We know how the stock market has been all over the place thesepast few months, and coming from this economic rollercoasterride is a general feeling of uneasiness from consumers and small businessowners. Rising food and gas prices, the subprime mortgage bankingissues, job losses, and the falling dollar are all contributors to thisshaky outlook.
As the last quarter of 2008 wraps up this election year, consumersand business owners alike wonder what’s ahead for the economy in2009.
Here are just a few tips to consider when it comes to successfullyand calmly managing your financial well–being during volatile periods.
With open enrollment periods for benefits underway, most companieswant to help improve their employees’ overall health, which inturn helps lower the rising cost of healthcare.
Take time to implement options that include cost savings whilehelping build a healthier workforce:
Reward Good Health – Offer financial incentives for practicinghealthy habits and lifestyles, as well as participating in wellness programs.
Preventative Care Benefits – Offer full coverage for employeeswho follow preventative medical care and get preventative drugs withouta deductible.
Communication Tools – Provide online tools that offer healthtips/education, with easy surveys or calculators to manage healthcareexpenses.
Healthcare Savings Accounts (HSAs) – Offer a Healthcare SavingsAccount to help promote consumerism savings and reduce plan options.Let your employees take on more management of their healthexpenses by using the account.
Individualized Support – Offer voluntary benefit options thatmeet personal and family needs such as homeowners, automobile andgroup life insurance. Plus, offer discounts on vision, dental, massagetherapy, chiropractic care, health club memberships and weight–controlprograms.
Make sure you’re fully protected against unforeseen risks at work, home, or on the road
The year’s end is a great time to assess both your business risk exposureas well as your own personal insurance coverage, especiallyduring critical economic periods. It’s important to be realistic in planningfor 2009 when it comes to your overall insurance budget. Temptingas it may be to decrease limits in order to cut costs, take a good lookat your situation first. You definitely don’t want to find out that you’reunderinsured or without proper coverage when faced with a claim.
For future peace of mind, you owe it to yourself, your employeesand your family to consider the following:
- Are you protected against all possible risk situations? What happens if your business property suffers a catastrophic event, and you can’t get back up and running in a reasonable timeframe? How will expenses be handled if you’re temporarily out of operation?
- You may be surprised at how cost effective certain specialty coverage is now, including Workers’ Compensation and Business Interruption policies.
- Professional liability coverage offers affordable protection to help you stay in practice and provide your needed services.
- Be sure you communicate with your agent to review all possible coverage options, so you can understand any potential property exposure/gaps.
- Make sure your homeowners and auto insurance policies are up to date with complete coverage and protection as well.
- Are you covered for more than just the minimum liability limits on your auto or home? Minimums recently went up to 30/60/30 on an auto policy, and you may want to consider additional flood or hazard protection on your home.
- For the best possible premium estimates, always ask if a multipolicy discount is available when insuring your home(s), autos, recreational vehicle or watercraft, etc.
Improving Employee Morale also plays a big role in Profits
One way to increase productivity and make employees happy isto “play up” the positives and successes, no matter how big or small,about your company or industry. Even though we’re in the midst oftough times, there’s always a silver lining story about great service, excellentproducts or innovation in the marketplace. And that can go along way with both customers and employees.
Note a few tips on spreading the good news around the office:
- Tell valued employees you need them and how important they are to your company.
- Find out if there are recent success stories, within your sales teams, or with staff areas who implemented a new productivity process.
- Spotlight your best producers in an internal article or newsletter.
- Ask for testimonials from your employees and/or your clients.
- Be honest with individuals – from a job security standpoint, as well as clarifying expectations.
- Provide regular feedback to motivate and encourage your managers, who then should share with their employee teams.
- Promote good physical, emotional and mental health by offering health screenings or fairs, fitness memberships and other employer–sponsored perks.
While it’s not easy maneuvering through economic stress, whenyou follow tried–and–true plans from a reliable resource you and yourcompany stand ready to succeed no matter what comes your way.
