Jacquelyn Lynn Business Articles

Buying and Spending Smart: Ways to Save Money in Your Small Business

Buying and Spending Smart:

Ways to Save Money in Your Small Business

By Jacquelyn Lynn

 

Regardless of the state of the economy, it just doesn’t make sense to waste money. Savvy business owners are cost-conscious because everything you save goes right to the bottom line in the form of increased profits. Here are some great ways to pinch pennies—and even dollars—in your operation.

1. Buy used furniture. Used office furniture can be purchased for a fraction of its cost new. Check Craigslist, other online sources, newspaper ads, bankruptcy sales and even new furniture dealers who frequently have trade-ins or repossessions they’re willing to sell at deep discounts. Another great place to shop for used furniture and equipment is the surplus office at a nearby college or university. If the school doesn’t have a surplus office listed, call the main information number to find out which department handles disposing of used items.

2. Pool your purchasing power. Find other small-business owners and team up to buy supplies in bulk. You’ll save money on the cost of the materials, as well as the shipping. Don't limit group-buying partners to noncompeting companies. Consider group purchasing with businesses that offer the same or similar services as you but that perhaps target a slightly different market or geographic area. Be sure all agreements are clearly spelled out in writing. Clarify upfront who will actually make the purchase, how the goods will be delivered, when the others will reimburse the purchaser, and how any problems with quality or service are to be handled.

Facing Your Fears

Facing Your Fears

Fear is a natural feeling—but can you turn it into a tool that will propel you toward your goals or will you let it stop you in your tracks?

By Jacquelyn Lynn

What’s stopping you from doing what you want and having what you desire? With rare exceptions, when you strip away all the excuses, it’s fear—fear of doing whatever it is that you must do to achieve your goals.

Fear is one of our most basic instincts and it’s key to our survival. It’s easy to dismiss fear as cowardice, but it’s not. Rather, cowardice is just one of many possible responses to fear; courage is another. Fear itself is not necessarily bad. In fact, it serves a purpose by protecting life and helping us avoid danger.

Charging Orders: How much asset protection do they offer?

Asset Protection

 

Charging Orders: How Much Protection do they Really Offer?

 

Charging order protected entities are some of the strongest and most acceptable asset protection tools available, but to be effective, they must be properly structured and carefully drafted according to your particular requirements and the laws of your state.

 

By Jacquelyn Lynn

 

Consider these potential scenarios:

You get sued personally and lose; the judgment creditor (the entity that won the suit and was awarded a judgment against you) decides to go after your business and investment assets.

You have a retail store plus several real estate investments; you get successfully sued for something related to the store and the judgment creditor decides to attach your real estate.

Someone owes you money, you sue to collect and win, then the debtor offers you pennies on the dollar to settle. If you refuse, the debtor just laughs—and you don’t get your money because the debtor’s assets are protected.

You can cry, “Unfair!” all day long and it won’t matter if you haven’t taken the appropriate asset protection steps.

E-mail Tips: Do's and Don'ts for Effective E-mail Communication

E-Mail Guidelines:

Get the Most Out of Your E-Mail Communications

 

By Jacquelyn Lynn

 

E-mail has become one of the most common methods of business and personal communication. It’s fast, efficient, convenient—and it can be dangerous. Consider these tips for getting the maximum benefit while avoiding the pitfalls of e-mail, whether you’re at work or home.

 Ÿ Remember that e-mail is not private. You can add all the disclaimers you want to your signature line that your e-mails are “privileged and confidential,” but the reality is, once you put something out on the internet, or even on your company’s internal system, you have no control over where it ultimately ends up and who sees it. Don’t count on simply deleting messages to protect you; most e-mail systems have automatic storage features where your e-mails could stay and eventually be recovered. No matter how much you trust the person you’re corresponding with, the best rule is to never put anything in an e-mail that you wouldn’t want on the front page of a newspaper or as the lead news story on television.

Bartering: Cash-Free Transactions Can Help During Tough Times

Bartering:

When Cash is Tight, Trade Goods and Services

By Jacquelyn Lynn

Long before banks, credit cards, and even cash existed, people bartered for goods and services. And though it’s unlikely that your local supermarket will accept a few hours of your labor in return for a week’s worth of groceries, there are still plenty of opportunities for cash-free trading in today’s marketplace. The total value of goods and services exchanged by businesses through reciprocal means in 2004 (the most recent figures available) was estimated at $8.25 billion, and about 75 percent of that occurs through commercial barter exchanges.

Problem-Solving: We all have problems, the key is in how we deal with them

So You Think You’ve Got Problems?

 

Problems are a part of life—these tips can make them easier to manage and overcome

 

By Jacquelyn Lynn

 

“Problems are like bellybuttons—everybody’s got one.”

I remember the first time I heard that as a youngster, I thought it was hysterically funny—even as I recognized that it was not at all sympathetic. And though it may not be  a particularly sensitive or tactful reaction to someone who has a problem, it’s also quite true.

We all have problems. Rich or poor, old or young, smart or dumb, Republican or Democrat—we all have problems, and we always will. What will set you apart is how you deal with those problems.

It's Party Season - Are You Liable?

Let the Parties Begin

 

Protect yourself from liability during the holiday season

 

By Jacquelyn Lynn

 

The holiday season is in full swing, and along with the fun, the parties, and the gift exchanging comes some increased exposure to personal and business liability. Though high-dollar lawsuits tend to make the headlines and may put a damper on your holiday celebrations, it’s important to keep them in perspective. Those cases may get a lot of attention when they’re filed, but you often don’t hear how they turn out—and a $1 million lawsuit does not automatically equate to a $1 million judgment.

In addition, your insurance policy should cover any damage awards up to the specified limits, as well as paying for your defense should you be sued. Check with your insurance agent to be sure you understand the limits of your liability and umbrella policies and that your coverage is sufficient on both your personal and business properties.

Of course, the best insurance policy notwithstanding, the easiest lawsuit to deal with is the one that never happens. While you don’t want to turn into a Scrooge when it comes to holiday celebrations, you still need to reduce your potential risk. For example, it’s not unusual for hosts to be sued when a guest drives while intoxicated and is involved in a crash. And drunk driving is not your only concern. As alcohol consumption increases, inhibitions tend to decrease. If you’re hosting a company-sponsored party, you’re at risk for claims related to sexual harassment, sexual assault, and milder forms of misconduct, including inappropriate behavior, off-color comments, and even physical altercations.

 These tips will help reduce your risk of liability during the holidays and the rest of the year:

Give Your Children the Gift of Financial Literacy

By Jacquelyn Lynn

The recent subprime meltdown and the resulting increase in foreclosures has been an educational experience for the entire country, but one important lesson that isn’t getting talked about much is this: Kids need to be financially literate. Report after report describes people signing mortgage documents they didn’t understand and buying houses they couldn’t afford—two clear indicators of financial incompetence in action. What might these people have done differently had they been given the gift of financial literacy as a child?

While it’s never too late to acquire financial education, it’s best to start early, and preschool is not too soon to start talking with your children about financial concepts. Yet some adults find it as hard to talk to their kids about money as they do about sex—and maybe even more so. Here’s how you can help your children become financially literate:

Managing Meetings: Run Effective Meetings that Produce Results

Managing Meetings:

Turn dull, boring, unproductive meetings into effective, enjoyable gatherings that produce results

 

By Jacquelyn Lynn

Ever spent your whole day in meetings and felt like you didn’t accomplish a thing? You’re not alone. But meetings are essential—they’re critical to keeping our businesses, professional associations, churches, civic groups and other organizations running. They provide a means for participants to discuss and plan goals and objectives, keep up-to-date on events, encourage communication, and pull resources together for strong decision-making and action planning.

Though we live and work in a world that is becoming increasingly complex, the techniques for effective meetings are basic and haven’t changed much over the years—and it doesn’t matter whether the meeting is face-to-face in a conference room or auditorium or held electronically through video or teleconferencing. If you think the meetings you attend or facilitate could be more interesting and productive, a refresher course in meeting fundamentals will help.

Disaster Planning: Are You Prepared for the Worst?

By Jacquelyn Lynn

 

You’d like to think it won’t happen to you, but the reality is that disasters can happen to any company, anywhere, and usually without warning. Disasters come in all sizes and shapes, from hurricanes and earthquakes to fires, floods, utility failures, theft, vandalism and even the death of a key person. Could your organization survive? It depends on how well prepared you are.