Checking for Financial “Leaks” at Your Business

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.


Do you have questions about your insurance? Find an insurance agent near you with our Agent Finder

Search All Blogs

Generic filters

Buzz Your
Insurance Agent

Search for a local agent with our agent finder map.

Agent Finder

Want to learn more about our blog writer?

Read more about KayLynn's background.

Click Here

Search All Blogs

Generic filters

Read More Blogs

The Thrill of the Grill: A Masterclass in BBQ Perfection

An ultimate guide to mastering grilling and barbecue, with tips, techniques, and delicious recipes.

The Entrepreneur’s Armor: A Guide to Protecting Your Business

A crucial guide to business insurance, covering essential policies and strategies for entrepreneurs.

The Gift of Security: A Simple Guide to Life Insurance

An easy-to-understand guide to life insurance, explaining policy types and a simple way to calculate your needs.

Hitting the Road Safely: Understanding Your Auto Insurance Policy

A simple guide to auto insurance, explaining coverage, premiums, and tips for finding the best policy.

The Homeowner’s Handbook: Protecting Your Property and Peace of Mind

A clear guide to home insurance, covering policy types, inventory tips, and how to save money.

The Art of the Perfect Pizza: From Dough to Delight

A comprehensive guide to making delicious, restaurant-quality pizza at home, from dough to toppings.

Shielding Your Enterprise: The Small Business Owner’s Guide to Insurance

A deep dive into business insurance, covering essential policies and strategies to protect your company from risk.

Your Legacy, Your Promise: A Practical Guide to Life Insurance

A clear, practical guide to life insurance, explaining term vs. permanent policies and how to calculate your needs.

The Driver’s Blueprint: Demystifying Auto Insurance Coverage

A complete guide to auto insurance, explaining all coverage types and how to get the best deal.

Beyond the Basics: Navigating the Nuances of Home Insurance

A comprehensive guide to home insurance, covering everything from standard policies to essential riders and the claims process.