Your HOA as a Business: Handling Insurance Coverage

Every homeowner’s association or HOA is ran like a business. Certain properties, such as condominiums, are attached to each other with shared walls. Individual owners live in each property, which makes insurance coverage a complex concept in many cases. Learn how to handle the master policy insurance connected to an HOA. These residential properties will feel more like business investments as you cover them with adequate insurance.

Deciding on Deductibles

In general, high deductibles equate to lower premiums. Your HOA may want a low premium so that the dues aren’t so expensive. However, be mindful of extremely expensive deductibles. Requiring $5,000 for every incident claimed on a property is steep, for instance. A policy with a $1,000 deductible per incident is reasonable.

Always use a reliable insurance company for your master policy too. Specialized providers, such as Captive Insurance Group, can carve out policies that are fair and balanced.

Defining Walls Out

Every HOA owner must understand that most master policies involving condos are “walls out” coverage. In other words, the property’s exterior elements are covered by the HOA. Any items that fail within the home, such as plumbing or forced-air systems, are the responsibility of the homeowner.

Running the HOA as a business means that the president should encourage “walls in” coverage paid for by each individual owner. With two policies covering the property, any repairs can be quickly addressed.

Getting it in Writing

Any changes or additions to an insurance policy must be documented in writing. Vague terms on the master policy can leave an HOA vulnerable to lawsuits and excessive claims. The insurance will be in legal terms so some associations may want to summarize the content for the residents. Confusion can be solved with just a quick explanation of the basic terms.

Be sure to send out a copy of the master policy every year that it’s renewed. The property owners will have easy access to claims as a result. By running the HOA and insurance process like a business, the property will always be kept up to strict standards.

Boris Dobrin Shares his Insight on How to Write a Business Plan for Potential Investors.

Writing a business plan can be a daunting process. Summing up your entire business proposal in just a few pages is never easy, but potential investors need to see that you have done your research and created a viable plan for your business idea. Here’s at Boris Dobrin how to write a business plan for potential investors.

Executive Summary

The executive summary is a brief overview of the entire business plan. You should always place it at the beginning of your document.

The executive summary is the most critical part of your business plan. If it doesn’t make the reader want to know more about your business idea, the rest of your plan will remain unread.

As the executive summary is intended to summarize the whole plan, it should be the last thing you write.

Business Description

Investors will want to see a description of your business. Keep it short and concise but provide enough information to help them understand your vision for the company.

Investors will also want to see an analysis of the industry, including a brief description of the history, current possibilities and future outlook for the industry in which you’ll be working.

Market Analysis

The market analysis is where you’ll define and demonstrate your understanding of your target market. Extensive market research is crucial for gathering the data and statistics you will need.

Your market analysis should include necessary information about your intended customers, such as their age, gender, and geographical location, as well as more detailed information, such as their interests, beliefs and the types of publications they read.

The aim is to show that you understand your target customers and you know how to reach them with your marketing material.

Competitive Analysis

The competitive analysis should provide information about your competitors, including the types of products and services they offer, the prices they charge and any other relevant facts.

You should also use the competitive analysis to show how your business compares to similar companies, how you intend to compete and which strategies you will use to secure your share of the market.

Development Plan

The development plan is used to provide detailed information about setting up and growing your business. You can use this section to provide a step-by-step plan and a list of milestones for turning your idea into a successful business.

The development plan is also where you will set out your budget and explain the costs involved and purchases you’ll need to make before and after the launch of your business.

Operations Plan

The operations plan should explain how your business will run on a day-to-day basis. That will include a list of management, employee, and other roles that you need to have filled.

The operations plan should also set out the responsibilities and legal obligations involved in running your business.

Financial Forecasts

Financial forecasts should include a detailed analysis of sales, cash flow, gross and net profits expected for the first year. Depending on the amount of money you are asking from investors, you will also need to provide financial forecasts for the next five, 10 or even 20 years.

Presentation

The presentation is important when creating a professional business plan. Make sure there is plenty of white space between paragraphs and use a new page for each section.

Use charts, graphs, and other visual aids to break up the text. Using bullet points and lists will also help to make the information more accessible, and easier to digest.

Avoid jargon, buzzwords and complicated terms that will distract the reader. Use simple words and short sentences. Break large blocks of text into short paragraphs.

Finally, proofread your business plan to check for spelling mistakes, grammar errors, and unclear writing.

Why Your Business Should Switch to VoIP Phone System

Voice over Internet Protocol (VoIP) is a recent tech trend that allows users to make calls over the internet. In short, it is an updated version of the analog or conventional telephony system. It usually converts sound into digital voice communication before transmitting it over the internet. In a nutshell, users of VoIP telephone system use the internet to make phone calls. Below are a few reasons businesses should switch to VoIP systems.

Portability

VoIP telephone system provides a high level of convenience that is available all over the world. In fact, users can use any broadband connection to log in to their VoIP telephone systems and make a call. Fortunately, VoIP system has no any problems related to connectivity and costs as long as you have access to the internet. You can even access VoIP systems via the email while you are on the move. All you need is to use an IP phone or headset to call your clients or staff across the world at a low cost.

Costs

The cost of making calls using VoIP systems is prettier lower than analog telephone systems. It is also convenient and cheaper to make long distance phone calls using VoIP providers. Look no further than VoIP telephone system if you manage remote workers from different parts of the world.

Multi-Function

Besides making phone calls, VoIP telephone systems allow users to video conference with colleagues or friends across the world at a lower cost. That allows managers to stay in contact with their clients and co-workers to discuss essential affairs, meetings, deals, and agendas regardless of geographical barriers. You can use VoIP telephone systems to attend meetings abroad through video conferencing. It also gives users the capacity to participate in other meetings through video conferencing in the comfort of their homes. That helps reduce time wastage and travel costs.

Flexibility

The VoIP telephone system allows users to use their VoIP telephone adapter or VoIP converter in tandem with their conventional or analog phone systems. A VoIP adapter resembles a USB memory stick, and users can plug it onto any device. It helps sense signals emanating from analog or conventional pri lines. Users can convert these signals into digital data that one can rout over the internet. However, users must turn on their computers for this service to work. Moreover, a VoIP system allows users to obtain their VoIP number and maintain constant communication regardless of where they are traveling. You can receive phone calls from any location across the world as long as you have access to the internet.

Integration with Other Systems

VoIP phone calls are internet-based, and users can integrate their hosted VoIP systems with other business applications and processes. In fact, one can use email to make outbound calls or bring up a customer record through inbound calls. Furthermore, workers who travel abroad frequently can access voicemail accounts using VoIP system. In fact, users can use hosted VoIP phone systems to get voicemail transcription. With VoIP phone system, you don’t have to worry about taking notes while on the move.

Ways to Modernize Your Incident Management

Your IT service management should cover internal users’ requests as well as needs of external customers. Of all these areas, incident management is the most critical aspect that the IT support team prioritizes. Automating responses to incidents should be a priority of any incident response team. In fact, automation helps provide superior service. Below are the steps your IT support team can take to modernize its response to incident management.

Establish Team Priorities

The occurrence of an incident could make internal users and key stakeholders to panic. Nonetheless, the IT team can automate its incident management to stand out amid the crisis. One of the ways to achieve this is to establish measures to take when an incident occurs. Your response should go above and beyond identifying and investigating the cause of the problem. It should involve the definition of accountability and allow team members to learn from an incident. Besides the cost of service downtime, an event can tarnish the reputation of a company. However, business owners can mitigate the risk of reputation damage by nailing their communication strategy. You should make it clear to all stakeholders on how to respond to an incident. You can visit https://www.pagerduty.com/use-cases/it-operations/ to learn more about modernizing incident management.

Define Processes and Paths

Your response team needs a proactive and standardized way to measure the time it takes to resolve a problem. However, companies need standard communication paths and processes to achieve this. Moreover, companies should allow their incident response teams the flexibility to respond to any crisis that may occur. You should know what takes place at each step, and the team responsible for updating stakeholders. Alternatively, one can set out guidelines for messaging maintain seamless communication. That way, the team can resolve the event faster.

Use Your Knowledge Base to Automate and Integrate

No one can overlook the importance of being knowledgeable in today’s business world. Your incident response team will have more answers to a solution when more articles are available to them. A self-service option will drive costs down and increase the rates of customer satisfaction. In fact, integrating your knowledge base with your service desk will take customer experience to an elevated level. Automation of incident management will help keep your customers happy and satisfied. It also promotes the art of sharing knowledge and enables the team to work smarter and faster as well as make it easier for team members to collaborate.

Use Automated Chats

Research has shown incident response teams spend much of their time on the diagnosis and investigation stages. In fact, more time is spent on these two stages than anything else. As such, these are the areas that a team should prioritize when it comes to reducing time wastage. However, incorporation of automated processes can help reduce time wastage. Integration of chats with your service desk solution can help the incident management team to identify potential bottlenecks and ultimately fix them. In fact, integration allows team members to address an issue with full visibility and without the need of sending emails.

Maximizing Workload Through Effective Dispatching

In today’s society there are various businesses that are in need of effective staff scheduling measures. In order for a company big or small to run at its optimal capacity and maximize its services, it will need to promptly assign the right staff for the specific job without delay. Most businesses usually resort to having to staff specific jobs to their employees by utilizing simple spreadsheets, email notification, invoice, or calling the specific staff directly to explain the pending job. For a company to gain profit it is important for them to utilize their time in a way that doesn’t strip the company of future revenue. Revenue is affected because the company may acquire too many jobs and not enough organization in scheduling to meet the high demand of services requested. From 2011 to 2016 the field service software has risen yearly to 12.6%. The optimization of talented staff for the right job has been the focus for many businesses because they want to free up scheduling mishaps in order to maximize their specialist for jobs that actually require a higher level of training.

When considering streamlining your business to a digital platform by allowing software to schedule your services, it will increase customer satisfaction because the right person for the right job will be tasked with that assignment. In addition, by incorporating an effective dispatch software into your business model your company will be able to: better focus on the needs of the customer, be able to retrieve important metrics on a specific product, receive data on customer satisfaction, and create an automated system that allows for more efficient and organized employee scheduling, maximize company revenue by focusing on reducing time lost by delaying scheduling the right employee for the right job. Further, jobs will be easily accessible to your employees in the field through mobile software on their company devices; which will help them take on new assignments as each task is completed.

In a business having the right tools to schedule jobs and staff is critical to a company’s success. Having a system that will allow you to better organize and maximize employee’s time will save the company from having to hire more employees to help dispatch jobs manually. Scheduling software will allow you to better organize your services and customer need by allowing automated services or self-serve options that will give your customer the flexibility to request and book their own service. In addition, some software will allow you to create re-occurring appointments with customers by using a simple drag and drop method. Further, incorporating a scheduling software into your business dynamics you can not only manage your employee’s jobs, but you can also manage 3rd party contractor jobs as well.

Dispatch management has several key benefits that all companies should adopt. Dispatch management systems allows your company to have better invoicing, allows your services to be assigned to your field agents via mobile technology, scheduling is automated, and most importantly there is GPS tracking and mapping which will allow companies to better record metrics by ensuring their service technicians arrive to the job on time. Overall, dispatch management systems will increase the productivity of your employees and maximize your business operations.

Improving Your Small Business with A Bot

According to Fundera, there are about over 28 million businesses that are considered small businesses in America. Also, about more than 90 percent of these small businesses account for all businesses in the United States. Small businesses are excellent in America because they are able to help the economy grow and develop by giving money the opportunity to work. There are about 60 percent of jobs created by small businesses in the United States. The problem is that many small businesses don’t last very long. Studies have shown that only half of small businesses will end up staying open for business for only the first 5 years of being open. It is always the beginning years that are always the hardest for businesses. The main reasons that companies close down is because there isn’t enough business generated so there is a significant cut in their cash flow. In order to keep your small business from staying open, you have to be creative and keep your business up to date with the latest technology for more efficiency.

Many small business owners don’t realize the importance of providing excellent service to their consumers. In addition to delivering excellent service, it is important for small businesses to deliver excellent products in order to remain in business. You have to be able to give your business a good reputation and a name for its services and products. According to Fit Small Business, about 52 percent of small businesses were ran from the comfort of many owners’ homes in the year of 2014. If you are running your small business from your own home, it is even more important that you utilize different resources in order to keep your business running. If you are the only one running your business, it is even more critical that you have assistance. There are many different options for one that is running their own business from their own home. Technology has allowed many small business owners to run their business more efficiently.

Many times, small businesses have trouble keeping up with the work. Many small business owners tend to take on all of the work on their own, making them feel overwhelmed, causing them not to be able to keep up with the amount of work and productivity that is required of their company. Technology has allowed small businesses to be able to run more efficiently with automating their customer service. You can now be able to create your own bot to be able to help you manage customer service increase and or general services. You can take the time to conduct more research on this if this is something that you are interested in. You can try to search for: how to create your own bot. From here you should be able to find many different articles that discuss how you can create yours.

Overall, it is critical that small business owners do everything they can to keep their business from closing. You always have to look at the next new thing that comes out on the market. You are constantly competing with other businesses, so you always want to make sure that your technology is up to date.