeking Registration under AIF Regulations.

Category II AIF

Now we examine whether a Real Estate Fund falls under the Category II AIF

If we look at the funds covered by Category II above, they

1. Shall not fall in Category I and III

2. Shall not undertake leverage or borrowing other than to meet day-to- day operational requirements and as permitted by these regulations;

3. Shall be funded such as private equity funds or debt funds for which no specific incentives or concessions are given by the government or any other Regulator

For Real Estate Fund under Category I, we notice that at present it does not fall under Category I and it also does not fall under Category III since these are basically hedge funds. Further, no specific incentives or concessions are given by the Government to the Real Estate Sector. Therefore if we look at the applicability of Real Estate Fund under Category II, these funds may fall under the Category II AIFs if they do not take leverage or borrowing except for short-term requirements.

Impact of AIF on the Real Estate Funds

Under these Regulations, the minimum investment amount has to be Rs 1 crore from each investor. Therefore attracting the funds from the investors would become tough for the real estate funds, who used to raise amounts as less as INR 1 million from the investors. Now they would need to find high-value investors though this is not the only challenge that lies ahead for those raising domestic corpuses. They now also have to invest 2.5% of the corpus or Rs 5 crore, whichever is lower, to ensure that the managing company’s risk is aligned with that of the investor. Moreover, a single investment in a company or a project cannot exceed 25% of the entire corpus.

Further a Real Estate Fund registered in the form of an LLP also would be covered under the AIF Regulations. In an LLP Structure, since the investors are also partners, the risk to the rights of the investors being misused is very minimum. Therefore applying the AIF Regulations to the LLP Structure would reduce the flexibility available to such a Structure.

Conclusion

If we look at the AIF Regulations from a short term perspective, in light of the difficult fund raising environment today, the higher ticket size for investors could potentially throw up some challenges and could in a manner constrict the growth of the asset class, but clearly, in the long run, these regulations appear to have an element of maturity to play a pivotal role in the development and shaping up of the future of alternate asset class in India. It is also clear that alternative investments are more sophisticated and risky as compared to investments in equity and debt and till market matures it is advisable that only HNIs and well informed investors make an investment in this asset class and once the market matures it is made open to all. In the long run, we may see more investments in the Alternative asset class (in terms of quantum and maturity) due to the increased investor confidence in these funds.

Creating Clients for Life – Thank You

As a parent of four daughters, my wife and I have focused our children on the art of sending thank you notes. We started them at a young age that included a cute piece of paper with crayons through their teens with a formal card and well thought out hand written message. It included birthdays, graduations, recent wedding, and the unusual when a nice gesture was done for them.

As we move into our business careers, many of us forget about that lost art and the powerful impact it still has vs. an electronic email. It is definitely a strategy that can set you apart. As real estate professionals there are many opportunities to drop a thank you card. I have even seen some studies that indicate a person who receives a thank you card will share it with 3 other people.

Make it part of your daily routine to send out at least 5 thank you cards per day and increase it as your business increases. Types of Thank You notes include:

  • Purchased a Home – This is the most obvious and the start of the process to create that long term referral. Don’t forget to offer your availability to help them if they have needs for recommendation for local services etc
  • Home Showing – Working with buyers requires time and patience. Why not send that thank you for the opportunity to show them a home and reinforcing your skills and enthusiasm to continue to find the client their dream home
  • Listing – Thanking that home owner for selecting you and remind them on why they did select you along with some of the marketing already in place.
  • Referrals – We all work for referral, so thanking that customer for a referral, whether or not that referral selected you will continue to bear future fruits
  • Listing Appointments – Meeting with homeowners that are looking to make that decision to sell their home requires the thank you be sent immediately. Timing becomes critical. Pick that one moment from the meeting that you felt you connected with the home owners and include that in your note
  • Cold Calling/Prospecting – When meeting someone for the first time, and follow-up with a thank you for their time and offer them a personal contact method.
  • Rejection – There will be times that you do not get the home listing or do not find the buyer that home. A thank you and keeping in touch for future developments may lead to future business.

Make sure each thank you note is hand written, has a stamp (not metered), is signed, and includes your business card

Importance Of PR (Public Relations) For Small And Medium Level Companies

It’s not only large companies that can make use of public relations (PR) firms; small and medium businesses can also benefit from these professional firms.

If you have a small or a medium sized company and you are wondering how a PR firm can be of importance to you, here are some of the benefits that come with Public relations:

Create a positive Image

A PR firm not only promotes your business, but also puts your business in the limelight. This plays a major role in creating a positive image about your company.

One of the ways in which a PR creates a positive image is by getting you, your products, or your business featured in newspaper or magazine stories. By doing this, many people read your story and form a positive image about your business.

Increase profits

Other than helping you to create a positive image about your business, a good PR firm will also help you to increase your profits. A good PR firm will do this by identifying your target market and help you to advertise your business in an area where you will make more sales.

For example, the firm will help you get an opportunity to talk about a product on television or radio and this will increase your exposure. When many people know about your business the more they will buy from you and as a result the more you increase your profits.

Reduce costs

Although, it can be expensive to hire a PR firm, it tends to be cheap over the long run.

For example, you may be required to part with thousands of dollars to hire a good PR firm, but the firm will help you or your representatives to be booked for interviews on television shows and newscasts which will give you a lot of exposure which would have cost you millions of dollars.

Offer intelligent advertising

Newspapers, magazines and online platforms may not be interested in promoting your business, but they may be interested in giving information to their readers.

If the information is related to your company, the PR will help you in drafting an intelligent press release that won’t sound like an advertisement. The release will not only give information to the readers, but it will also give your business the much needed exposure.

These are some of the benefits of hiring a public relations firm if you have a small or medium sized business. To ensure that you hire the right firm, you need to do a lot of research.

What You Need To Know About App Notifications

Notifications rank amid the most widespread features in mobile apps. Whatever they may concern – a message or a comment in a social network, an update of an app, an announcement or a reminder – notifications are made to bring useful information to users in a convenient way. However, these seemingly simple parts of your software require as much thinking as anything else, especially in terms of the message you want to send. After all, if you pay less attention to tinier things, it’s much easier to make them bad.

What’s In A Notification?

Apple divides notifications into local and push (remote) ones. The difference has been very clearly set by Apple:

– Local notifications are scheduled by an application and delivered on the same device.
– Push notifications, also known as remote notifications, are sent by your server to the Apple Push Notification service, which pushes the notification to devices.

Aside from alerts and banners, notifications include sounds and badges, as exemplified by iOS. This is what’s visible to users. Badge numbers usually indicate a number of specific things (upcoming events, unread messages, or updates /files to download). An app can also specify a short distinct sound to alert the user.

Functional Notifications: Right Time, Right Place

Local notifications are delivered to users when the app runs in the foreground. They are often used for asking users to rate the app and write a review, offering rewards, offering to download and install a new update, as well as offering to show new features afterwards. All this works for encouragement of users, for the sake of rich experience.

Push notifications involve interactions with the server, and they are usually delivered to users when the app runs in the background. While local notifications engage users, push notifications draw users back to the app.

In a nutshell, quality of the message defines its success. Both push and local ones are widely used in mobile marketing. And it’s quite easy to keep in mind the following things that will help your notifications be healthy.

Notifications In Marketing: How Not To Overdo

Notifications are made to draw users’ attention. But for the same reason they get overused, since any app owner can find so much to inform users of. But notifications in marketing must mean effective dialogue and clear answers to their questions, not mobile spamming. Let your users decide whether they want to receive anything, how they will receive it, and which topics would be relevant for them.

– Abusive apps are generally hated – irrelevant and interruption notifications are treated by many as eye-offenders, and are hated as much as irrelevant ad banners with striking colors. While users love the value that’s given by apps, they hate everything valueless.

– Content and frequency of notifications matter. The less personalized these notifications are, the more annoying they will seem to users. Different users find value in different information and different message. Then they can decide whether to open the app or dismiss the notification.

– Timely notifications mean success. The schedule of notifications must be properly written, with adjustments to time zones. They can be recurring – daily, weekly, monthly, etc.

– It is always recommended to take notice that push notifications, requiring Internet access, drain the smartphone battery – another good reason for not to overdo it.

The rule here is turn to the right people with the right offer and be moderate at that. Unfortunately, each of us must have encountered at least one app where this rule is broken to a certain extent. Instead of location-aware and relevant offers, news, and reminders, users can simply get a perfect anti-engagement tool, which will be abandoned.

Why to Choose a Lead Generation Service?

Lead generation is a critical component of online sales and a proven strategy for an organization’s profitability.

Firms generate around 60% of more sales with the process of online lead generation than traditional methods of marketing.

A reputed service provider offers a wide range of online marketing services, including search engine optimization, paid search, email marketing, social media, telemarketing and traditional mailing. There are three main parameters to consider while planning an online sales strategy for an organization.

Tracking

Tracking the performance of a lead is essential to map its progress towards making a sale. After the initial contact with a potential lead, service providers track its performance in order to instigate to turn it into a buyer and help in achieving the sales target of an organization.

Outsourcing firms empower entrepreneurs to track a lead’s behavior, for instance, how likely they are to buy from an enterprise or what kind of response do they give to sales professionals during follow-ups. Service providers increase the chances of making a sale by mailing or calling the leads just when they need it.

Reporting

Enterprises that want to outsource an online marketing service rather than doing it in-house, can take the help of service providers. These vendors do a proper analysis and provide reports of the progress of a marketing or sales campaign to an organization. This helps in exploring the strengths and improvement areas of engaging prospective customers online.

Help & Support

Organizations strive to make productive sales. By implementing effective marketing techniques entrepreneurs can do so efficiently. With a quality sales mechanism, service providers bring new customers on-board, while entrepreneurs focus on serving existing customers better.

Some of the popular ways of generating leads today are via:

  1. Banner Ads
  2. Pay-per-Click (PPC) campaigns
  3. Viral videos

Out of all, although PPC ads might generate immediate results, though, organizations need to spend continuous money on this to fetch desired results. Apart from the ongoing expenses, the quality of leads generated from PPC tends to be lower than those generated from other organic channels.

There are plenty of people who want to buy what enterprises are selling. The problem is finding those customers and letting them know about the service offerings of an enterprise.

A good marketing service helps an entrepreneur to connect with its potential customers in order to make maximum sales. Most marketers target people who are already thinking of buying a product or a service. This is done by using online research and marketing techniques.

Being one of the most popular ways of online marketing, lead generation enables businesses to:

  • Regulate pricing on a per lead basis
  • Select the product or service entrepreneurs wish to offer to its prospects
  • Choose the geographical area which interests an organization
  • Control the number of leads an organization wants to receive per month (it helps in budgeting)

Freight Forwarders – Great Help for All Transportation Requirements

A freight forwarder is an agent hired by importers, exporters and companies to efficiently and safely transport goods from one international location to another. Used for multi-national or international import and export, freight forwarders do not in most cases perform the transportation task by themselves. They actually serve the purpose of establishing an effective communication between the client and the transportation services, thereby playing the role of an intermediary between the two.

A freight forwarder takes full responsibility of organizing and handling the large number of carriers, legalities and requirements involved in transporting goods internationally, thereby relieving customers completely of the hassles and botheration involved in the process.

These agents make sure that they use the most efficient, reliable and safe transportation means for delivering your goods to the desired location, with regard to the type of goods and your individual transport requirements. As per the situation and requirements, they make use of all kinds of freight operating systems, including air freighters, ocean liners, trucking companies and rail freighters. Whatever the means of transport, they guarantee the delivery of your goods on time and in the best condition. They always aim at offering the most affordable rates by negotiating with the freight operators to take the most economical and reliable route while transporting the goods.

The function of a freight forwarder may vary to some extent depending on the client requirements and type of goods. However, some of the common activities performed by them include:

  • They play a significant role in determining and organizing the most suitable transportation route based on the type, fragility or hazardous nature of the goods to be delivered.
  • Negotiating with the freight operators on the costs of handling and transporting the goods.
  • Taking care of the safety of the goods by ensuring the most efficient and reliable packing, warehousing and delivery.
  • Verifying and arranging necessary documents required for clearing customs, meeting insurance needs and obeying the rules and regulations of overseas countries.
  • In case of any damage to your goods, they take full responsibility of arranging for the insurance claims.
  • Using various advanced methods, including internet technologies, e-commerce and satellite systems to facilitate customers with real-time tracking of their goods.
  • Serving the purpose of making as well as collecting payments on behalf of the customers.
  • Verifying the urgency of the delivery in order to determine the means of transport. For example, they opt and arrange for air transport for goods that are of high-value and need to be delivered on an urgent basis.

A reliable and reputed freight forwarding service has the expertise and skill to provide efficient transportation services while saving their clients a great deal of time and headache required to handle such procedure. They efficiently take care of all the necessary requirements involved in transporting your goods internationally. These include maintaining effective communication with all parties involved, handling and storing the goods in the most appropriate manner and delivering them to the desired location in the best condition. For any company having the requirement to transport goods internationally, a freight forwarder can be of ultimate help.

How To Keep Your Manufacturing Business Safe And Productive

There are many types of manufacturing facilities that must be operated according to standards to ensure they are safe. Depending on the types of products manufactured, there are always risks associated with the operation. Every manufacturing facility needs a well-planned risk management strategy to address the different situations that occur as a result of the manufacturing process. Although this will help reduce risk a great deal, there is never a guarantee that accidents cannot occur. Manufacturing insurance is designed to give manufacturing companies the protection they need when the precautions they take aren’t enough.

The reason that many manufacturing facilities fail to reach their maximum productivity level is their lack of understanding that productivity and safety are dependent on each other. Putting a risk management strategy in place and having appropriate manufacturing insurance will result in their keeping safety incidents to a minimum and having financial coverage when incidents do occur.

Creating an Effective Risk Management Strategy

Just as different manufacturing businesses operate differently, they also have a different approach to risk management. Those who have successfully implemented risk management into their operation to make it more productive and safe are likely to start by assessing the likelihood of diverse events for assets and operating procedures and then continue with assessing the impact of these adverse events. Next, they will rank the risk for adverse events in these areas and then create a closed loop process to mitigate the risk in each area. This basic structure incorporates identification, quantification and mitigation.

Backing up Your Strategy with Manufacturing Insurance

Nearly every manufacturer needs insurance regardless of the products they make. There are laws imposed on the need for manufacturers to carry insurance that may vary on a state-by-state level. Even in those situations where the rules and regulations are limited, manufacturers should consider their risk potential when determine the degree of manufacturing insurance they need to protect them. Insurance can cover the cost of equipment repairs and replacement, damage to the facilities, or for medical liability in case employees are injured on the job.

General liability is a type of insurance that protects the manufacturer when an injury takes place on their property and they are found to be at fault. Lawsuits can be devastating to your business if you do not have the protection you need to cover any losses that may be awarded. General liability should be the basic part of your coverage that is included in addition to that which applies to your specific risks.

Value of Insurance Your Business

When accidents occur, it can have an impact on your manufacturing business at any level. Loss of equipment or employees can lead to downtime that has a significant impact on your bottom line. Lawsuits or excessive damage to the facility could cause you to lose your business altogether. Understanding your risk and having the manufacturing insurance to cover your losses can often be the difference between a business that fails and one that is both safe and productive.