Reduce your Business Insurance Cost Blog
You have a lot on your plate.
If you’re like 66% of small- and medium-sized business owners, you’re personally responsible for at least three of the following areas: operations, finance, sales, marketing, human resources, customer service, product development, and IT. Feeling overwhelmed? It’s okay. Learn to delegate, find the right business partners and enjoy your adventure. You’re building something that’s uniquely yours!
You’re not alone in your efforts to recruit and retain the best employees.
Businesses are built by people. Which means as you grow, your employees become more and more important to your continued success. However, a recent Future of Business survey identified that 25.6% of Canadian small- and medium-sized business struggle to find and keep high-quality employees. Are you doing everything you can to identify, entice and retain the best talent?
Never settle for the way it has always been done.
Make one of your business and personal goals to stay ahead of new innovations in your industry and more broadly. This could mean embracing new technologies or trying new ideas, particularly from your own pool of talented employees. It also means making sure you have the basic tools to keep your business humming, including the right types and amounts of insurance.
Partnering with a bank can help increase your access to capital.
It’s hard to gain the trust of a bank when you’re just starting your business. Banks are notoriously conservative with their investments, which means you need to focus on what you bring to the table. As you seek capital to grow or expand your business, find a bank that is interested in being your partner and not just treating you as another customer. Sometimes that means creating close ties with the bank’s CEO — one executive to another.
Limit your expenses to maintain your profits.
Growing your revenue is obviously important as a small business owner, but limiting your expenses is equally vital to your long-term success. Staying ‘in the black’ and reporting profits on a consistent basis is a challenge for approximately 44.7% of Canadian small- and medium-sized businesses. Beat the odds by focusing on staying lean.
Invest in your business by investing in your employees.
Making an investment in your people makes them feel valued. It also encourages their loyalty to you and your business. As your business grows, it is important to continue to help your employees grow their own careers along with the business by providing insurance, education and mentorship.
Do you have the cash to keep your business flowing?
A whopping 82% of small business failures are due to issues with cash flow. Accidents involving employees and customers can stop your growth in it tracks, or worse, shut your business down completely. Are you covered?
Automation is your friend.
Find new technologies and tools to help automate the tasks that are ancillary to your business. And always look for new ways to streamline your processes. By doing so, you’ll spend more time and resources on growing your business, which will help you, your employees, and your customers.
Reminder: you’re never in it alone.
Whether you’re a veteran entrepreneur or just getting started on your journey, it’s always good to learn from those who have gone before. Here are seven quick business tips from successful small business owners to help motivate you along your way: 1) build a support network, because you will need help; 2) be hyper-specific with your goals, so you can plan accordingly; 3) delegate whenever you can, it’s more important for you to work on your business than in it; 4) keep your overhead low, invest in your business at every stage; 5) you can’t do everything, find your niche and stick with it; 6) keep your day job longer than you think you should, that extra income will help your fledgling venture; 7) avoid distractions, they’re all around and only help to slow us down.