Lessons learned at the 2020 NCRA Business Summit

Competitors in the Lost Pines Olympics

Participants left the 2020 NCRA Business Summit with useful information about leadership, security, finances, body language, and the state of the court reporting industry. In between those sessions, they also had time to network with colleagues, spend time at the Hyatt Regency Lost Pines Resort and Spa, and meet Yogi, a friendly 9-year-old alpaca. Extra opportunities for participants included the team-building Lost Pines Olympics and opening and closing receptions.

Speaker Chris Moyseos, an Austin-based wealth management specialist with Morgan Stanley, told participants that whether a person is starting a small business or expanding one, following a roadmap is essential. Focus on profit rather than revenue, with a plan to “use the money to put back into the business,” he advised.

To prepare for financial success when operating a small business, “put everything in place before you need it,” he said. “You have to be really smart with the way you use that line of credit. Banks can be very skittish.”

He also said having a financial plan is essential. “Pay yourself first. You must know your budget. Be prepared: Social security statement, income, other income sources (rental properties, brokerage accounts, insurance accounts). Know when you want to retire. Do you want to leave a legacy? Do you have a plan for long-term care?  Half of your medical bills [could be] in the last two to three months of your life,” he said.

 “As a working reporter and firm owner, I found the seminars to be well worth the cost,” said Kathleen M. Soloaga, CSR, a freelancer in Napa, Calif. “The speakers were informative, interesting, and on topics that I found quite helpful. Prior to attending, I honestly didn’t fully understand the value of networking. This was invaluable as a somewhat new firm owner. Having the opportunity to speak with other firm owners with much more experience than myself and pelt them with questions and receive honest input was invaluable. Thank you so much to all of my ‘victims’! I’ve come back home with a load of knowledge and contacts that will be extremely helpful in running my business. Would highly recommend!”