4 Key Factors Every Business Owner Needs To Know
Whether you are already running your own small business, expanding to a mid-size organization or you manage the operations of a corporate entity you know that there are constant challenges to your ongoing success. It’s easier to meet those challenges, and ensure your business continues to grow and succeed if you have solid resources for basic business activities. From taxes, insurance, employee benefits, and being the boss, Premier helps break down 4 key components every business owner should focus on to keep your business running smoothly.
Insurance
Just like your home, your business has assets you need to protect. But when most people think of insurance or risk they think of property. But when assessing your exposure or risk, there is a lot more than just your building or fleet of cars that you need to consider, such as:
- Workplace Safety
- Management Liabilities
- Cyber Liability
- Surety & Bonds
- Loss Control
- and more…
Employee Benefits
From deciding what kind of employee benefits you want to offer. Or If you already have policies in place, do they stack up to your competitors? Employee benefits can be one of the biggest headaches and expenses for a growing business. Therefore, you need to take measures to ensure the policies and plans in place are the right fit and structure for your growing needs.
No matter what your employee benefits strategy is, you need to know how your benefits compare to what other companies are offering
Our survey provides companies with comparable benchmarking data for:
- Medical Plans
- Dental, Life, & Disability Benefits
- Innovate Benefits & Strategies
- Wellness & Vision
- Other Specialty Benefits’
Wealth Management
While most business owners focus on growth and accumulating wealth. Many aren’t sure how to convert their business asset to cash flow after they retire. Below are the 5 key stages you will go through on your way to financial success. No matter what stage you are in it is never too late or too early to start thinking about what’s next.
- Formation – This is where you are starting your business and have no time, money or effort for anything but getting the business off the ground.
- Investment – Your business now has positive cash flow and you can start thinking about your business as a financial success.
- Accumulation – Your business is a success. You are able to diversify your investments and are actively thinking about selling your business.
- Preservation – You are in the process of transferring ownership and control of your business. You will have liquidity from your business.
- Transition – You are comfortable with the sale of your company. You realize you have excess assets and wish to handle those assets in a responsible and tax efficient manner.
Human Resources
Employees are the lifeblood of your business so it might seem obvious that the HR offerings and processes you put in place matter. But you would be surprised that most businesses miss the following key step.
If you are familiar with the hit show ‘The Profit’ then you know Marcus Lemonis and his 3 keys to business success. People, Product, & Process. A lot of people spend most of their focus on people and product. Often overlooking a key factor – process. The process alone can make or break an organization and crumble even the strongest team.
Consider a professional football team. You can hire the best players in the league and have the best franchise, but unless you have a clearly defined playbook your players won’t be able to operate towards one common goal, win the game. The same for your organization. You need a clearly defined process to win the day.
It is always best to conduct a diagnostic assessment of your process which can help determine the current state of your organization’s people strategies, culture, employee engagement, and compliance.
How can we help?
If you found this article helpful and would like to explore further how to set your organization up for success, contact Premier using our form below. We offer free consultations and offer 360º solutions in employee benefits, risk management, human resources, and personal wealth management.
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