Category: Legal Branding

How to Avoid Employee Lawsuits as a Brand

Steven on April 27, 2020

Employee lawsuits can be a massive drawback to your brand as they are costly. Something that you never termed ‘wrong’ could be the basis on which your employee files a lawsuit against your brand. It could be wrong termination, personal injury, harassment, and discrimination, just to mention but a few. But, as an employer, do you know how you can avoid employee lawsuits in your brand? Well, let us look at ways you can prevent such costly lawsuits as a business.

Present a job description to your employees

Before you hire an employee, make sure you give them a job description. It should entail the responsibilities and activities the employee should perform. Additionally, it should have the organizational chart so that the employee knows who to report to as well as an acceptable code of ethics and practices. The job description is one way of making a proper recruitment agreement between the candidate and the employer.

Enlighten yourself on laws, rules, and regulations governing your brand

Do you know that your employee can file a lawsuit against your brand on the bases of requirements you have no idea exist? Yes, before you start your brand, make sure you are aware of the law, rules, and regulations like labor law, work safety law, workers’ compensation, and overtime rules that govern operations. It will save you from an employee lawsuit as you are aware of the rules, regulations, and laws protecting them.

Avoid unlawful employee termination

Terminating your employee suddenly is unlawful and could be a significant liability to your brand. Before you terminate your employees, try to coach and counsel them on how they can improve their performance. Further, review their performance and give them warnings if they do not perform as expected. Moreover, taking time before you fire your employees gives them room for improvement. However, if your employee does not improve, you can terminate them based on their performance analysis and within the frameworks on the law.

Avoid lawsuits that are caused by workplace injuries

Workplace injuries are common in all workplaces, and they can range from as simple as a fall in the staircase to machine-related injuries. According to a local law firm in Lebanon Tennessee that represents employees in work-related injury cases, it is recommended that you create a safe working environment. Indeed, a safe work environment will reduce the risks of injuries, consequently minimizing your chances of an employee filing a lawsuit against you. Also, train your employees on workplace safety as per the occupational safety and health administration. The training can be expensive but worth it.

Get your brand insured

In the event, your employee gets injured while at work, you are supposed to compensate them. Now, assuming you do not have money to pay the employee, they might end up filing a lawsuit against your brand. But, if your brand is insured against workplace injuries, then the insurance company will compensate them. This is just one example as more risks can result in financial losses. Therefore, get a cover like workers’ comp that will cushion you against injuries to employees. Insurance coverage can look expensive, but a loss of property due to unfortunate occurrences or finances because of a work-related injury lawsuit is more expensive.

Document employee information

Ensure that you document anything about your employee. Keep a record of performance appraisals, audit reports, job descriptions, training records, and warning letters, just to mention but a few. The documented information can act as evidence in a lawsuit if filed against you, and you are innocent.

Ease the process of employee complaint reporting

It is better to hear of an employee complain directly from them than through a law court summon. Therefore, provide the employee with a direct way of communicating with the human resource manager or top management. You can enhance this by providing them with an email address or hotline number.

Do not assume that the section supervisors will report complains about their department to you. They can hide something from you. Moreover, a smooth communication chain will help you fix a complaint faster. So, once you learn of an employee problem, be proactive and respond to it swiftly. Additionally, create a good rapport with your employees as it will make it easier for them to complain to you.

Final word

Any type of lawsuits can cause adverse financial consequences to your brand. It’s thus essential that you follow the tips we have covered to reduce the chances of a lawsuit against your brand by your employees.

Legal Branding

Dealing With Workplace Injuries – How Brands Can Take A Proactive Approach

Steven on April 22, 2020

Workplace accidents are common these days, despite businesses taking appropriate safety precautions and implementing best practices to avoid injuries. While such mishaps can lower the employee morale and burden businesses financially, they can damage the brand’s reputation as well. For this reason, it becomes vital for brands to take a proactive approach for dealing with such accidents and injuries. The way employers respond to mishaps can make all the difference to workforce morale and the credibility of the brand. Here are some steps they can take to deal with workplace injuries.

Care for the employees first

The safety of your employees matters more than anything else and getting quick medical aid an injured employee should be your top priority. Call 911 if there is an emergency situation. Conversely, you can transport them to a medical care facility in non-emergency situations. It is best to consult the medical provider who has been designated by your workers’ compensation carrier so that you don’t have much to do for getting a claim later.

Secure the accident spot

While you need to get immediate help for the injured, it is also your responsibility to secure the accident spot to prevent further casualties. This is important from the investigative perspective as well. Start by limiting access to the scene, securing it and saving any material or equipment involved in the incident. Taking pictures of the spot is also a good idea to help investigations.

Complete the requisite paperwork

Ensuring that the injured employees get the compensation they deserve can make all the difference to fortifying the reputation of your brand. According to expert personal injury attorneys, the right paperwork can get you sorted out with the workers’ compensation insurance carrier sooner than you expect. Completion of the requisite paperwork should be next on your checklist. Prepare an incident report and any other claims that you need to report to the carrier, preferably within a 24 hour period after the accident.

Establish a return-to-work program

Workplace injuries often put people out of action and they may have to be off the job for weeks or even months. The longer they are away from work, the tougher it can be to return to employment. As an employer, you should consider it your responsibility to help the injured employees become productive and get back to work as quickly as possible. Implementing a return-to-work or transitional job program is a good idea. The objective of these programs is to keep the injured workers off of long-term disability. Apart from this, they can potentially reduce employers’ costs.

Make a commitment to employee safety

Branding goes beyond just impressing your customers; doing the best for your employees is equally important. Employers that are willing to commit to workforce safety can stay one step ahead. This is best done by contributing to the satisfaction levels of injured workers, facilitating return-to-work outcomes and easing the compensation claims. Implementing proactive measures that can prevent accidents and injuries in the future is also vital.

Making safety a priority can get your brand the trust and credibility you aspire for. At the same time, you should support the injured employees and help them get the compensation claims they deserve.

Legal Branding Personal Branding

4 Strategies to Grow Your D2C Brand

Steven on April 21, 2020

It’s estimated that direct-to-consumer (D2C) brand sales will reach $17.75 billion in 2020 — an increase of almost 25% from last year.

The COVID-19 crisis might have something to do with that. But even though the virus has caused an overall upswing in online shopping, this isn’t necessarily the case across all product types. Most people today are buying must-have items, rather than nice-to-have products and services.

Brands that sell directly to consumers, and especially those that fall under the nonessential category, face a difficult future. For instance, health and safety products, as well as digital streaming services, have seen increased demand — but fashion and apparel sellers are experiencing significant losses.

Some D2C companies will undoubtedly fail. But many will survive. For those that do weather the storm, survival will depend heavily on using the right marketing tactics.

Here are four tried-and-tested strategies to help you secure and grow your D2C brand, even during the COVID-19 pandemic.

1. Social Media Marketing

For a majority of D2C brands, social media is the most effective channel for online customer acquisition. Considering that more than half of all social media users use social media to research products, that kind of makes sense.

But as a brand, being active on social media isn’t enough to attract and retain customers. You also need to have a clear strategy — preferably one that doesn’t rely solely on promotional posts and ads.

Almost 80% of customers won’t hesitate to unfollow a brand that bombards them with sales pitches. And over 50% of consumers will unfollow a brand that shares irrelevant content.

So, what do customers want to see from brands they follow on social media?

Engaging, informative, micro-focused content that’s also timely, says Matt Seltzer, a market research and strategy consultant at S2 Research. Seltzer recommends looking at Wendy’s and Arby’s, two successful fast food D2C brands, for inspiration on how to stay top-of-mind with consumers via social media.

One of their keys to success? Creating and sharing social media video content to capture customer attention. If you’re not sure why video is such a powerful medium for D2C brands and social media marketing, consider that over 70% of customers prefer to learn about a product or service through video.

2. Personalized Shopping Experience

The average American customer is exposed to between 4,000 and 10,000 ads per day (up from about 500 ads per day in the 1970s). To protect their sanity, most people have learned to ignore the vast majority of ads and focus only on the stimuli most relevant to them.

That might seem like bad news for marketers. In reality, however, reaching your customers isn’t any more difficult than it was 50 years ago — as long as you invest in personalization.

Consumers crave customized experiences. As many as 80% of customers are more likely to buy from brands that provide personalized shopping experiences. And 71% feel frustrated when a shopping experience isn’t personalized.

A further 70% of customers say they’d even let retailers track their shopping behavior if it resulted in an improved shopping experience.

Regardless of whether you’re creating website content, placing a social media ad, or sending an email campaign, make sure that your message speaks to each of your customers on an individual level (tip: omnichannel analytics might help).

3. Influencer Partnerships

If you’re not yet working with social media influencers (individuals with a considerable following in a specific niche), you’re not only missing out, but you’re also a minority.

More than 9 out of 10 marketers today use influencer marketing — and for good reason. For every $1 that brands invest in influencer marketing, they generate an average return of $18 in publicity value.

How is that possible? People really do follow influencer suggestions and behavior. Nearly 50% of consumers say they rely on influencer recommendations to help them make purchasing decisions. Moreover, 8 out of 10 customers have bought a product or a service after seeing it recommended by an influencer.

Yes, influencer marketing is undoubtedly powerful; but it needs to be handled thoughtfully. As more brands rush to secure deals with influencers, there’s a risk of oversaturating social platforms with sponsored content and reviews — which could actually reduce consumer trust in influencers.

The trick is to find the right influencers for your brand, rather than partnering with anyone and everyone with an audience. Your ideal influencers are those who speak to the same audience as your brand. Their followers are most likely to have a genuine interest in your product or service.

Finding influencers who are the right fit for your marketing campaigns isn’t easy. But it’s worth it, especially for D2C brands. D2C shoppers are almost three times more likely than traditional shoppers to admit that influencers and celebrities sway their perception of a brand.

4. User-Generated Content

Like influencer marketing, user-generated content (UGC) can also be a powerful tool in your digital marketing arsenal.

In fact, UGC is actually almost 10 times as impactful as influencer marketing. Unlike influencer content, which is usually paid for by a brand, UGC is a genuine expression of customer appreciation — and is, therefore, more trustworthy.

One D2C brand that has nailed user-generated marketing is Chewy, a pet supply store.

“Chewy’s branding on their boxes and the concept of your pets getting food and treats in the mail every month translates perfectly into excited pet photos and videos on Facebook, Twitter, and Instagram,” says Boone Clemmons, Chief Strategy Officer at Brandwagon LLC. “There are also a large number of posts where pets excitedly open their Chewy box, as well as many posts of tired cats and dogs using their Chewy boxes as beds.”

So, how can you follow Chewy’s lead and get customers to post UGC about your brand? Oftentimes, it’s just a matter of asking! For example, over 60% of consumers say they would post about good health or beauty product experience on social media.

By encouraging consumers to share the photos and videos they create, you can inspire them to engage with your brand and produce authentic content that will lead to a larger audience and pool of customers.

Final Thoughts

With most retail stores closed and consumers under lockdown at home, e-commerce sales are booming. According to ACI Worldwide, many online retail sectors experienced a 74% increase in sales in March 2019 compared to March 2018. Also, nearly 10% of U.S.-based consumers purchased something online for the first time that same month due to social distancing.

The takeaway? It’s quite likely that the COVID-19 pandemic will change consumer shopping habits long term. So, what are you waiting for? Get on board with these strategies now to establish your brand as a leader in D2C marketing.

About the author

Laura Martisiute is a freelance writer with Plytix, a headless product information management system designed for fast-growing product brands. She’s a content marketing specialist with years of experience diving deep into the latest research on technology, business, and marketing.

LinkedIn: https://www.linkedin.com/company/plytix-com/
Twitter: https://twitter.com/plytix

Digital Branding Legal Branding Personal Branding

6 Tips for Developing an Agile Brand

Steven on April 20, 2020

Change is constant and rapid in today’s time of doing business. The ability to adapt to change is not a luxury but a necessity. This makes it important for businesses to develop an agile brand. Brands should be quick to keep up with market trends and customer behaviors, among other things. In this short post, we’ll talk about some of the best ways to develop an agile brand.

1. Learn the Basics

It is difficult to develop an agile brand if you do not know the fundamentals of how to do it. With this, you need to study. For instance, one thing that could help would be taking a change management certification course. While there are many things that you can learn from the latter, one of the most significant you could learn would be how to create an agile and competitive company or brand that can stay attuned with the fast-changing marketplace.

2. Be Adaptive

To build an agile brand, you need to be nimble. To do this, learn how to take a risk. Do not be limited by your desire to be consistent. Take the case of Netflix as an example. It has changed its business model several times before it finally found the most profitable. By being adaptive, you are demonstrating that you are willing to bend a bit to keep up. Your brand strategy must be able to flow and flex with change.

3. Collaborate

An agile strategy for building a successful brand capitalizes on collaboration. By working together, you can create better solutions, which will be instrumental in the success of a brand. To build a collaborative environment, there is a need for openness and creativity. The more an organization learns to collaborate, the bigger is the room for improvement.

4. Build the Right Team

Speaking of collaborating, building an agile brand also calls for the need to have a competent team. Gather some of the brightest minds within the organization. The team should have people who can quickly implement novel strategies depending on current trends.

5. Implement Rapid Prototyping

Rapid prototyping refers to the quick fabrication of several models. Agile brands should create beta versions of a brand strategy simultaneously. Instead of introducing one strategy and testing its feasibility, an alternative approach is to introduce multiple strategies at once, test, and see which ones will work the best.

6. Be Timely

To be agile, your brand needs to be timely. One of the best applications of this would be when it comes to releasing your marketing campaigns. Your materials should be relevant and well-timed. For instance, if it is Christmas, you need to release holiday-themed ads. By doing this, you can appeal more effectively to the emotions of your target audience.

We are living in a fast-paced society where businesses must keep up with the changes. With this, it is crucial to building an agile brand to meet the changing demands of the market. Take note of our recommendations above to make this possible.

Legal Branding

Workers Compensation Injuries- Know The Most Common Ones

Steven on April 19, 2020

Workplace injuries are commonly associated with risky and physically demanding professions. However, injuries can happen in all kinds of organizations and some are more common than the others. Even the employees who work in seemingly the safest places may get injured due to such common incidents. It is significant to be aware that even the most unexpected types of injuries come under the coverage of worker’s compensation and you can claim them from your employer. Here are the common ones you need to know about.

Machinery accident injury

Faulty machinery or equipment or its misuse is one of the leading reasons for people getting injured at workplaces such as factories and construction sites. However, such mishaps can happen in offices as well, with equipment such as copiers or paper shredders being in common use. Burns or scalds are the injuries that employees at restaurants and eateries may come across. If you have sustained an injury while using a machine for your job or at your workplace, you can claim for worker’s compensation.

Overexertion

Surprisingly, overexertion is also covered by worker’s compensation. It usually happens when employees strain or pull a muscle or joint. In worst cases, you may slip a disc, which can be excruciating. Such problems often happen in physically tasking jobs such as factories and construction sites though people in other professions may experience them as well. Overexertion is possible in an office while moving files or even at a restaurant while carrying food.

Slips and falls

Slips and falls can happen anywhere, including your workplace. An employee can trip on a loose carpet, slip on a wet floor indoors or slip in the rain outside. Such incidents can cause minor sprains and bruises or something as major as fractures and traumatic brain injury. Since fault may be hard to prove in such cases, it is best to have an experienced personal injury lawyer handling it. Such incidents are covered by worker’s compensation if they occur during a job task or within your workplace.

Repetitive strain injury

As the name implies, these injuries occur when you do the same motion or action over and over again. Tennis elbow, carpal tunnel, and bursitis are common instances of repetitive strain injuries. Like slip and fall accidents, these may be tricky to prove because they develop over years rather than overnight. You need to be vigilant enough to report the symptoms and associate them with a workplace task that you do as a part of your duty.

Highway accident injuries

People who work as truck drivers, delivery drivers, and police officers are susceptible to highway accidents during the course of their work. Even other employees who have accidents while driving for work tasks can claim for highway accident. As a rule, any injury that happens while you are on job duty, even while traveling or running errands, is claimable under the worker’s compensation law.

With this clear classification of workplace accidents and injuries, it will be easier to decide when you have a legitimate case. Your compensation is something you deserve and you must certainly go the extra mile to get it.

Legal Branding

Shopping Mall Accidents: How Can You Get Fair Settlement?

Steven on April 18, 2020

Accidents can take place at the most unexpected places and a shopping mall is one of them. But you will be surprised to know that you can claim compensation for the injuries sustained during such a mishap. Shopping centers are often owned by commercial corporations that earn profit by leasing spaces. Hence, it is their responsibility to keep the business area safe for the customers who come to shop at stores. Apart from the mall itself, they are also responsible for the upkeep of areas such as elevators, escalators, walkways, restrooms, and parking lots. If you get injured in an accident at one of these places, the owner may be liable and you can claim compensation from their insurance company. Here are some facts that you should know for ensuring a fair settlement.

Common accidents and injuries at shopping malls

First things first, you need to understand when your accident would be considered as a shopping mall mishap. For example, a car accident outside the center or in its busy parking lot is not their responsibility. Rather, a slip and fall accident caused due to slippery floors, uneven floor mats, cracked pavement, unsecured electrical cords, and spilled drinks and food is regarded as the center’s fault. Similarly, you can consider them liable for incidents such as falling debris, faulty escalators, trampling due to inadequate security and assaults, and mugging incidents. The commonly reported injuries include bruises, scrapes, and cuts, leg injuries, back and neck injuries, head wounds, broken bones, and even traumatic brain injuries.

Understanding the liability for injuries

If you are injured in a shopping mall accident, you may seek compensation from different sources depending on your circumstances. These include:

The owner or management company of the center if you get hurt in a common area
The owner or management company of the retail store if you are hurt in a store
Manufacturer of defective equipment or machinery such as an escalator company
Private individuals

It is to be noted that you may have multiple claims in such accidents, which makes them more complicated than other personal injury claims. This is the reason you must consult seasoned personal injury lawyers while filing a claim. For example, you may have a claim against the shopping mall along with a secondary one against the retail store where the accident took place.

Proving fault for your injuries is the key

Shopping center owners are obligated by state and federal laws to protect visitors on their premises. They are ultimately responsible for customer safety, which means that they hold a legal duty to protect them from injury. However, the liability extends only to the ones that are foreseeable. While filing a claim, you have to prove the foreseeable nature of the injury to make it a valid one. Unless you are able to do so, you cannot claim compensation. For example, failing to maintain the escalators can lead to injuries that owners can foresee and will be liable for. Conversely, they wouldn’t be responsible for the ones caused due to your own negligence.

Being aware of all these facts can make all the difference when it comes to claiming compensation for shopping mall mishaps. At the same time, you must have a good lawyer to help you get the fair settlement you deserve.

Legal Branding Local Branding Personal Branding

Preparing for Job Interviews in 2020

Steven on April 15, 2020

When it comes to interviewing for a new job, some things never change. However, in a rapidly evolving society and work environment, it’s essential to be sure that you’re up-to-date on best practices. As the internet becomes more ingrained in daily life, 2020 promises to be an unusual year for the job market.

Here are some helpful tips to help you prepare for job interviews in 2020.

Review Your Resume

Having an updated resume isn’t just for your future employer. Consider this invaluable document your interview cheat sheet. Take some time before your interview to review your resume and make notes about your experience. These notes could include answers to commonly asked questions or examples of how you made a tangible impact at each job.

Freezing up or rambling during an interview isn’t uncommon. Many individuals experience this as a result of stress or nerves. Having your resume in front of you can help you stay centered and on track.

Know also how to add resume to LinkedIn.

Work with a Coach

Practicing the answers to common questions is a must before a big interview. While working alone in front of the mirror can help you find the right words and responses, working with a coach can take your interview skills to the next level.

A coach can provide live feedback and make helpful suggestions based on industry norms. They can also help you navigate tricky areas, such as employment gaps and terminations. Consider reaching out to a coach as soon as you apply for a job to give you lots of time to practice.

Tidy Up Your Social Media

Now more than ever, recruiters and hiring managers are using social media to vet applicants. While the social media cleaning process should start well in advance of the interview, you should always take another look before the big day.

Remove any photos that could be deemed as unprofessional. While it’s normal to have a few fun pictures with friends, showing images of non-stop partying could be a red flag for future employers. You should also delete and unfollow politically-charged or controversial posts. Freedom of speech is important, but it’s not without consequences. In this situation, it could be the difference between getting a job and not.

Prepare for a Virtual Setting

When you go for an in-person interview, it’s essential to map out the route and parking and get there early. However, 2020 is a unique year, and more employers are moving toward virtual settings now and in the future.

So how does one prepare for a virtual setting?

First, check and see which platform your interviewer is using for your interview and download the app or check the compatibility with your device. Next, find the right area with a stable internet connection and a tidy background. Be ready to log on five minutes in advance.

Dress the Part

Whether you’re interviewing in person or virtually, you should always dress the part. Wash your face, do your hair, and put on nice clothing. Do some research on the company to see what their overall dress code and level of formality might be. Even if they’re a t-shirt and jeans kind of business, opt for a business casual outfit for the interview.

By keeping these simple tips in mind, you’ll be ready for your job interview in 2020. We’ve also made a list of valuable resources for the best and up-to-date trends in the market:

PushFar is a world-leading mentoring software and technology company, helping thousands of individuals and organizations with mentoring. We run an open mentoring platform, where anyone can sign up free to find a mentor, volunteer to mentor others, network, connect and develop their career, with a whole host of career progression tools and techniques.

MoneyMow is a blog about Carl and his family’s journey towards financial independence and retiring early at age 33. He writes about saving money, making money, and investing with the purpose of living a more free and happy life.

Amanda of My Life, I Guess strives to keep the “person” in personal finance by writing about money, mistakes, and more. She focuses on what it’s like being in debt, living paycheck to paycheck, and surviving unemployment while also offering advice and support for others in similar situations – including a FREE library of career & job search resources.

Digital Branding Legal Branding SaaS Branding

Global E-Commerce Usability Errors

Steven on April 9, 2020

If we talk about global errors, it is only one – the unwillingness to understand that there is a usability online store. Among businessmen, it is considered that this is a set of standards to follow. And rare owners know the truth: usability – an individual complex, which is determined only through regular testing.

Let’s analyze the most common mistakes that arise from a lack of understanding of usability and lack of testing.

No information about the product in the shopping cart.

There’s a problem. The customer puts the goods in the basket. And when he wants to re-examine the features, he finds neither an enlarged image nor a link to a detailed description. The only thing available to him is the price of the goods. To reread the specifications and check whether the product is selected, he will have to go back to the catalog. And then the buyer leaves.

The solution. Give the customer access to complete information about the product from the shopping cart. Some customers prefer to put all the products they are interested in in the cart, and only then get acquainted with the characteristics of the product and select it. This behavior is often found in spontaneous purchases and sales.

No information on product availability

There’s a problem. The customer puts the product in the basket. He fills out a special form and at the end of the procedure he finds out that the product is over. This can make him angry, which will significantly reduce his loyalty.

It’s a solution. Inform about the presence/absence of the product in time – in the product card or shopping cart. This way the customer will be able to replace one type of product with another or will not fill out the form at all, which will save his time and save your reputation.

There is no option of auto storage of selected products in the shopping cart.

There’s a problem. The client formed a shopping list in the shopping cart and accidentally closed the page. After re-entering the site, he finds out that the selected lots from the shopping cart have disappeared. This is one of the typical usability mistakes on the site that scares away most customers.

The solution. Use the option to automatically save a list of selected items. The connection between the site and the customer can be interrupted for completely different reasons. These are both technical problems during payment and bad internet connection. If you do not take care of auto-preservation, the customer either refuses to buy or significantly shortens the list by reviewing its appropriateness.

No indication of changes in the order amount

There’s a problem. The customer chooses a product, goes through registration and finds out that the original order amount has increased for a reason he does not understand. The shop does not report that the chosen method of payment or delivery adds a certain percentage to the final amount.

Solution. If the increase concerns payment, it should be indicated at the stage of choosing the payment method. If delivery is made for a fee, it should be indicated when choosing a delivery method. The buyer can get information about additional payments with advanced product options extension.

Conclusion

These are the rudest and common usability mistakes. As you can see, they are quite simple and obvious. However, their presence can significantly reduce sales and spoil the reputation of the online store.

Solving such errors does not require huge investments and special technologies. You need to conduct internal testing, to understand the problems and start fixing them!

Legal Branding

How to Maintain the Cash Flow to Run a Business Successfully?

Steven on April 6, 2020

A report released by the International finance corporation (IFC) indicates that up to 35% of Indian businesses receive payments after 90 days of delivering their services/goods. A majority of the revenue remains inaccessible in the form of receivables. Partly down to the logistic and bureaucratic issues, these not only postpone critical business ventures but also affect its expansion.

To maintain positive cash flow, the ratio between the gross working capital and current liabilities must be greater than 1.

Here are a few ways you can maintain the required cash flow that is necessary for a successful business:

Break-even point

The break-even point does not directly impact your cash flow. Nonetheless, experts state it is a way to set up goals that help you better manage your investments.

Knowing your break-even point allows you to strategize your budget accordingly. Top entrepreneurs consider it an optimal way to improve their cash management skills, enabling a better cash flow in the future.

Maintaining a cash reserve besides gross working capital

A cash reserve ensures that a business has necessary funds to rely on during shortfalls. Experts have stated that every company faces specific financial challenges during their lifetime.

Having proper financial support ensures that your business is not affected by any monetary requirements. Also, any gaps in your cash reserves can be easily overcome with the help of a simple business loan. This not only allows your business to grow freely but also ensures you have steady cash flow even during a crisis.

An early collection of receivables

In order to maintain the cash flow, business owners are advised to shorten their average collection period. Here are a few possible ways to collect receivables –

Issue a dunning letter which is a reminder sent to the customer/dealer stating their payment is overdue.
Divide the total number of overdue cases. Prioritise on the ones with the most amounts and focus your efforts on collecting them first.
You can even dispatch someone to approach them directly and ask for payments.
You can withhold the next set of services/goods. Nonetheless, experts suggest you inform them beforehand.

In most cases, it is observed that the key to collecting receivables is to be proactive and continuously following-up on your customers.

Partial payments

It is advised that you ask your customers to make partial payments if they are unable to pay you the entire overdue amount at once. Understand that your net working capital never needs the entirety of current assets available for the transaction into cash.

Partial payments are considered as one of the key cash management tips for seasonal business owners. Top entrepreneurs even ask for partial payment as a security deposit in order to maintain the cash flow. They state that it also encourages them to pay in parts since they do not have to pay a considerable amount of money all at once.

Offer discounts

Business owners are known to offer attractive discounts to customers who are willing to pay before the pre-decided term.

Hire an expert

Large-scale businesses appoint one or multiple accountants to look after the cash flow. Hiring a CFO can become a significant liability for individual small scale businesses. Nonetheless, an experienced CFO does not only with managing the cash flow. They can also help you avoid the common cash management pitfalls occurring in businesses.

Extend payables

When working with your suppliers, it is advised that you decide the longest payable date possible. Consider your current financial situation and contingencies together to decide on such a payable date.

If your gross working capital to liabilities ratio is close to or lesser than 1, the cash flow of your business may not be sufficient to manage future contingencies. In such a scenario, you can consider business loans offered by financial institutions.

Opt for additional benefits that can help you avail the loan with more ease. For instance, Bajaj Finserv brings pre-approved offers that make availing loans quick and simple. These offers are available on business loans as well as on personal loans, home loans, etc.

Top business owners focus on their cash flow as they are aware that it is a critical factor in ensuring the success of their organisation. The points mentioned above are some of the most practised methods by experienced entrepreneurs.

Legal Branding

The Role Of Eyewitnesses In A Car Accident Case

Steven on March 28, 2020

The settlement of car accident cases is a complex affair. But thankfully, the very objective of personal injury law is to enable victims to get the compensation they deserve. Still, everything depends on their ability to prove facts with tangible evidence. In such a situation, a third-party witness who happened to be present during the mishap can be a valuable resource for establishing the facts. Eyewitnesses are also often the first people to check the injured. So they can easily offer context to the physical and environmental factors related to the accident. Moreover, they may even have key pieces of evidence such as pictures or video recordings which could be critical to the case. There are more reasons why the role of eyewitnesses in car accident cases can be vital.

They are neutral parties

The statements of witnesses serve as neutral third-party evidence that can substantiate the victim’s account of the accident. However, you need to be very careful with the choice of witnesses; pick the ones who were neither at-fault in the mishap and nor were harmed in it. Only then would they be regarded as neutral parties and the court would consider their testimony as an unbiased version of the incident.

They enable the establishment of fault

Another reason why these neutral parties who have been present at the crash venue are important is that they can help in the establishment of fault. Their testimony often enables the determination of the at-fault party, which can help in clarifying the case quickly. For example, someone who has seen the mishap first hand can confirm if the driver was texting while driving or was at high speed which led to the accident.

They can fill in information gaps

It is common for accident victims to have memory gaps while recalling the entire incident in the court. Even though it usually happens due to trauma caused by the crash, it can actually break their case. Witness testimonies, specifically extremely detailed ones, can strengthen the case by filling crucial gaps. And in many cases, they can actually tilt the case in the victim’s favor and get them the settlement they deserve.

They aid quick settlement

If you are a victim awaiting your compensation after a serious accident, you will probably know the value of getting it quickly. If you contact a car wreck attorney at Diaz Law Firm, they will make sure that you get a quick settlement. Having a witness testimony can be a big plus in this context. It often takes the case to a fair and speedy settlement, which can get your life back on track as soon as possible.

Still, there is the question of credibility!!

While eyewitnesses can make all the difference to your case, the biggest concern while using their testimonies is credibility. While victims may assume a show of good faith from them in sharing an honest narration, there could be reasons for the defendants to question their credibility. There could be questions related to the location of the witness at the time of the accident, their judgment and viewpoint, and even their health factors and character. This is where having a seasoned lawyer handling your case can make a difference.

Considering the value of eyewitnesses in an accident, victims should make sure that they use these testimonies to their advantage. An honest and credible witness who is ready to narrate the incident correctly can be a catalyst for your case in terms of securing a fair and quick settlement.