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Day: June 8, 2019

Small Business Lesson – What Does Wal-Mart Know That We Do not?

Today I heard that Wal-Mart is expanding its number of stores in the USA by about 150. That means a ton of new jobs and stores. So what does Wal-Mart know that we do not? Obviously with the economic downturn, people are turning more and more so towards the stores that sell for the lowest prices. This represents quite a change from 18 months ago when price was no issue for the buying public. People were spending without any real concern about price. Today the consumer has become very price sensitive. So Wal-Mart is doing better and better, with their low cost model.

Wal-Mart's expansion plans have clearly had a hiccup through this recession. They obviously have an understanding of the economy that we should be taking note of. Perhaps they see this recession as being really cut and drawn out. Under these circumstances the public will still demand low priced products.

Alternatively Wal-Mart is planning for the future by expanding now. They will be ready when the recession has turned around and the public have started buying again.

So in either scenario price sensitivity seems to be the new norm. One thing that seems to be a new reality is that recession or not the buying public will not be spending as freely in the foreseeable future as they did just a short while ago. Wal-Mart looks to have really understood this change in the public's buying patterns.

This means that retailers and service providers had better be more competitive on price than they have been in the last decade or more.

To survive in business today, pricing will become even more cutthroat, margins even smaller and competition even fiercer.

So if you have not already started doing so, start negotiating with your suppliers for the best deals that you can possibly get. Start thinking of new and creative ways that are perceived as adding value to your products and services to entice new buyers. People are doing price comparisons on their purchases. Give them something that makes price only one component of their purchase decision, like offering better service, speedier delivery, more flexibility on terms, and longer warranties.

Put yourself in your customer's shoes and see this new reality through their eyes. What would bring you to buy your products from your business today? …

Home Insurance – These Little Things Cost You Much

1. Insure the house not including the land it's built on. You do not need to get coverage for the land on which the home is built. Remember that the land on which a home is built can neither be stolen nor destroyed. Remember to use the price of the home minus the land when applying. If you fail to do this you'll buy much more insurance than is necessary. You'll just be paying far more than you should.

2. Check your policy limits every time you make changes in your home, its contents or, generally two times yearly. You should do this not for savings but to be sure you always have the right coverage. The other side of the coin is that you could inadvertently have far more coverage than is beneficial.

Be sure to know the present value of your home and its content. Even though you may discover that you have insufficient coverage and as a result to be compelled to buy more, you might as well notice that you have too much and so make savings when you lower your coverage to the right limit.

3. Bearing in mind that the major reason for getting homeowners insurance is to be sure you're properly protected from the risks associated with a home loss or damage, I'll include this notwithstanding that it's not a benefit of your homeowners policy. Those who buy houses in flood-prone areas spend around $ 400 year for flood insurance.

Be aware that your mortgagor will demand that you buy flood insurance if you want a home in a flood area. You will such an unnecessary expense by going for a home in a locality that is not suffer such.

You can save a lot of money in home insurance if you get and compare quotes from insurance quotes sites. You will make savings if you go to only one quotes site. But, you'll get more by visiting at least three. The simple reason for this is that you will get many more quotes from a wider range of insurers. This increases your chances of receiving better rates. …

Renter or Content Insurance – Why to Choose?

An obvious question may come up to your mind as why you should buy an renters insurance policy or may think that your landlord (or landlady) is all responsible for getting an insurance coverage for his own interest.

You may neglect or procrastinate to get a right kind of insurance policy for the financial loss of your valuable household holdings that you may suffer anytime. But in any case, you have to admit that your landlord and / or landlady will never be going to insure your house-hold contents / items (rightly, it would go against the principles of insurance & insurable interest) and nobody will get a claim in the end.

Instead your landlord is more interested to protect his home buildings (including the rented ones) and his legally owned home contents. You might be thinking, its a costly matter to have renter's insurance cover.But for your kind information, it is really much more cheaper than you think of. Before you purchase a renter's policy, you need to confirm as to:

1. What types of covers are you getting?

2. Is there any discount available?

3. What are the exclusions there in the policy?

In USA, a Standard Renter's Policy (HO-4), covering all 16 disadvantages, opts in two types of loss payment methods.

1. Actual Cash Value that pays you the depreciated cost of content, up to a certain limit as stated in the policy and

2. Replacement Cost that pays you the actual cost of replacing your damaged contents, up to a certain limit and without any deduction for depreciation.

So, you have the choices, according to your budget, which which one to consider.In later case, you'll get full amount of loss, but you have to pay higher premium. And if your valuables, such as jewelry, musical system, gadgets, furs etc. are more precious ones that exceed the standard policy limits, then you may need to take an additional Floater endorsement to cover the precious contents adequately.

Like standard homeowners insurance, standard renter's policy covers fire, lightning, vandalism / malicious damages, burglary, explosion, windstorm, water damages (generally excluding flood which can be obtained from Federal Flood Insurance Program and the contact point is: 888-379-9531 and http://floodsmart.gov ).

Renter's insurance also does not cover damages caused by leaking of water pipes, ground water seepage, mold formation (resulting from poor maintenance of building or normal wear & tear). But the damages caused by snow or ice, sudden & incidental flow of water from natural source, rain water, storm, freezing of plumbing pipes are normally cover.

I n India, there's a package policy, popularly known as House-holder insurance (composite) that consist of many sections covering contents (Sect-IB) that automatically covers flood & inundation, earthquake etc. Content insurance in UK, New Zealand, Australia covers storm, flood, earthquake, Tsunami (Australia). …