THIS IS WHY A SMALL BUSINESS OWNER NEEDS A COACH

As an entrepreneur, I know I have been at that point. What helped me was first to identify what I enjoyed most and did best, as well as what I dreaded doing and the things I felt less confident about. For example, my strengths are sales, finance and operations. I’m also a management consultant, LEAN Six Sigma Certified in establishing production efficiencies, objectives and measuring key results that lead to profitability”. I enjoy capturing and analyzing data to help my clients increase their operation’s profitability, efficiency, and the longevity of their business. With that clarity, I’m free to stay in my lanes of expertise and provide coaching for those things that fall outside my client’s strengths and core competencies.

Coaching activities need to be specifically aligned for each business with a focus on the ownership’s basic needs. 

Most business owners recognize their core skill set but when it comes to business “knowledge”, there’s a lot of ground to cover. It’s important to pinpoint that much like a business owner identifying and knowing their strengths, a coach should do the same. N2itive Consulting has established strategic alliances with practicing professionals that cover each facet and extraordinary need of the client’s business. 

In my business coaching practice, I utilize an approach identifying the three most critical elements of any business.

➢ PEOPLE 
➢ PROCESS
➢ PRODUCT

PEOPLE -

It’s not just critical to have the right people—you have to have them in the right roles as well. Create a positive atmosphere where the employees can play to their strengths. It’s the client’s job as a manager to give people the chance to succeed and get them out if they can’t deliver.

PROCESS - 

At the end of the day, big companies share the same issues as small companies. Focusing on a streamlined, effective process will improve outcomes for any business. 

PRODUCT -

Many times, small-business owners assume that consumers will view their product the same way they do, but that isn’t always the case. Consider what's being sold and key marketing characteristics like pricing, packaging, sizing, and targeting.

Throughout engagements with clients, I ask them, “What hurts them most in business? What happens in their business that really causes them to experience pain?” There are a broad range of responses, as you can imagine.

If they lack profitability, I know I can help them; that’s my specialty. Their needs align well with my offering. 

On many occasions once the trends of business indicate profitable growth, many of the personal and mental challenges previously exhibited are overcome with positivity.

It’s easy for clients to get stuck in small-minded thinking, believing that their business is too small for a certain partner. Instead, they should engage an experienced coach who understands small business and can provide proven methods and best practices that yield profitability. 

Here’s some ADVICE I provide for small business owners.

Regardless of the size of the company, every business owner needs to know:

➢ How to read and understand their Profit Loss statement.
➢ How to read and understand their Balance sheet.
➢ Your trending annual sales revenue,
➢ Your trending gross profit margins.
➢ Your “break-even” and expenses as a percentage of your gross profit.

Business Liability

The current coronavirus (also known as “COVID-19”) pandemic is continuously changing how businesses across the United States and the world are conducting business. It has cast uncertainty and apprehension into even the most routine business interactions. Despite these circumstances, many businesses continue to provide their customers with essential services necessary for continued economic stability and public safety. On one hand, continuing operations means businesses are supplying integral services and helping prop up the American economy during a time of economic downturn. On the other hand, these businesses are operating in uncharted territory, which carries costs and risks of its own.

In the volatile landscape of this pandemic, businesses continuing operations should be proactive in trying to limit these risks. They should monitor and comply with local and federal government rules and guidelines. These businesses, particularly those in the services industries whose very nature requires physical interaction with their customers, should also consider taking steps to protect against possible future liability for coronavirus exposure claims (i.e., claims that a customer contracted coronavirus while on their premises or while an employee performed services at a customer’s home or business and – inadvertently - exposed customers). Even in uncertain times like these, sound legal principles can provide guidance to businesses and industries committed to continuing essential and routine operations.

A liability waiver may be a simple, familiar, and cost-effective first step that small businesses can take to protect against potential liability for exposure claims. Most individuals are familiar with liability waivers, and you may have signed one prior to opening a gym membership or going skiing, sending your kids on a school field-trip, or after calling the plumber to fix a broken pipe at home. A waiver is simply a voluntary relinquishment or abandonment of a legal right. 

A liability waiver, sometimes also called an exculpatory agreement, is a written contract between two or more parties in which one party (generally the customer) acknowledges the risks of participating in an activity or of accepting the services of another party (generally the provider). Most importantly, the customer also agrees to prospectively waive the right to sue the provider for injuries or damages arising out of the activity or services. The waiver may be as simple as a paragraph in a services contract or a separate form of its own, and the parties will typically execute it prior to or immediately following performance of the services involved.

Even though liability waivers are fairly common, it is unclear whether a COVID-19 waiver relieving a service provider of liability for exposure claims would be enforceable. This is partially due to the practical reality that no court in the country has yet analyzed such waiver in this context. But basic legal principles should guide any such analysis, and those seeking to execute liability waivers should consider the following general principles.

In most jurisdictions across the United States, courts will enforce liability waivers that insulate a party from liability arising out of that party’s negligent conduct.

It is crucial that waivers are composed in a way that guarantees customers will understand the risks associated with the services, as well as the rights they intend to waive. A clear intention to waive specific rights is imperative. Some waivers may already protect against liability for physical injury, illness, or bodily harm, but there is no precedent to definitely conclude that the coronavirus would be covered under those terms. Because courts require waivers to be clear and unambiguous, businesses may consider expressly including exposure to the coronavirus as a potential risk.
How courts interpret and apply waivers of liability varies by state. Some states favor enforceability of waivers on the basis of freedom of contract, while others will more strictly scrutinize such waivers.

Despite their endless use, liability waivers have some limitations. Most jurisdictions will not enforce waivers of liability that aim to prospectively waive liability arising from intentional, reckless, or grossly negligent conduct. 

For example, because fraud is an intentional act, a waiver would not immunize a party against a claim of fraud. 

A service technician that visited a customer’s home while exhibiting coronavirus symptoms or being aware of a positive diagnosis would not be contractually immune from liability to an exposure claim. This is because exposing a customer to a known risk of contracting coronavirus may be considered reckless or grossly negligent conduct.

For more information of what to do if you suspect you or an employee have been exposed to or contracted coronavirus, please visit the Labor and Employment section of our Coronavirus Hub

A second limitation of liability waivers is that courts will not enforce waivers that are contrary to public policy. In some states, a waiver implicates public policy if it involves a matter of interest to the public, like contracts for employment, public utilities, or common carriers.

Even with these limitations, liability waivers provide most businesses a significant first step to proactively protect against possible future liability for exposure claims. It’s no surprise many small businesses in the service industry have started integrating coronavirus waivers into their contracts or have amended existing clauses to specifically include the risk of contracting the virus. We at N2itive consulting anticipate these waivers will become more popular, and we will continue to monitor responses to such waivers.

Finally, as part of their continued strategy to operate, many businesses may move to alternative methods for providing their services. As an example, fitness trainers may begin training and supervising their clients remotely through streamed video or video conferencing.

Whether a liability waiver is appropriate will depend on a number of factors, and the complexity and breadth of these waivers will vary from business to business and their location on a case-by-case basis.