The election of a new president can usher in new policies that may change the economic and business environment. As the Democratic and GOP Primaries gather pace, many small business owners will be looking at how candidates’ policies will affect their enterprises and livelihoods. Here’s what to look out for as the Presidential nominations ramp up.

Labor Laws
Labor laws can take various forms. One increasingly prevalent trend across many states is an increase in the minimum wage. Affecting both small and large companies, an increase in the minimum wage can drastically increase overheads. Politically speaking, it has its proponents. But for small businesses, it is rarely welcomed. Other examples include potential introduction of maternity and paternity leave and changes in insurance, which are a burden for employers.

Tax
Incoming presidents can push for tax reforms. Small business owners will hope for a reduction in corporate taxes or hoping against any rise in tax rates. Any change in rates could significantly affect a company’s bottom line.

Monetary Policy
The economic levers are controlled by the Federal Reserve, not the President. But that’s not to say the President isn’t without influence – after all the President appoints the Federal Reserve Board members. Quantitative Easing, for example, lowers interest rates which makes borrowing cheaper for everybody, including small businesses. A period of low interest rates is often a good time to invest. Interest rates are also associated with a rise in wealth, which is usually good for any business.

Industry Specific Legislation
Many incoming Presidents are backed by industry lobby groups and advocates. This may mean that certain industries may experience a loosening of regulation, or a tightening. For example, a President sympathetic to the NRA could be seen as a boon for firearms manufacturers and retailers.

Small Business Assistance
Small business assistance is designed to boost small companies through tax breaks, grants, and cheap loans. These can make a big difference to small business owners. Support for such initiatives is often political and Presidents may decide to push for increases or decreases in business assistance.

Foreign Policy
If a small business sells to a particular foreign market, foreign policy can affect access to it, or in some cases block it outright. A company selling to Russia in 2014, would soon see its access to the Russian market blocked by sanctions, initiated by the US government. A President who is particularly hawkish on foreign policy may concern industries that rely on certain foreign markets.
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Red Tape
The more rules an industry has to adhere to, the more barriers there are to producing and selling products and services. This can take the form of licencing, certification and heath and safety rules.
 
 
 

Being an entrepreneur is tough.  Deciding whether to be one or not can be even tougher and not to mention a scary proposition.
Leaving behind the world of biweekly checks and regular healthcare can be a land of peaks and valleys, failures and triumphs. 

We have compiled a list of books that will help you decide if entrepreneurship is for you. Here are our top 5 business books that every entrepreneur should read.

Your Money or Your Life by Vicki Robin and Joe Dominguez
Before you can worry about starting a small business and taking over the world, it is best to have control over your own personal finances.  This can allow you to save up some seed money to start your new enterprise.  Even the frugality skills you learn can help you survive during the lean times that all businesses go through at some point.

Your Money or Your Life helps ordinary people take control of their finances by teaching how to analyze spending and comparing it to what it is important in one’s life.  In doing this, you are able to determine what spending adds value and what doesn’t, so that the extra can be eliminated.  This is unlike any budgeting book you have ever read and will not bore you on its quest to reframe the spending of money in its unique way.

The 4 Hour Work Week by Tim Ferris
Efficiency and time management is something that is useful to everyone but especially to the busy Entrepreneur.  This book shows how much the small tasks add up and distracts us from the larger things in life or business, providing ideas to correct the distractions. 

With the advent of the sharing economy, it is now economical to hire a virtual assistant to handle small tasks for a few hours, without having to commit to a full time employee.  This can allow new entrepreneurs with limited capital to outsource some mundane tasks to focus on running their business.

The Richest Man in Babylon by George S. Clason
Set in a time long long ago, the Richest Man in Babylon could not be more applicable to modern life and everyday money management.  Told through parables, short stories that usually have advice underpinning them, this is a classic of the personal finance space.  The book is a great way to give subtle advice to new college grads or adults with poor money management skills without seeming to controlling or overbearing.

This book covers the basics such as saving early, investing, living below your means, and other timeless wisdom in a unique format.  These lessons can be applied to both personal and business finances and thus makes it a great book for entrepreneurs of any age.

How to Win at the Sport of Business by Mark Cuban
Long before Mark Cuban was the fiery, hands on owner of the Dallas Mavericks he was a wildly successful entrepreneur.  How to Win at the Sport of Business compiles all of his blog posts into an edited, easy to read, and coherent text that oozes wisdom and guidance for entrepreneurs and business people of all levels. 

A few minutes spent with this book will give you a great sense of the brilliance and hard working attitude that pervades Mark Cuban.  Despite the title, the book is not only about sports or the business of sport; rather it is how Mark Cuban handles his general business and life lessons.  It is a thrilling read.

The $100 Startup by Chris Guillebeau
World traveler and serial entrepreneur Chris Guillebeau has produced an amazing book that combines business, philosophy, social duty, and adventure into one swirling trip. It is a must read for every entrepreneur. 

Chris is able to express what so many entrepreneurs can’t; that feeling of being different. The need to strike out on your own and find you own path, even if it means messing up a half dozen times before anything even remotely good happens. 

Even more then his own personal experiences and advice, Chris Guillebeau revels us with his study of businesses that have become wildly successful despite a tiny investment of initial startup capital. 
These case studies act as inspiration to entrepreneurs everywhere and give you reassurance that you do not need millions to start a company or that your idea might not be as crazy as you think it is.  

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Every businessperson knows that customer service is key.  You have heard the cliché about how the customer is always right.

But delivering on that goal and maintaining a professional and friendly customer service environment can be difficult.  Employees may let personal feelings affect their mood at work. Repetitiveness of some jobs can weaken the customer relation side of your business.

What is the busy entrepreneur to do to ensure that their business has great customer service, especially if they are in a Big City?  That little touch of small town personalized service can make a big impression on busy big city customers that are used to dealing with cold corporations.

Here are some tips on how to bring some small town customer service into your big city business.

Take Your Time Hiring
One of the many tips we hear from successful business owners is to not rush through the hiring process.  Experience and qualifications are great in a prospective candidate. However, taking the time to meet with new employees a few times, gaining a deeper understanding of their attitude or outlook can go a long way to developing great customer service.

An employee who is super friendly and outgoing that takes longer to learn the details of a position can be a great asset.  On the other hand, “A-know-it-all “employee may memorize the training manual within a day; but acts too good for the job, will hurt your overall customer service experience.

That type of negative attitude can be hard to change and is difficult to teach unlike the particulars of your business processes.  A big city means that there are plenty of potential candidates for every position, so consider a wide variety of candidates from different backgrounds.  Also, take the time to verify their references and talk to former employers before you bring someone onboard.

Track Any Promises Made
Many businesses can handle the first contact of the customer service experience well.  A complaint phone call is a relatively easy thing to master and most employees will usually have this mastered.
One way to go above and beyond initial customer service is to make sure that your problem resolution is excellent.  This starts with tracking interactions and promises so that they may be fulfilled without forgetting.  For example, if your employees promise a free product to satisfy an upset client, track the progress of freebie to the client.

It doesn’t matter what system how the system is setup; but promising things to temporarily diffuse a situation and have the product not arrive will lead to more aggravation.  This type of let down in a business to customer relationship can generate negative word of mouth publicity.
A proper tracking system ensures that promises do not get lost on the hustle and bustle of everyday business.  Make it a priority to have a person or team double check that all resolutions are filled.  Remember you may lose some money on the transaction; however, outstanding customer service may sustain good relationship with all customers, returning more profits for the long term.

Align Staff Interests with Those of the Business
Consider that customer service traits can be a part of your employees’ motivation in general. These are some ideas to align employees’ motivation with customer service.
Maybe you could offer a customer service award each month with a prize?  Another idea is to have your employees share in the success of the business through partial ownership or profit sharing.  This can be a platform to spring from and help explain to your staff that customer service is a part of a great business. Carrying out such actions can ultimately lead to a bigger check in their pocket. 
Regular paychecks can become less motivational over time simply due to the fact they become so regular and ordinary.  Contests, profit sharing, bonuses, even added paid time off could be a great way to motivate your team and deliver excellent customer service to your customers.

You are a small fish in a big pond.  Your local business just opened up in a city of hundreds of thousands, or even millions of people.  Spreading the word about what sets you apart from other businesses is key for the success any new business.  But, how can you compete with all the other companies?
Be Different
Big companies may have bigger marketing budgets, possibly using outside firms to handle their marketing and advertising. Yet, this does not mean you cannot compete and thrive.
One advantage that you have as a small business is that you can afford to take risks.  You do not have any reputation to tarnish or any shareholders to scrutinize your marketing.  Use this to your advantage and be different.  Any good business owner should know what their competition is doing and there is bound to be a way for you to do something different. For example, if you are starting a new bank and all the other banks in town are trying to lure deposits with cash bonuses on sign up, offer something different such as a grill or a local team jersey.
These personal touches will help you stand out from the others, aligning your message that you are local and personal unlike the competition.
Use your own image in your marketing
Why do real estate agents use pictures of themselves instead of the firm they work for?
The reason is that for many services, people want to work with a real live human rather than some ambiguous giant company where they never talk to the same person twice.
For many people, price is not the only thing they take into consideration; other factors determine whom they will utilize.  Many people feel that someone they can trust is someone who has ties to the same community.  Big companies can gain a bad reputation because of their lack of presence in the community, which is impossible due to their size.  Step in and be the local business that customers want and your business will flourish.
Partner up
You will never see the two largest Banks in the country partner up on a charity event because they are competitors. Your small business is different though. You might be able to team up with a competitor, pooling your resources, possibly cross selling to each other’s customers. For example, authors who are constantly struggling for readers could collaborate with other authors to cross promote books. 
Apply this principle in your business.  If you sell cookies, partner with the local florist to include them as an option in arrangements.  If you sell custom wheels, see if the local mechanic would offer to sell your product and they can increase their revenue from installing the wheels on customers’ cars. 
These cross promotions are any easy, effective, and affordable method for growing your brand while obtaining customers that love what you do.
Conclusion
Nothing is harder than running a small business in a giant city.  Getting the word out about your mission and product or service is vital to the long-term growth of your business.  A personal, creative, and local touch in your marketing efforts will help drive the message home that you focus on each and every customers you serve. 
 

When starting up a new business, insurance is not always at the top of your to-do list. But it should be your biggest priority. Whilst it is not easy to know what kind of insurance you need for your start-up, you need to have a solid understanding of the risks you face and how you can mitigate these though the right kind of insurance policy. Liability insurance is one thing, but what do you know about the crucially important (and often forgotten) interruption insurance?
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Even if you are a small operation, having just started up, you will require insurance. There are different kinds of insurance for businesses, ranging from business owner’s policy and commercial auto insurance to worker’s compensation and data breach (and many more). At a minimum you will require liability insurance, even if you are just a one-man company and operate from home.

Liability Insurance
Liability insurance is coverage that protects your business from financial loss in case of damage caused to a third party. This means that if you, your employees or services cause Bodily Injury or Property Damage to a third party and you are required to pay damages to the affected person, you are covered. This type of insurance is a basic requirement. It is easy to set up and can save your business from going bankrupt should any accidents happen. If your business involves heavy labor, transport or dealing with the public, this becomes especially important.

Business Interruption insurance
Most small business owners have a grasp on what liability insurance is and why it is important, but few are aware how crucial business interruption insurance is. It is often lost amongst all the other types of coverage available – and to the detriment of business owners.

Business interruption insurance covers loss of income following an unforeseen event. Unforeseen events include things like fire, floods, earthquakes, and other unavoidable natural disasters that render your company inoperable. Other unforeseen events include vandalism, civil unrest, and faulty equipment. Some business interruption insurance will be more specific and cover things like hacking or computer viruses.

The importance of this kind of cannot be overstated. Imagine that your company premises are damaged by fire. You are unable to complete orders and yet you are still paying for staff and other costs. Your reputation is damaged and you have lost most or all of your income for the time your operations are down. This could render you company unable to service its outgoings and could make you bankrupt. Business interruption insurance ensures that your income for the affected period is covered. If the worst happens, it can keep your business afloat. It will cover loss of earnings and any increase in costs in running your business as a result of the unforeseen event.

Check your Business Owner’s Policy or Property Insurance
Business interruption insurance is often included in your business owner’s policy or property insurance, but you cannot trust that it is. Check your policy to see if it is included in your contract. If not, ask your insurance provider to include it or take out a separate policy. Many business owner’s polices include this as standard, but not at all and for others it will be an optional extra. Always make sure!