We recently checked in with Barry Moltz, founder of Shafran Moltz Group, to learn more about his passion for entrepreneurship and to get his advice for small business owners on what they should do when they get stuck. Here’s what he had to say about protecting your small business:
Can you talk a little about your interest and background in small business?
I had three businesses. The first went out of business. In the second one, I got kicked out. When I sold the third business, my wife forbade me to start another one for 10 years, so now I help small business owners get unstuck! I’ve been running small businesses with a great degree of success and failure for many years now.
What have you found are the most common reasons a business gets stuck?
They do not focus on people and process. They do not hire people who fit their culture and they have no process. They are always re-creating the wheel every day or going from task to task with no strategy.
What habits can business owners develop to avoid getting stuck?
Critically examine your goals and your progress in reaching those goals. Use outside mentors to keep you honest on this assessment.
What can business owners do to get themselves unstuck?
Commit to a process that works regardless of what else is going on. Commit to being productive, not just busy.
Who or what inspires you in your entrepreneurial journey? How can business owners find mentors to help pull them through big challenges?
Small business owners that overcome incredible odds inspire me every day. Mentors are everywhere. Just ask for what you need and amazingly people will step forward and offer help.
Why should small business owners make getting insurance coverage a priority?
You work too hard to grow your business and you do not want to have one mistake ruin it all!
At a minimum, what kind of coverage should every small business owner have?
Liability and professional insurance.
What are the risks to business owners if they have inadequate coverage?
One mistake can cause them to lose their company!
Why is it an exciting time to launch a business?
With the cloud and the internet, it costs so little money to launch a business. It’s easier now to see if you can attract customers.
What advice do you find yourself repeating to clients over and over about weathering the storms of entrepreneurship?
Love everyone, trust a few and paddle your own canoe!
Take Barry’s advice and protect your business. Learn about our insurance discounts.
The information in this article was obtained from various sources. This content is offered for educational purposes only and does not represent contractual agreements, nor is it intended to replace manuals or instructions provided by the manufacturer or the advice of a qualified professional. The definitions, terms and coverage in a given policy may be different than those suggested here and such policy will be governed by the language contained therein. No warranty or appropriateness for a specific purpose is expressed or implied.