Leaders Perception Magazine is currently running an interview series called – What Are The Top 5 Mistakes People Make When Starting A New Business?
Today, we had the opportunity to interview Stacey A. Giulianti, Esq. who is a Co-Founder and Chief Legal Officer at Florida Peninsula Insurance Company.
Interviewee Name: Stacey A. Giulianti, Esq.
Company: Florida Peninsula Insurance Company
Stacey A. Giulianti, Esq.’s favourite quote: “No one cares. Work harder.”
Thank you so much for joining us today! Tell us a little bit about yourself. What is your backstory?
Stacey A. Giulianti, Esq. : I am currently the Chief Legal Officer at Florida Peninsula Insurance Company, a Florida-based property insurance carrier, where I oversee the Claims, Special Investigations, and Legal Departments. I founded the company with five partners in 2005, and we have since helped it grow to become the 5th largest homeowners insurance company in Florida. I am a licensed attorney, and a member of The Florida Bar since 1993 and The Maine Bar since 2018. From 1998 to 2006, I served as a member of the judiciary as a Traffic Magistrate in Broward County, Florida. I am the longtime author of Florida Insurance Law, Thomson West Publishing, 2007-2022. Finally, I graduated from the University of Miami School of Law cum laude in 1993.
In your opinion, what makes your company stand out? Any examples?
Stacey A. Giulianti, Esq. : We believe that technology only works when you connect it to old fashioned customer service. People who answer the phone when you call, with minimal to zero wait times. Claims adjusters that take the time to answer your questions and recommend full and fair reimbursement. High tech solutions don’t help if you can’t back it up with a promise to help your customers in their time of need.
What are the TOP 5 mistakes people make when starting a new business? Please share advice/examples for all of them.
Stacey A. Giulianti, Esq. : The first mistake entrepreneurs make when opening a new venture is having insufficient cash on hand to survive until the revenue generation begins. It will take you twice as long to see dollar one than what you have anticipated, and your start-up costs will be at least 50% more than the amount written in your business plan. Cash is the most important ingredient for initial survival.
Second, entrepreneurs fail to delegate and try instead to do “everything.” That’s often a fatal mistake. My business partner and I are not very knowledgeable in accounting and bookkeeping; thus, our first outside hire was a financial expert to handle that aspect of our business. Instead of wasting countless hours trying to figure it out, we brought someone onboard that already had a financial and accounting skill set. Do what you do best, and spend your valuable time only on the tasks that only you can do. If someone else can do it, delegate it.
Thirdly, I teach students in my entrepreneur college courses to perform background research on their idea prior to launching it. Sounds obvious, but too many business owners launch their venture, only to find much less need for the product or service than suspected. Just because your grandmother thinks “people will buy it,” doesn’t make it so. Spend as much time as necessary until you are certain that the market is ready for your product or service.
Fourth, be very careful who you partner with for your idea. The wrong coworker can sink your idea before it leaves the dock. The right partner – one that complements your skills and offers a different range of talents – will help you find a high level of success. Avoid the loud, “know it all,” and stick with the thoughtful, careful individual. Measured enthusiasm, with a dash of realism, is what I look for in a potential business partner. Nothing makes a business more painful than having to work daily with the wrong partner.
Finally, when you’re ready to hire employees, make sure they are competent and hard working. Too many workers today want a paycheck and nothing more. Avoid those applicants. Find someone that truly believes in your mission and wants to be an integral part of the team. If you find that someone misrepresented their skills and cannot perform the job, let them go immediately. The longer you wait, the harder it is to terminate them, and the more trouble they will cause for your business. Cut off the dying branch as soon as you spot it. You’re not running a charity, and it’s important that you realize that from day one.
Leaders Perception magaizne would like to thank Stacey A. Giulianti, Esq. for the time dedicated to completing this interview and sharing their valuable insights with our readers!
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