Worcester Business Journal

wbjournal.com | November 14, 2022 | Worcester Business Journal 23 Everyone wants to host the best possible event, leaving guests in awe and being remembered for all the right reasons. If you are looking at planning an amazing event and overwhelmed because there are so many places to start (and there are, you are not alone), here are some tips to help get you started on the right path before booking any vendors. 7) The most important part of having a wonderful event is to have a clear vision and purpose. Whether it is a corporate event to demonstrate a new product or a wedding to show your love to the world, it's important to know the purpose and the vision before any planning starts. 6) Once you decide on the vision of the event, think about the goal. Are you looking to raise money for a foundation, or are you celebrating a milestone event? That goal will keep you on track and focus your time on what is most important. 5) Theme what you envision your event to look like. You can have as many as you like and then create vision boards for each one. Doesn't need to be anything fancy. Don't let this drag you down as we all know we can get sucked into Pinterest for hours (at least I can). Create a few different Pinterest boards to get an idea of what you tend to like and what you gravitate toward. 4) Create your budget to stick to it!! Remember this is a working document. These figures can be estimates based on industry standards, and event planners can assist with this. 3) Among the vendors, look at hiring an event planner. Their main purpose is to help you achieve your vision and goal while saving you money and alleviating stress for you. 2) Start looking at dates. Is time of year important to achieve your vision and goal? What is the best time of day/ evening to have the right crowd attend your event? 1) After all that is complete, start contacting vendors or have your event professional take care of all that for you. K N O W H O W Tips for healthcare- minded entrepreneurs 10 1: A s supply chain issues plague the economy, companies are search- ing for ways to keep business running as usual. Long wait times, lack of regular supplies, and a higher cost com- ing with extreme demand can cause a lot of chaos. Here are tips for dealing with supply chain issues, and how to prepare for the next time there are shortages. Do not over invest. It might be tempt- ing to make big purchases right now, especially if your warehouses are getting empty. But buying a lot of supply at jacked-up prices will likely just lead to more problems down the road. "When the supply shortages are resolved, you might end up with excess inventory that you paid a premium for," Firas Kittaneh, co-founder of Amerisleep Mattress, told Forbes.com. "Instead, be mindful about getting just enough supply to minimize operational downtime." Identify risks in your operation. A lot of times, small businesses will assess their supply chain vulnerabilities based on what's going on with their primary sup- plier. But it goes a lot deeper and delving into the firms that supply their suppliers and so on can help prevent problems in the future. "Once you've assessed your downstream exposure, you can start to identify new partners and geographies to build supply chain diversity and resil- ience," Sean Laffere, managing director of Alvarez & Marsal in Houston, wrote on Inc.com. With customer service, go above and beyond. While you might believe in your ability to get things done in the regular timeframe, it's best to be completely up front and open with customers when their orders will likely be delayed. Simple things, like stock notifications for customers, go a long way. "e worst a business can do is to let customers guess or plan for product deliveries which won't happen," Simona Stan, professor of marketing at the University of Montana College of Business, told NerdWallet. "When in doubt, it's better to under- promise." 7 T H I NG S I know about... ...Planning an event BY MADISON WELLMAN Special to WBJ M ost Americans are aware health care is big business. We are all familiar with the hos- pital networks, health insurers, and pharmaceutical firms exist- ing within our healthcare system, and the large amount of money they generate. McKinsey & Co. estimates earnings in the healthcare services and technology sector will grow by 8.2% for the first half of the 2020s, reaching a projected profit pool of $70 billion by 2025. ere is an immense amount of opportunity for an entrepreneur in the HST space; but what should a non-clinical professional know before taking the plunge? 1. A good attorney – Every small busi- ness should have some legal representa- tion, but in some industries, it is more important than others. In health care, a qualified attorney who understands both federal and commercial payers is a must, and bonus points if the firm has a staff compliance officer. Make sure your attorneys are using agreements tailored to your business, not templates; make sure conflicts are settled in your state, and finally, avoid arbitration if possible. Arbitration is great for preserving rela- tionships but poor for holding bad actors who want to skip out on their obligations accountable. 2. NDA & BAA – If your business handles sensitive patient data or works directly with clinicians and providers, you will need a proper non-disclosure agreement and business associate agreement. e NDA is self-explanatory, but the BAA allows your business to view patient data protected by the Health Insurance Portability and Account- ability Act. e importance of having your own version of these documents and having the providers sign your NDA/BAA, not the other way around, cannot be overstated. is can help you sidestep future unnecessary litigation or Medicare compliance issues. 3. HIPPA-compliant tools – Any soware your business uses will have to comply with federal patient privacy reg- ulations. Luckily, there's a wide variety of HIPPA-compliant business soware on the market, and some well-known business applications, such as Dropbox, have HIPPA-compliant versions. Your payment processor must be SOC1 compliant. SOC1 is too complicated to explain here, but your Medicare attorney should be able to break it down for you. 4. Policy protects you – Set standard policies and procedures for every activ- ity your business engages in and every task you will ask your employees to do. Make sure you have employee contracts clearly detailing employee conduct, clearly defining poor conduct, and clearly stating consequences for failing to meet those standards. Having these procedures written down will help you avoid and defend against lawsuits. 5. Don't be your own bookkeeper – Typically, insurance companies and Medicare can take up to 90 days to re- imburse for a procedure. is lethargic pay schedule results in large accounts receivable and unique tax pitfalls for healthcare businesses. A profession- al accountant with healthcare sector experience will help you maintain healthy cash flow and be prepared for tax season. Madison Wellman is a business opportunity specialist for Worcester nonprofit RCAP Solutions, who provides free small business business assistance. Reach him at (774)239-9783 or mwellman@rcapsolutions.org. BY LAURA FINALDI Special to WBJ By Ashling Rowen Ashling Rowen is the owner of Infinity Events in Sutton. Reach her at ashling@ infinityeventsco.com M A N A G I N G S U P P LY C H A I N P R O B L E M S W W W

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