Why Should I Conduct A Home Inventory?
For business owners – retailers, in particular – it can be a daily ritual: the inventory process. Companies have to be aware of the specific items that sold over a given period so that more can be ordered, replenishing their store shelves to keep patrons happy. For the sake of customer satisfaction alone, this makes creating an inventory a must-do component to keeping things up and running.
If only everyday Americans had the same motivation.
Conducting a home inventory can seem like one more thing to do when you’re already busy enough as it is. But, devoting some of your time to the process really is worth it – in every sense of the word. The following are several reasons why it pays to take stock of your stuff:
Expedites the claims process
After sustaining a loss in a fire, weather-related disaster or theft, filing a homeowners insurance or renters insurance claim can help replace the belongings that were damaged or destroyed. By knowing what specific items were spoiled or wrecked, you make the claims process easier for you and the insurer, helping expedite the claims process.
Helps determine the proper amount of coverage
When you own or rent a residence, insurance is crucial. But, how do you know the proper amount of content coverage you need? Conducting an inventory can help determine this. A thorough review of the things that you own – and the establishment of a value for each – will give you a better assessment of how much coverage is adequate, so you’re fully protected.
Keeps track of what’s what
The average American accumulates an enormous amount of junk over a given year, so you can only imagine how much stuff is compiled over a lifetime. Creating an inventory is a tangible way of assessing your most valuable possessions and what it would take to replace them should an unfortunate event occur.
There are a wide variety of ways to complete a home inventory, almost as diverse as the things you own. The Insurance Information Institute offers a free example in the form of an app that you can download to a mobile device. If you’re a visual person, the app allows you to take pictures of your items and document them with written details of when each was purchased and the cost.
You can also keep an inventory by maintaining a notebook, along with a brief description of each item. You may want to categorize the items listed by the room in which they’re situated or classified, like kitchen items, electronics and jewelry.
For more information on creating an inventory that works for you, speak with your independent agent.
Thank you Selective for this helpful article!
Sources:
Insurance Information Institute – Brochure: Home Inventory
Insurance Information Institute – Know Your Stuff® Home Inventory
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Perhaps you are a new entrepreneur about to launch a business or innovation you have been dreaming about for years. Or maybe you have an established business and things are going well, or maybe even too well. In both instances, you are going to need capital – the “oxygen” that every business needs to grow and prosper
.
HOW DO YOU DECIDE?
So now you are writing your first business plan or touching up the old one in anticipation of raising capital. Capital can only come into a business in one of two ways. Capital that is generated internally through positive cash flow from business operations (e.g., selling stuff), or from external funding sources. The new entrepreneur is limited to only one option – external funding sources. The established business is hopefully generating positive cash flow but may require additional capital. Which funding option is best? Is it best that the capital come from only one source, or does it make more sense for the capital to come from multiple sources? How do you decide?
How you decide to capitalize the business is called your capital formation strategy. There are undoubtedly a number of other factors to consider depending on your company’s current circumstances, and, quite importantly, where you want your company to go in the next few years. If you are still hesitating what development strategy to pick for your company.
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Perhaps you are a new entrepreneur about to launch a business or innovation you have been dreaming about for years. Or maybe you have an established business and things are going well, or maybe even too well. In both instances, you are going to need capital – the “oxygen” that every business needs to grow and prosper.
HOW DO YOU DECIDE?
So now you are writing your first business plan or touching up the old one in anticipation of raising capital. Capital can only come into a business in one of two ways. Capital that is generated internally through positive cash flow from business operations (e.g., selling stuff), or from external funding sources. The new entrepreneur is limited to only one option – external funding sources. The established business is hopefully generating positive cash flow but may require additional capital. Which funding option is best? Is it best that the capital comes from only one source, or does it make more sense for the capital to come from multiple sources? How do you decide?
How you decide to capitalize the business is called your capital formation strategy. There are undoubtedly a number of other factors to consider depending on your company’s current circumstances, and, quite importantly, where you want your company to go in the next few years. If you are still hesitating what development strategy to pick for your company.