Checking for Financial “Leaks” at Your Business
It has been said that it is much easier being a business owner or manager in good economic times than in poor ones. A good economy can make up for a lot of bad business decisions. When the economy tightens up, however, the mistakes create more significant problems. Better management is required as times toughen. A difficult economy magnifies errors and managers and owners should become more aware of financial “leaks” in a business”. Here are some places to start.
Overtime
Is it really necessary to pay for overtime or can an administrative assistant take on some of the duties of a higher paid employee?
Can You Save by Having Employees Work Remotely?
What once was unthinkable is now being embraced by even major corporations. Employees working remotely from home. Employees love the flexibility it provides and businesses can significantly lower their operating costs including rent, utilities and other facility expenses.
Utilities
Leaving the lights on, copiers running all night and computers using electricity when not in use may not matter much when business is booming. But in a tight economy, you need to pay attention to leaking toilets and old office refrigerators that may be costing hundreds per year.
Cellphone/Internet Access
What suited your business two or three years ago may not be cost effective today. This may be a good time to explore your options when it comes to cellphones and internet access for you business.
Leases
Landlords are quickly realizing their space can be expendable with the growing amount of remote workers. This can be a good time to open discussions about your lease with your landlord, particularly if the lease is due for renewal shortly.
Business Insurance
You certainly don’t want to put your business at risk by eliminating areas of your business insurance. There are, however, ways to plug leaks. You may consider higher deductibles, for example. You could also contact one of our independent insurance agents for a business insurance review and quote. We can take a look at your coverage and see where it may be excessive or lacking. We can seek quotes from an array of business insurance companies to find new, competitive quotes. This could result in savings without sacrificing coverage.
It’s easy to get started. Call one of our independent insurance agents today. There is no cost to get a quote, nor any obligation to accept it. It may, however, just be the answer to stopping one of those financial leaks in your business.
