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Q: Given the disastrous effects of the two most recent hurricanes on both individuals and businesses, what can one do mitigate the financial impact of a natural disaster?

 A:  In addition to hurricanes, there are also tornados, floods, earthquakes, mudslides, and forest fires. Also man-made disasters like, riot, civil commotion and terrorists attacks.

 The most obvious way to mitigate the financial effects is to purchase insurance. However, most homeowner and business owner policies do not automatically cover all of these happenings.

Q: I am experiencing a high volume of employee turnover. Our starting salary is at the upper end of our industry’s pay scale. What more should I offer to attract and retain good people?

A: “Show me the money”, the famous line from the movie “Jerry Maguire” rarely rings true today. Based on years of consulting, Semler Brossy, an independent executive compensation consulting firm, has concluded that a company's ability to get and keep top talent takes far more than money.

Q: I am self-employed and need to set up some kind of retirement plan. What options should I consider?

A: You are wise to begin now to prepare for your eventual retirement years. Statistics show that many Americans are woefully unprepared and depend almost entirely on Social Security benefits.

In researching your question I came across an article offered by Fidelity Investments dated January 1, 2017. The following are excerpts from that article

QUESTION: I am considering investing in a franchise, but am somewhat in awe of the many details I must deal with on a day to day basis. My strengths are in sales and marketing, but I have little experience in bookkeeping, record keeping, taxes, insurance, etc. What are my options?

ANSWER: Many entrepreneurs face these problems. We all have strengths and weaknesses and a wise man knows what he doesn’t know. You can, of course, learn the hard way through trial and error or you can reach out to others who have the necessary expertise.

Q: Your recent article about managing one’s cash flow emphasized the importance of converting accounts receivables (uncollected money owed to you) into cash in the bank. Can you offer more suggestions how to speed up the collection process without aggravating and risking the loss of the customer?

A: The process of collecting money, while a delicate subject, can be handled in a variety of ways. You must first come to grips with the fact that you are entitled to be paid for your services.

Alternate Source of Funding for Startups and Early-Stage Companies

Most startups and very early-stage companies with very little financial history generally find most traditional funding sources – banks, closed to them. Many banks consider a startup anything less than two years old, so if a small business owner needs financing it usually needs some type of non-traditional funding. One source of funding that is being seen more often are royalties, or revenue-based financing.

VolunteerSpotlight - Jim Dallet.pdf