29 Aug Grow Your Business by Decreasing Non-Revenue Producing Overhead
Steve Martino joined BBB on this episode of Pro Tips.
Steve believes that companies with 5-50 employees are the backbone of our economy and they are incredibly underserved.
Because of this, these companies have a hard time buying insurance and getting the coverage they need, while also providing Human Resource services, payroll, and other essential services.
The first way to ensure that your small to medium sized business will continue or restore growth is to make sure you have full coverage. You do not want to shop for the cheapest insurance, because that will leave you with gaps in your coverage. It’s best to make sure you find a broker you can trust to find you a great plan with ideal coverage.
One way to keep the costs down is to Streamline your services. Find a broker or insurance agency that will be transparent about the world of insurance. They should update you frequently about rates, the industry- this way there will be no surprise audits or unexpected rate changes. Another way to streamline services is to bundle them. Your broker should look for ways to find payroll, receipts, HR, claims and safety all in one. You do not want to have 5 different bills added to your overhead.
The last way you can ensure growth is to eliminate non-revenue producing overhead. Streamlining and bundling services is a big part of this. Small businesses do not want to be paying payroll and HR employees to manage all of these services, because these employees are an expense; they do not produce revenue for your company. Instead, you can find a bundle package that allows you to keep control of these services with limited time and effort spent on them. This will also make sure you stay compliant on all of these services.
Trusting an agency to aid with these services will allow you to spend your time on your core business. This allows you to allocate your resources in the most effective way and focus on the growth of your company.