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How High Net Worth Entrepreneurs Protect Their Business and Personal Wealth

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They say your health is your wealth and that proves to be very true but your wealth is your wealth also, and as a high-earning small business owner, you need to do everything you can to protect it. According to a recent report, it was revealed that small business owners have a lot of their business’ net worth connected to their business… In doing that, it’s detrimental that you take every necessary step to protect your business and your personal wealth but according to the report, there aren’t too many business owners taking those necessary steps to protect either.

As a small business owner, the very first step you can take in protecting your business is, at least, investing in business insurance for protection against potential business threats… this is especially important if you’re in the business of providing a service or giving advice. If so, you’re going to need a business insurance policy that protects against negligence as well as any other potential damages. Obtaining business insurance is the first and foremost part of protecting your business.

Just look at  24-year-old millionaire entrepreneur Abdelkader Bachr… He shares advice on how to become a top digital marketer, but do you think he’s sharing his knowledge without being protected by an air-tight business insurance policy? Absolutely not. You can best believe he’s done everything in his power to protect all of his wealth and assets.

There are, of course, other ways to protect your business and personal wealth but running a business is very tedious and time-consuming, which could mean that you simply forgot to call that lawyer back… you’re not intentionally neglecting your wealth but as you notice your business starting to quickly grow, that should be a huge sign for you to “up the ante” on making sure your business and personal wealth are protected.

Do you know how many small businesses have been victims of fraud? Millions. According to the FTC, over 1.4 million fraud reports were collected last year and in 2018, of all the small businesses that reported fraud, they lost $1.48 billion.

The fact that you’re a high-earning small business owner means that the last thing you need or want to be worrying about is fraud and how thieves can get you for all you’ve got… the only thing you need to be worrying about is how to make your vacation as luxurious as possible!

In knowing those stats, doesn’t that make you want to go back and take a more detailed glance at how well you’re protecting your business and personal wealth? If you need a few pointers on how to give yourself some peace of mind over the protection of your business and personal wealth, take a look at some of these actionable moves.

Establish Business Credit

For so long all you hear is how credit is bad and it just puts people in more and more debt… that may be partially true but even in that statement, it’s all about how you use credit. If you’re an irresponsible borrower, then yes, it will only drown you further and further into debt. But from a business perspective, credit can be one of the best things you can do for your business.

Because we’ve been told for so many years to “use cash if you have it” without realizing the beauty in credit. Not utilizing business credit cards and loans to grow your business are one of the biggest mistakes a small business owner can do, actually.  And you don’t want to just use it in the beginning stages either… you want to use all throughout the growth and expansion of your business.

There are so many small business owners who are going into debt personally from using personal assets and being reliant on their own personal credit health to support their business. By establishing business credit, it’s going to safely separate your personal credit history from your business credit history, and that’s what’s going to keep your personal assets safe… you want to always keep personal and business transactions separate as much as possible.

Look at Outside Investment Opportunities

As a small business owner, your business is your baby (so to say) and you’ve invested a sizable amount of money into it and plan on continuing to invest in it… Well, that’s perfectly fine but have you ever considered investing outside of your business?

Think of it like this… if you told your financial advisor that you wanted to invest all of your assets into a single stock, they would highly advise you not to do that because you’d be putting your entire personal wealth at risk of being lost. By only investing in your business, you’re doing the same exact thing to your personal wealth as well.

To keep your personal wealth safe, you first want to get with a financial advisor to discuss the investment options you have and which ones would be a better fit for you. Things like stocks, real estate, and structured notes are all great investment opportunities. To take your protection even further, you can invest a sizable percentage into disability and life insurance to protect your family from any type of financial hardships in the event that you’re not able to work for an unplanned extended amount of time.

Ensure Financial Security With a Buy-Sell Agreement

This is the part of business that most business owners don’t want to think about. It’s actually one of the most important protection plans you can have for your business, your family, and yourself. In the event that you die or become permanently disabled, have you thought of who will run the business next and where the money will go?

You may not have thought that far ahead but a buy-sell agreement is something that’s better to go on and get set up while you’re able to do it. This type of agreement will not only provide protection to your business and personal wealth but it will also give you peace of mind in knowing that your business and family will be financially taken care of in your incapacitation or death.

The idea of Bigtime Daily landed this engineer cum journalist from a multi-national company to the digital avenue. Matthew brought life to this idea and rendered all that was necessary to create an interactive and attractive platform for the readers. Apart from managing the platform, he also contributes his expertise in business niche.

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Business

Designing Secure Commercial Spaces Without Compromising Aesthetics

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In the realm of commercial design, security and aesthetics often seem like opposing forces. Business owners and designers alike grapple with the challenge of creating spaces that not only captivate and inspire but also ensure the safety and security of assets and occupants. The good news is that integrating security features into commercial spaces without sacrificing visual appeal is entirely achievable. This blog post will delve into innovative design strategies that harmonise security with aesthetics, including a look at the best deadlocks for front doors in Australia, ensuring your commercial space is both beautiful and fortified.

Embracing Technology for Seamless Security

Modern technology offers a plethora of options for discreet yet effective security measures. For instance, advanced surveillance systems can be integrated into the architectural design in a way that they blend seamlessly with the environment. Smart locks and biometric access controls offer robust security without the clunky hardware, maintaining a sleek and modern aesthetic. Implementing these technologies not only elevates the security level of your commercial space but does so without disrupting its design flow.

Strategic Use of Materials and Design Elements

The choice of materials and design elements plays a crucial role in balancing security and aesthetics. High-strength materials such as tempered or laminated glass, for example, offer excellent security without compromising on the visual openness that glass provides. Similarly, incorporating natural barriers like decorative boulders or planters can serve as subtle physical deterrents while enhancing the space’s visual appeal.

Lighting: A Dual-Purpose Tool

Lighting is another powerful tool that serves both aesthetic and security purposes. Well-planned lighting can highlight architectural features and create a welcoming atmosphere while ensuring visibility and deterring unauthorised access after hours. Motion-sensor lighting, in particular, can be a discreet addition that enhances security without detracting from the design.

The Role of Deadlocks in Aesthetic Security

A critical aspect of securing any commercial space is the choice of locks, especially for front doors which are the primary entry and exit points. Deadlocks offer a high level of security, making them an essential feature for commercial spaces. However, selecting the right deadlock doesn’t mean you have to settle for a utilitarian look. Today, the market offers a variety of deadlock designs that complement any aesthetic, from modern minimalist to classic elegance. For those in Australia, choosing the best deadlocks for front doors involves considering both the security features and how the lock’s design integrates with your commercial space’s overall look.

Collaboration Between Security Experts and Designers

Achieving a balance between security and aesthetics often requires a collaborative approach. Security experts and interior designers need to work hand in hand from the early stages of the design process. This collaboration ensures that security measures are not afterthoughts but are integrated into the design in a way that complements the space’s aesthetic appeal.

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Designing secure commercial spaces without compromising aesthetics is not only possible but essential in today’s world. Remember, the goal is to integrate security seamlessly into the design, enhancing the user experience and ensuring peace of mind for both business owners and visitors. With thoughtful planning and collaboration, your commercial space can be a testament to the harmony that can exist between security and aesthetics.

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