Management: Three Things Small Businesses Should Know
(NC) -- When setting out on your own with a new venture or looking to improve an existing one, each minor decision has important consequences. Small businesses need every advantage they can get, especially when it comes to stretching their investment and attracting talent. Here are three tips for making the most out of your capital and getting a great return on your spending:
Employee protection equals employee attraction
You may not have a bottomless budget for hiring talent yet, as any leader knows, the people you surround yourself with will ultimately determine your success or failure. You may have a stellar idea, an exciting business, and a strong culture, but there are still other ways to attract the best employees. For one: good benefits go pretty far.
“Offering a robust employee benefit package is a great way to differentiate yourself from your competitors in the job market,” says Grant Ostir, president and chief operating officer, Western Financial Group Business Insurance and Western Life Assurance. “In a recent study that our firm conducted, we found that more than 60 per cent of Canadians say that benefits are vital when looking for a new position, ranking only behind salary.”
So, this should be considered an investment in the future, not just another present-day expense.
Savings are in the details
As outlined above, having an employee insurance package can attract talent. Furthermore, once you have one in place there are many ways to reduce costs. “Eighty per cent of employee claims come from prescription drugs,” explains Ostir. “As an employer, you can limit these by allowing for use of generic prescriptions and using a dispenser that has lower fees.”
Convenience is king
Like any organization, a small business's success requires efficiency. One of the easiest methods for achieving this is migrating all possible operations online. Today, you can do everything from accounting, filing, and invoicing to billing, planning, and expenses using software, cloud or mobile computing.
“Embrace every opportunity you can to streamline your processes. Take a look around at your office – everywhere you see a stack of paper is probably a chance for a positive change,” observes Ostir. “Over 90 per cent of our client's claims are processed electronically through pay direct cards and online.”
Running a small business presents a unique set of challenges, although the above should help you along the way. Additional information about employee benefits packages is available online at westernfinancialgroup.ca.