Business owner protection – Adapt or die

The only certainty about the future is that things will change!  For business owner protection, businesses need to be sufficiently adaptable to cope with a changing environment.  A business whose owner is too rigid in his or her thinking faces potential danger if its market changes or disappears.

Consider a few industries where an inability to adapt to evolving technology and changing demand was / is / will be fatal to participant businesses.

  • Film based photography has all but disappeared giving way to digital and other non-film formats
  • Video hire stores who not so long ago wrestled with Beta & VHS formats will continue to lose business totally to telcos who offer electronic download services on demand
  • Computer PCs and related products have become faster, smaller and cheaper, with a use-by date of 12 months and shrinking.  It was 2-3 years a decade ago
  • Dial up internet connections are now a thing of the past
  • Telecommunication technology and handset capability continues to evolve at an astonishing pace.  Home landlines will soon be museum pieces
  • Music companies still have trouble (and still resist) adapting their business model to the age of the internet and the advent of digital downloaded music
  • Newspaper, magazine and other hard copy publishers will continue to suffer if they don’t adapt to a successful internet marketing model
  • Fashion garments and accessories undergo obsolescence and reinvention every season of every year

These examples show why, in the long term, innovation and creativity are essential for successful business. Encouraging a creative business environment means taking some risks.  However the conservative thinking owner who reinforces an inflexible environment which stifles innovation is taking an even greater risk.

Modern business must have an innate ability to adapt to change.  Business owner protection means building in the values of innovation, flexibility and change into the business plan.  It is critical though that these values originate from the mind of the owner as part of that person’s truth.

For more information about insurance based business owner protection visit:

Until next time!


Starting up your own business – tips for business owner protection

Try to find a street corner in Vancouver CA without a Starbucks coffee shop

When you are starting up your own business, you commence a juggling act.  On the one hand you are trying to offer a quality product and great service but, on the other hand, you are trying to do it all on the cheap.

If your customers visit your premises they are sure to notice.  Even if they don’t visit, your poor resources will eventually show through in the quality of your product and service, particularly when demand increases and you are put under pressure.

‘Doing it on the cheap’ means cutting some corners.  This creates some common pitfalls which suddenly make business difficult when it doesn’t have to be.  From a business owner protection point of view, it very much increases your downside risk.

Common characteristics of doing it on the cheap include:

No plan

Having no plan means having no specific goals, no direction, no real action plan and no financial budget.  People often take a blind leap of faith into the deep end and struggle as a result.

No dedicated resources

Many business newcomers begin by working from home and often start in a back bedroom or shared bedroom.  Apart from a desk and a chair there is little space dedicated to the new business.  So apart from the venture being cash poor, technical resources are poor and computer hardware and software resources are inadequate.

Divided time

Time is divided between business and children or business and employment.  This usually results in a whole host of competing priorities, many distractions and scattered concentration.

Unrealistic expectations

It is common for newcomers to underestimate the amount of time and resources needed to achieve the desired customer outcomes.  It is also common to underestimate the amount of money required and the amount of non-productive work there is to do.  It results in the common trap of over promising and under delivering.

No help

Business can be a very lonely undertaking and loneliness is a big factor in destroying new ventures.  Having no help also means that you are stuck doing everything yourself, which eventually erodes enthusiasm.  Many give it up and go back to an employer for the regular and more secure income and the daily interaction with colleagues

No systems

Having no systems in place means that everything you do requires original thinking and much more effort than is necessary; or alternatively, it doesn’t get done.  It also means that there are no routines, which are a must if you are going to effectively manage your time.

Working on everything at once

This is the result of having no plan, unrealistic expectations, poor technical resources, no systems, no priorities and no order in your business.  It is a panic mode creates by self imposed and unnecessary pressure, which pumps up the stress levels.

So when you are starting up your own business, put yourself in your customers’ shoes!  If you walked into a business that had stumbled into the pitfalls above, would you take them seriously?  No is the likely answer, particularly if there is a warranty or ongoing professional service involved.

So if you start ‘on the cheap’, then plan to avoid or address the pitfalls for your own business owner protection.

For expert advice on business owner protection check out my personal risk insurance page at:

Until next time!