As businesses look ahead to 2022 with optimism and new opportunities for growth, some might wonder what strategic steps they can take to be ready for the new year ahead. The answer for some industries is making improvements and upgrades now so they can be better prepared to handle new customers, fulfill additional orders, protect their business, and support their workforce.

In today's Aegis blog post, we look at four key upgrades and improvements businesses can make so they are best positioned to handle growth, additional revenue streams, and adding new team members in the new year. We will also discuss the role Commercial Insurance plays in business upgrades, and how Aegis Insurance & Financial Services can help.

Tools and Equipment

One of the biggest obstacles to a company's growth and long-term success is hanging on to outdated and inefficient tools, equipment, and specialized machinery. Although employees might be accustomed to using certain tools and machinery to do their jobs, using older tools and equipment can make processes much slower, reducing turnaround time and negatively impacting productivity.

For example, a newly opened restaurant might utilize a smaller scale mixer or oven, but as their business grows and customer orders increase, they could benefit from an upgrade to a large industrial mixer or larger oven to meet additional orders. Retailers could benefit from upgrading Point of Sale (POS) systems in order to improve the checkout experience for customers and improve sales and inventory reporting.

Computers and Technology

Companies can also benefit from an upgrade in their computer systems, company network, and technology tools. Using outdated electronics and technological tools can result in less accurate results, communication gaps between companies and customers, slower daily operations, and a risk of falling behind competitors who integrate and utilize newer technology.

Vulnerable networks and older email systems can also be hacked, leading to data breaches or cyber leaks of valuable business and customer information. A large-scale company data breach could result in possible cyber liability claims from customers whose information has been compromised.

Employee Training and Benefits

Businesses can also experience long-term success when they invest in the well-being, growth, and safety of their workforce. This can be accomplished by offering better Group Health benefits, as well as health and wellness incentives to keep workers healthier. When worker health is a company priority, then companies will often see lower employee turnover and improved productivity.

In addition, companies can also ensure that their workforce is well-trained in both safety procedures and in business-relevant skills sets. This can be done by developing safety training programs, offering tuition reimbursement for those interested in earning degrees or certifications, and encouraging continuing education courses for their industry.

Business Vehicles

Finally, companies have had a greater reliance on business vehicles as customer buying habits have changed during the pandemic, leading to a significant rise in customers requesting deliveries and catering services. Some businesses have discovered too late that their older business vehicles, delivery trucks, and catering vans aren't reliable and are prone to breakdowns and poor mileage. When businesses invest in newer business vehicles, they can fulfill more customer deliveries without worrying about delays, costly repairs, irate customers, or high fuel costs.

How Commercial Insurance Helps

It's common for businesses to outgrow their current equipment and machinery as customer orders and sales increase over time, so business growth should be followed by upgrades and business investments in people and property. New equipment and assets should also be protected through Commercial Property Insurance so their value is covered and protected in the event of a disaster. Otherwise, companies that experience a covered event such as fire, theft, or property damage could find themselves repairing or replacing upgraded equipment out of pocket.

Aegis Insurance & Financial Services is proud to partner with companies across Texas to ensure they also have the Commercial Insurance policies that meet their unique industry needs, all at competitive rates. Contact Aegis today at 713-850-7622 for more information, or fill out our online form to request a free quote!