Soar to Success December 2020

Is it Time for a Financial Fitness Checkup? By Megan Patton M ost business owners I know are constantly looking for ways to increase their bottom line. While there are many ways to do this, one of the best things you can do, outside of gaining new revenue, is to focus on reducing expenses. When in times of economic difficulty, as many business owners have experienced throughout 2020, it becomes even more important than usual to really understand where all of your money is going. Recently, I was at a client company doing some analysis. I was stunned by the cost of their health care plan relative to other companies their size. Now, that probably comes as no surprise to many of you, as health care is one of the fastest growing costs for most companies. However, I asked some questions and quickly realized that their health care had not been put out to bid for several years. They just accepted the increases as they came. Their broker hadn’t suggested trying anything