January is Financial Wellness Month, and as a small business owner, you know how important it is to make sure your finances are in order every month of the year. Since January is the beginning of a new fiscal year for most businesses, it makes sense to take some time this month to make sure your finances and your insurance coverage are ready to handle whatever challenges the new year may bring. Here are four steps to get you started.
4 Simple Steps to Better Business Finance
- Review your budget and revise it as needed. If you intend to make improvements or add services or products, now is the time to plan for those additions, including any insurance or marketing costs related to their rollout.
- Revisit your hiring practices. Your company relies on a qualified staff to stay competitive. Make sure the processes you use to identify top candidates (and to retain them) are on target with your business’ goals.
- Look into cloud services. If you’re still running your office primarily on paper, now is a great time to look into moving as much as possible to online services that offer bookkeeping, invoicing, appointment-setting and recordkeeping. Not only will it help streamline your processes, but it can also help free up space and eliminate clutter in your work areas.
- Make sure you have adequate insurance coverage for your needs. Your business undergoes a lot of changes year in and year out – some major and some subtle. And those changes can leave you open to losses you might not have anticipated – or planned for. Reviewing your insurance coverage every year is a smart way to plan for those possibilities so you can avoid financial upsets that could force you to close up shop. Insurance isn’t just for physical property; many businesses benefit from business interruption insurance that covers potential losses in the event the company has to suspend operations due to a natural disaster, power failure or other event. It’s a surprisingly affordable option that can provide you with additional peace of mind in addition to necessary financial protection.
Do you have enough insurance for your small business?
If you’ve been wondering about your business interruption insurance or other coverage options for your company, Financial Wellness Month is the ideal time to dig in and find out more. Call Basi Insurance Services at 877-590-4826 and have your insurance coverage reviewed. It’s quick, and the time invested could wind up saving you from a devastating loss later on.