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Arguably one of the most revolutionary innovators of our time, the legendary Steve Jobs,

the founder and CEO of Apple, passed away yesterday evening. Jobs lost a long and difficult battle with pancreatic cancer, which had forced him to resign from his position as CEO in April. However, in his 56 years, Steve Jobs left us with endless inspiration, ideas, and lessons we can learn about business and life in general.

For one thing, Jobs taught us that success is not always built upon other successes. One of the richest men in the entire world, Jobs had humble beginnings and gained his status only after learning from his own mistakes and failures. Allison Linn, in her article “What Steve Jobs Taught Us: It’s Ok to Fail,” points out that many of Jobs’ achievements took place after a corresponding failure of some sort. For example, Jobs dropped out of college, and was even fired from his position as executive of his own company. He showed us that it is always possible to pick yourself back up from low points and come back stronger.

Jobs was also renowned for his ability to anticipate what the consumer would want in the future – and to make it happen. Instead of building upon other business’ ideas, Jobs innovated and always took things to the next step. Starting with the computer and continuing onto newer products such as the iPod, iPhone, and iPad, Jobs always thought about how he could “better” the products that were already on the market. Now, these inventions form a part of the daily lives of millions of individuals, whose daily lives revolve around the use of their Apple products.

Most importantly, Jobs taught us to value every moment of our lives, which is an important lesson that can be easily forgotten by the busy small business owner. Upon being diagnosed with cancer, in his commencement speech to Stanford students in 2005, Jobs reminded us that “death is very likely the single best invention of life” because it inspires us to live every moment of life to its fullest. Jobs encouraged small business owners to focus their energy on doing something they truly love, because it will reflect in the success of their business.

Get Customers

As noted in Get Customers: Know your Customers, it is a challenge to get customers to come in to your restaurant and knowing who frequents your restaurant is an essential part of every day. Once you have an understanding of your Customer, the next step is to let them know who you are – you and your business.

Let Them Know Who You Are

Identity is about character in action, adherence to principles and commitment.

In many ways, what you are – as a business – is identical to who you are as a person. Identity is about character in action, adherence to principles and commitment. Quick-service restaurants promise (and must expedite) delivery in X minutes. When lines form and feet start tapping, customers lose patience and faith. If your restaurant claims to be family friendly, let’s hope it has big tables, lots of booster seats and a staff that can sing “Happy Birthday” without dropping a bread roll. To determine who you are, look at what you do and share that through a program that incorporates advertising with branding.

Your business’ brand is its reputation, and there should be no disconnect between what your business is, what it stands for and how it delivers on that promise. One way to understand how to create a brand your restaurant can maintain is by developing its UPS, or Unique Selling Proposition, a term created to explain a pattern among successful advertising campaigns. In effect, each business makes a proposition to its customer: “Eat at this restaurant and you will get this benefit.” The proposition must be one that the competition does not offer.

For example, the proposition behind Farm 255 in Athens, Georgia is clear: fresh, harvest-driven food from local farms served at 255 West Washington St. Whether the customer has visited the web site or read a review first or not, Farm 255′s initial promise is clear. The restaurant’s décor, evolving menu, and knowledgeable kitchen crew combine to deliver on it.

Good marketing, in which your business promotes itself through branding, should be augmented by a combination of paid advertising. Research suggests that many small businesses, including independent restaurant owners believe that advertising is simply too expensive and so depend on word of mouth or some other “build it and they will come” strategy. The fact is, all businesses need to let potential customers know who they are, and business owners need to find a medium that will maximize their return on investment. Determine a percentage, say three to six percent of sales and spend that. For a small, neighborhood bistro, this won’t be television. But it might be direct mail in the form of door hangers, group coupon mailings or newspaper advertising in special sections dedicated to new businesses. It might be online advertising with an e-mail and social media component. Whatever the form, the program must be measurable so that at the end of a trial period sales can be correlated to advertising expenses and a return on investment determined.

Chances are, as an independent restaurant owner, your business investment in advertising and marketing is going to be more about time than money. But, as any good multitasker knows, it’s possible to do more than one thing at a time. For example, train your restaurant staff to serve as ambassadors and salesmen of the brand. Other ideas that require relatively little money include:

• Offer coupons – While many restaurant owners gripe about coupons (first timers come at the busiest times reducing profits), they will get newcomers in the door. Instead of percentage discounts, offer a free signature cocktail or a dessert. Coupons are also an excellent way to track advertising and promotional dollars, especially if they include an expiration date.
• Offer frequency cards – Offset the cost of luring in new customers by keeping them! Give out punch cards with your restaurant’s logo, website, address and telephone number. Reward return customers with a free dessert or appetizer.
• Cultivate gatekeepers at area businesses – Secretaries and office administrators keep a file of menus within reach for planning catered lunches and last-minute recommendations. Introduce your restaurant with a menu and a sample tray they won’t forget.
• Create birthday clubs – At Babette’s Café in Atlanta, members receive $10 off their bill during their birthday month, even if all they order is a celebratory glass of wine. The staff, most of whom have been with the restaurant since its 1992 opening, works on remembering faces and names so that when customers return, they can add a friendly “Welcome back.”
• Write a press release – Be sure the restaurant critics at local newspapers, radio and TV stations and neighborhood blogs know about your restaurant. Hire (or feed) a writer to create a basic press release template that you can customize for releasing information about new menu items, changes in key staff or special events.
• Take surveys – More on this in Getting Customers: Make it Worth their While, but one way to find out why your restaurant is attracting its customers is to ask! Set up a bowl for business cards and then invite a select group for drinks and small plates.

Finally, put your website to work. In a survey released by AIS Media, some 89% of consumers say they research a restaurant online before dining there. Keep the website easy to navigate by placing contact information on every page.

To Conclude: Decide what your business does and share it everywhere – in your restaurant, online, in the local media, on social networking sites, on couponing sites, host events, have something for your Customers every day, and make it worth their while.

(Article submission courtesy of our partner AdvanceMe Inc.)

Every business owner has a checklist of things they need to succeed. One common area of business planning that many businesses approach with trepidation – or even a sense of dread – is business insurance.

There are many misconceptions and (usually) irrational anxieties surrounding proper business insurance. Some people mistakenly believe that businesses don’t need insurance until they have employees.

When you are not giving your business insurance coverage proper attention, you could accidentally increase the risks to which your business is exposed. Giving your small business the best chance to thrive will mean lowering risk – and proper insurance coverage is a smart way to manage your business’ exposure to risk and potential loss.

Taking the fear out of business insurance is easy – it simply requires a little research and a better understanding of the types of business insurance available. Once you know more about the options, you can better meet the unique needs of your own business.

Here is a short list of common business insurance, and what each type will cover.

Worker’s Compensation: This insurance will cover the employees in the event of an on-the-job injury. The restrictions, requirements and details vary from state to state. For more information, visit Worker’s Compensation.

Property and Liability – Property and Casualty: Though these are distinct forms of coverage, many insurers will roll two into one policy. Many advisors would suggest taking advantage of them together, as they offer good coverage for most small businesses.

Property insurance covers against loss or damage to a business location, and includes the contents of the business. Property insurance might be specific (i.e., fire, flood, etc.) or might be general. The insured location may be owned, although leased and rented properties might also be covered.

Liability insurance deals with protecting a business from potential losses due to a third-party lawsuit. There are three types of business liability insurance; general liability, professional liability and product liability insurance. Their coverage ranges from protecting a business from potential losses from property damage or personal injury claims to medical malpractice to potential losses from negligence in the manufacture or sale of products, food, medicines or other goods to the public.Casualty insurance is to protect against damage or loss in the business due to negligent acts or omissions that might result in bodily injury and/or property damage to a third party resulting in a claim against the business.

Errors and Omissions (E&O): This is coverage against claims of harm or loss a client or customer might bring due to a mistake the business or its employees made. The money generally covers legal expenses and judgment payments.
Commercial Auto: Personal auto insurance won’t cover vehicles used in business. This coverage will cover damage or loss to company vehicles, and also cover damage caused by the company vehicles.

Business Interruption: This is coverage that protects a business’ cash flow from being stopped or severely diminished by a specific interruption. For example, if you lost a piece of vital equipment that made it impossible for you to carry-on, this insurance would help to keep cash flow stabilized until normal operations resume.

Umbrella Coverage: Umbrella policies are like a booster shot for existing coverage. These plans are used to cover areas not fully covered by other policies, or to offer additional money when a policy has been exhausted and there is still money owed. Many insurers may require you to have multiple plans with them before they will offer you umbrella coverage.

Key Person or Key Employee Insurance: A key person is someone who is essential to the health of a business. If their removal due to death or inability to work would cause a substantial loss to the business, then it would be wise to consider this coverage. In essence, it’s a life insurance policy for the key employee naming the business as the beneficiary.

Scripted Policies: If your business needs are not covered by the types of plans normally offered by insurers, you might need a uniquely scripted policy in order to ensure you are adequately covered. An example might be a baseball player insuring an arm, an actress insuring her nose, and so on.

Once you are familiar with the types of business insurance, you will need to determine the amount of coverage your business needs and the costs associated with that coverage and talking to a professional is an important next step.

Talk to a Professional

While there is certainly plenty of research you can do on your own, it is a good idea for your business to have a professional insurance agent to help you select the best possible plans and policies. Royal Pacific’s trained sales agent can help you navigate the way. Insurance is a specialized and very diverse field, so arming yourself with the aid of someone familiar with its details will help you make better decisions.

Ultimately, the types of insurance coverage best for your small business will depend – on your industry, your state, and many other factors. However, there is nothing to fear or be anxious about. By doing some independent research and enlisting the help of a professional, your business insurance needs can be met without increased stress levels.

Some Insurance Terms:

Insurance Premium
An insurance premium is the amount paid on a monthly, quarterly or annual basis to the insurance company for the agreed-upon coverage under the terms of the insurance contract.

Business Loss
Business loss is a loss that impacts the day-to-day operation of a business such as a loss of income due to a a natural disaster or accident, or theft or failure of vital machinery needed to produce a product.

Policy Limitation
A policy limitation is the limit set by the insurance company determining the maximum amount that will be paid out for a single claim.

Deductible
A deductible is the amount the insured needs to pay out of pocket for a claim before the insurance company pays the balance.

Insurer Rating
An insurer rating is an independent rating of the financial strength of an insurance company.

For More Information:
You can learn more about types of business insurance here.

A life insurance checklist of items to think about when comparing potential providers: Checklist.

You will likely have many things to discuss with an insurance agent. It is important with a business decision such as purchasing insurance to get multiple quotes from multiple sources and compare them to ensure you are making the right decision for your business.  At Royal Pacific Insurance, we shop for you so you get the most competitive prices for your business insurance.  We work with the best insurance companies and we bring them to you.  Click here to find out why choose Royal Pacific Insurance.

To learn more contact our Insurance specialist:

Martin Janco
Company Line: 215-964-6220
Direct Line: 215-964-6241
Email: mj@royalpacificinc.com

The National Association of Insurance Commissioner’s site, and their resources by state.

THIS IS NOT INVESTMENT, TAX OR LEGAL ADVICE. Consult with a financial advisor, accountant or attorney before making important decisions in these areas.

From the New York Times: Fed Halves Debit Card Bank Fees

WASHINGTON – Fees paid by retailers to banks for debit card purchases will be cut in half after the Federal Reserve voted Wednesday, June 28^th to cap the charges. The new rules will go into effect on October 1^st.

Who’s going to get this money – YOU, or your current processor?

Congress has recently passed the Durbin Amendment, which is a landmark decision. This is the first time we have ever seen this large of a reduction in credit card processing costs. These new mandated lower costs are effective for 50-70% of the cards you accept.

Royal Pacific is offering an exclusive program to lock in your savings from this new law now.

Service Guarantee: If you are not completely satisfied, there’s no risk or obligation. You can cancel your service, at any time, with no penalty or termination fee.