Saturday 08 May 2021

Review Your Business Annually for Ways to Improve

Most of us find ways to do things that work pretty well, then we don’t think about them again. This way of looking at things can cost you money in your business. There are a few things you should review annually to make sure you’re not missing opportunities to improve.

Review Your Insurance

There are a lot of different ways that underwriters look at an industry or location like commercial insurance Sacramento CA. The same business or trade is viewed quite differently by one insurance company versus another, and annual rate increases seem to come with the territory. A thorough review can reveal that a new company wants your business more than the incumbent. Just make sure that your deductibles and other values are consistent with the existing coverage.

Review Your Employees

Small business owners often avoid doing an annual discussion and review with their employees. It feels overly personal, and there is a mistaken belief that these reviews necessarily create awkward situations. Handled properly, they can actually facilitate conversations and clear the air on festering grievances.

Review Your Customers

If you think the customer is always right, or always gets to decide how they’re going to do business with you, you’re probably leaving money on the table. The most profitable businesses review their customers to see which ones they’re really making money on. If you’re a growing business, you should be increasing minimums, rates, and requirements for your projects. You should be growing more selective about who you’re doing business with. If some of your customers don’t fit those criteria, it may be time to let someone else service them.
Reviewing these key areas of your business may not be easy. They’ll require some tough conversations with vendors, employees, and customers, but the time spent looking at them could be well worth it.


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