Using Life Insurance for business succession planning

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When it comes to business succession planning, life insurance can be a valuable tool. This type of insurance can help to protect the value of your business in the event of your death, disability, or retirement. By using life insurance, you can ensure that your business will be able to continue operating smoothly in the event that you are no longer able to lead it.

There are a few different ways that life insurance can be used for business succession planning. One way is to use the death benefit to buy out the interests of other partners or shareholders. This can help to keep control of the business within the family or management team. Another way to use life insurance is to fund a buy-sell agreement. This agreement can provide funding to buy out the shares of a partner or shareholder who dies unexpectedly. Lastly, life insurance can be used to fund a key person life insurance policy. This type of policy can provide financial protection in the event that a key employee dies unexpectedly.

Using life insurance for business succession planning can help to protect your business from financial risk. By having this type of protection in place, you can ensure that your business will be able to continue operating even if you are no longer there to lead it.

Why you should implement NIST Cybersecurity Framework into your small business.

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As a small business owner, you know that cybersecurity is important. But with so many cybersecurity threats out there, it can be difficult to know where to start. The NIST Cybersecurity Framework can help.

The NIST Cybersecurity Framework is a set of standards and best practices for cybersecurity. By implementing the Framework, you can help to reduce cybersecurity risks in your small business.

One way to implement the NIST Cybersecurity Framework is to consider cybersecurity at every stage of your business. For example, when you're selecting new technology for your business, think about how that technology will impact your cybersecurity posture. Make sure you choose solutions that will help reduce cybersecurity risks.

You should also consider cybersecurity when you're developing policies and procedures for your business. Make sure your employees understand the importance of cybersecurity and have the knowledge and tools they need to stay safe online.

By taking a comprehensive approach to cybersecurity, you can help protect your small business from cyber threats. And by implementing the NIST Cybersecurity Framework, you can give yourself a solid foundation on which to build your cybersecurity program.

Learn more here: https://www.nist.gov/cybersecurity

Cost Cutting in a Changing Economy

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In today's economy, businesses need to be extra careful with their spending in order to maintain profitability. One cost-cutting strategy that can help business owners free up some extra cash is to implement a cost reduction plan. This typically involves looking at the business's overall cost structure and finding areas where costs can be reduced without negatively impacting the quality of the product or service.

Doing a deep dive P&L analysis to determine where your money is being spent is a great place to start. These days, most people have a handful of subscriptions they are paying for, some of which may be entirely unnecessary. Maybe there is a older software you haven’t used in some time you could easily cut. Entertainment services are also something to take a deep look at.

Further, a small business might look at its inventory levels and decide to reduce its safety stock in order to free up cash that can be used for other purposes. Or, a company might renegotiate its lease terms in order to get a lower monthly payment.

By carefully examining all areas of the business, it's usually possible to find ways to cut costs without sacrificing quality or efficiency. As a result, implementing a cost reduction strategy can be an effective way to improve the bottom line.

What impact will Insurtech have on the future of insurance?

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What is Insurtech?

Insurtech is a term used to describe the intersection of insurance and technology. It’s a rapidly growing industry that is using technology to create new ways to assess and manage risk. Insurtech companies are challenging traditional insurers with more innovative products and services.

The Insurtech industry is still in its early stages, but it is already having a disruptive effect on the insurance sector. Insurtech startups are using technology to solve some of the biggest challenges in the insurance industry, including fraud, claims processing, and customer engagement.

Insurtech is also driving innovation in the way that risks are assessed and priced. For example, Insurtech companies are using data analytics to better understand customer behavior and develop new pricing models that are fairer and more transparent.

The future of insurance will be shaped by Insurtech. The industry is already undergoing a period of significant change, and this is only set to continue as Insurtech companies continue to grow and mature. We can expect to see more innovation, more competition, and more choice for customers as the Insurtech industry continues to evolve.

Instagram Marketing Trends You Should Pay Attention To

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If I were to ask you if you would like a free billboard on Highland drive what would you say? Of course you’d say yes! Well technically that’s what we have with social media. It blows my mind when small business owners aren’t using these free platforms. Overall Instagram is the most “emotional” because it deals strictly in pictures and videos.

Instagram is one of the most popular social media platforms, with over one billion monthly active users. The platform is especially popular with young adults, with 71% of 18- to 29-year-olds using it. For small businesses, Instagram can be a powerful marketing tool. In order to maximize your results, it's important to stay up-to-date on the latest Instagram marketing trends, as they can change often.

One trend that shows no signs of slowing down is the use of Instagram Stories. Stories are short, ephemeral posts that disappear after 24 hours. Since they're temporary, Stories are perfect for sharing behind-the-scenes content, brief updates, and special offers. With over 500 million daily active users, Instagram Stories offer a huge potential audience for small businesses.

Another trend to pay attention to is the increasing use of Instagram Shopping. Instagram Shopping lets businesses tag products in their posts and link directly to product pages. This makes it easy for customers to learn about and purchase products without ever leaving Instagram. Shopping is available to businesses in certain countries and categories, and Instagram plans to roll it out to even more businesses in the coming months.

Finally, micro-influencers are becoming an increasingly important part of Instagram marketing. Micro-influencers are everyday users with a large following on social media. They tend to have high engagement rates and can be very effective at promoting products and services to their followers. If you're looking for ways to connect with more customers on Instagram, paying attention to these trends is a good place to start.

As a professional business coach, I talk to my clients often about using these tools. The catch is, we get too much into our own heads about what we should post and when. At the end of the day we talk ourselves out of taken action on the platform. Move past your fear, post things you believe would be helpful, entertaining, or thoughtful for people and have fun with it. There are a ton of opportunities to speak with your “tribe”, and/or potential clients for FREE! Don’t take these platforms for granted.

Jason

Benefits of Using a Business Coach.

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Business coaching is a process that helps business owners and leaders achieve their professional goals. It is a bit different than other forms of coaching, such as life coaching or sports coaching, because it is specifically focused on Business Strategy. Business coaching helps business owners identify their goals, creates a plan to achieve those goals, and holds them accountable to taking action and seeing results.

Coaching is an effective strategy for business owners because it provides clarity, focus, and accountability. When business owners work with a business coach, they are able to move forward in their business with confidence, knowing that they have a plan and someone to help them implement it. It can be good idea to seek out a business coach who has owned a business besides their coaching business to be able to draw from their past experiences as well. A good coach will be a great listener so they can get a good idea of their clients overall needs so they can best assist them.

Business coaching is an important tool for small business owners because it can help them take their business to the next level. In essence, hiring a well versed business coach can be like using cheat codes on a video game. A good coach can help you navigate things you may not have experience with, and help you avoid potential pit falls in the future.

If you are a small business owner who is feeling stuck or unsure of what your next steps should be, consider working with a business coach. A business coach can help you create a plan for success and hold you accountable to taking action so that you can reach your professional goals.

Woodland Advisors, LLC Wins "Best of SLC"

Woodland Advisors, LLC 

For immediate release

jason@woodlandadvisors.co

https://www.woodlandadvisors.co

In May 2022, Best of SLC announced that Woodland Advisors, LLC was recognized as Salt Lake City’s best life insurance brokerage. Every year the Best of SLC is flooded with nominations, votes, and online reviews for thousands of businesses. Through a rigorous process, they narrow the field to the winners and finalists in a couple of hundred categories. 

Founder and CEO Jason Woodland commented in response to receiving the award, 

"I am passionate about helping people understand the benefits of life insurance. I’ve been in the industry for many years now and have worked with a ton of amazing people. I am extremely grateful to all my clients and community who have nominated and voted for my firm Woodland Advisors, LLC, to receive this cool award. Honestly, it was a big surprise and honor.”

Woodland Advisors is a group of independent agents licensed to sell insurance products for many companies, and this allows them to provide a diversified policy selection and competitive prices. Woodland Advisors offer all types of life insurance, disability insurance, long-term care insurance, and retirement tools through various companies to fit each client's needs.

Jason Woodland specializes in life insurance and retirement planning for business owners, self-employed, and young families with Woodland Advisors, LLC. Before founding his firm, he first found his home in this industry with New York Life Insurance Company. He has worked with and consulted thousands of businesses in the business finance space and has sold his shares in a tea company. He currently lives in Holladay, Utah, with his wife and two dogs.

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Do small businesses need an employee handbook?

Photo by Andrea Piacquadio.

Small businesses are the backbone of the American economy. They create jobs, drive innovation, and help to keep communities vibrant. However, running a small business is not without its challenges. One of the biggest challenges is managing employees. From hiring and training to managing payroll and benefits, there is a lot to keep track of. An employee handbook can help to make the process of running a small business a little bit easier.

An employee handbook is a document that outlines the rules and regulations of a business. It can cover everything from attendance and punctuality to dress code and internet usage. Having an employee handbook can be especially helpful for startup businesses. When starting a new business, it is important to set clear expectations from the beginning. An employee handbook can help to do just that. Employee manuals provide employees with a clear understanding of what is expected of them and can help to prevent misunderstandings down the road.

While an employee handbook is not required for small businesses, it can be a helpful tool for startups and established businesses alike. Small businesses that take the time to create an employee handbook can benefit from increased efficiency and happier employees.

Why Term Life Insurance?

Term life insurance is a type of insurance that provides coverage for a set period of time, typically 10, 20, or 30 years. If the insured person dies during the term, the policy pays out a death benefit to the beneficiaries.

Term life insurance is generally less expensive than other types of life insurance, such as whole life or universal life, because it does not build up cash value over time. As a result, it can be a good option for people who are looking for affordable life insurance coverage.

Term life insurance can be used to help cover expenses such as mortgage payments, child care costs, and outstanding debts. It can also provide peace of mind in knowing that your loved ones will be taken care of financially if something happens to you.

If you are considering purchasing life insurance, talk to an agent about your options and find the policy that best meets your needs.

What is GDP, and how is it calculated?

GDP, or Gross Domestic Product, is a measure of the economy. It's the total value of all the goods and services produced in a country in a given period of time (usually a year). GDP growth is used as an indicator of how an economy is doing. When GDP growth is strong, it usually means that businesses are doing well and that there are more jobs. GDP per capita is a measure of GDP divided by the population. It's a way to compare GDP between countries with different populations.

To calculate GDP, you add up the total value of all final goods and services produced in a country in a given period of time. This includes everything from haircuts to houses, from computers to cars. GDP only includes finished products - it doesn't include intermediate goods, like raw materials or components. GDP also doesn't include illegal activity, like drug dealing.

GDP can be calculated in three ways: by production, by expenditure, or by income. The most common way to calculate GDP is by expenditure. This approach subtracts imports from GDP because they're not considered " domestically produced." Finally, GDP can be measured in real terms or nominal terms. Real GDP takes inflation into account, while nominal GDP doesn't.

For example, if Country A has a GDP of $100 million and Country B has a GDP of $200 million, but prices in Country B are twice as high as in Country A, then Country A has a higher real GDP even though it has a lower nominal GDP. That's because $100 million can buy more goods and services in Country A than $200 million can buy in Country B. In general, nominal GDP is more commonly used than real GDP because it's easier to calculate.