Issue #5 of #The9.

Staying on the topic of business Start-up, in this issue we get some great expert advice from Briege Price from Price Insurance about what to think about when just setting out on your Start-up Journey. Joseph A McCaffrey from Ultra Cleaning Solutions NI discusses Start-ups and family business. While Andrew Davidson discusses the top 3 things to think about from a Risk Management perspective.

Enjoy & Subscribe.

It can be so exciting when you start a new business, but it also brings with it challenges and uncertainties.

This is why looking at your insurance options early on is essential as it can help alleviate those risks.

My top 3 tips for Start-up businesses

1. Health Insurance

Providing H.I. is crucial for many reasons.

It helps attract and retain talent, as it is a valuable benefit that can set your business apart from competitors. Healthy Employees are generally more productive and take fewer sick days.

Tip – Don’t try to be the expert, get yourself a broker who will shop around for affordable plans tailored to your budget and needs. By doing this you are already delegating to the experts, and this will not and should not be costing you extra!

2. Key Person Insurance

This is so important to any business as it protects the business should a crucial individual (usually the owner) becomes incapacitated or passes away.

This insurance helps cover the financial losses resulting from their absence, such as lost of revenue, the cost of recruitment/training and any business debts.

TIP – Identify the key people in the business – assess their value to the company and calculate the coverage needed based on their contribution. But most importantly, be sure to review and update this insurance as your business grows and evolves, many people set this up and then stick it in a drawer.

If you are paying a premium, you want it to be worthwhile for the business.

Your Broker should be reviewing these for you annually.

3. Income Protection

As a new start up you want to be sure that you have all basis covered.

Executive Income Protection will pay the business up to 80% of the salary (including pensions & NIC if you like) each month for the individual insured if they are off sick or have an accident cannot work.

Simply put, income protection can give you a safety net, or breathing space when you have unexpected loss of income due to illness or injury.

Good luck in your venture

Briege

3 top tips for effective risk management and the promotion of business efficiency.

1. Risk management - It is very obvious how damaging an incident is to a company, both legally and financially and also in terms of reputation. Though somehow our news feeds are still often filled with videos and articles on the aftermaths of ‘where it went wrong’. Effective risk management is critical in the successful running of any business. Getting it right at the very start lays down a strong foundation in your organisation and also helps build client confidence in your ability to deliver your product/project safely.
2. Processes. These should be established early on in a business. They will help drive efficiency, ensure consistency and improve overall quality of a product or service. How do you best do what you do? Start from the start and work through to the finished product. What steps are required? Ask yourself, is this the fastest way? The most efficient? How do I ensure quality/conformity?? Processes should ideally be ‘idiot proof’, ie anybody should be able to take your process and at the very least understand the basics of what is required.
3. Continual improvement. Be prepared to accept failure and mistakes when it comes to the both of the above. Process isn’t working? Isn’t efficient or effective? Review, pivot and adjust. Try again. This could take time and it is important to be prepared to make changes or even scrap a process and start again. Take into consideration feedback from clients, staff, external consultants etc. The same applies after an incident. Be prepared to investigate, learn and put measures in place to prevent re-occurrence.

Get the correct people in your corner right from the start.

The best of luck

Andrew

3 tips for a family run start-up business.

Starting a family-run business is an exciting venture, blending the dynamics of both work and personal relationships.

To navigate this unique journey successfully, consider these three essential tips.

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1. Clear Roles:

Establishing clear roles within the family business is pivotal.

Clearly define each member's responsibilities, ensuring that everyone understands their contribution to the company's success.

This clarity minimises conflicts arising from ambiguity and enhances overall efficiency.

Regularly review and adjust roles as the business evolves.

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2. Communication:

Effective communication is the cornerstone of a thriving family business.

Create an open and transparent environment where everyone feels comfortable expressing their thoughts.

Regular family meetings and business updates encourage understanding, enabling the team to address challenges collaboratively.

Clear communication channels prevent potential conflicts and strengthen the familial and professional bonds.

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3. Professional Boundaries:

Maintaining a balance between family and business relationships requires establishing and respecting professional boundaries.

Clearly allocate work and personal discussions, especially during business hours. This separation helps prevent family matters from interfering with daily operations and ensures a healthier work-life balance for all involved.

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Remember, successful family businesses thrive on a combination of structured roles, open communication, and well-defined boundaries, creating a harmonious environment for both personal and professional growth.

It's not easy, but it's worth it.

Joseph

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