Insurance News

Keeping Your Business Alive

Thursday, November 10, 2016

Keeping your Business Alive

It takes more than luck and good looks to keep your business alive and thriving these days. Todays’ business environment is ever changing with multiple new startups entering markets. There is constant technological improvements disrupting processes, efficiencies and costs. Try these simple tips to keep your business going and reignite your passion again.

Know your message

To be successful you need to communicate what is valuable to your consumer. Some businesses find it easier to communicate their value by solving a problem for the consumer. What do you solve or how do you make your customers life easier?

Keep your business alive and thriving

Having a purpose which all of your employees and clients know about. A mission and vision statement means nothing until it is embodied, understood, recited, enacted and lived.

Keep learning

Even if it is as simple as staying on top of the law, read widely and speak to people about changes and any relevant information that could be useful. Even if you do not use the information quickly, you may help someone out and they will usually return the favour in some way. Blogs, online tutorials, books from the library and articles in the newspaper are excellent free sources of information to increase your knowledge base.

Keeping your Business Alive

Appreciate failure

If you are able to perceive mistakes and failure as building blocks or learning curves, you will be able to move beyond the problem. If you are unable to take mistakes in your stride and capitalise on the opportunities they present, then you may struggle to move forwards. There is much more power and diligence in learning from mistakes compared to quitting because things didn’t turn out perfectly. Building resilience is important for your mental fitness and is an important skill to develop.

Get feedback

Your customers are the most vital source of feedback and will be able to give you rich insights. Capture the ideas they give you in a special note book which you can revisit when you have the time. Any feedback or inspiration is vital for you to be agile and create a solution which adds value to the consumer. It is vital to acknowledge the small wins through feedback as well. In your notebook, jot down the achievements as well so you can look back on them.

Take a break

While it may seem counterintuitive, taking a break can enable you to recharge. During breaks or short periods of time off, it can allow you to see the business in a new light. While the struggles will not disappear, when you distance yourself, you can often think of new solutions. If you are finding it difficult to stay motivated, switch off from work for the weekend. Try to think about the ideal solution and results for your business. Allow yourself time to brainstorm solutions for how to make these happen.

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Our unique insurance market has an unrivalled concentration of specialist underwriting expertise and every day, more than 50 leading insurance companies, over 200 registered Lloyd’s brokers and a global network of over 4,000 local coverholders operate in and bring business to the Lloyd’s market.

The business written at Lloyd’s is brought to specialist syndicates, who price and underwrite risk, via brokers and coverholders. Much of the capital available at Lloyd’s is provided on a subscription basis – where Lloyd's underwriters join together as syndicates and where syndicates join together to underwrite risks and programmes. This kind of collaboration, combined with the choice, flexibility and financial certainty of the market, makes Lloyd’s the world’s leading insurance platform.

But in an unpredictable global climate, Lloyd’s underwriters must also rely on their experience and industry knowledge to cast light into the darkness ahead. Behind the Lloyd’s market is the Lloyd’s Corporation, not itself an insurer but an independent organisation and regulator that acts to protect and maintain the market's reputation and provides services and original research, reports and analysis to the industry’s knowledge base.

Under one globally trusted name, the Lloyd’s market and Lloyd’s Corporation work together to protect your interests, promote economic growth and underwrite human progress.

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