As 2016 comes to a close, many businesses begin planning out strategies for the new year to increase revenue, win customers, improve efficiency, and lower costs. However, many companies miss out on important growth opportunities because they fail to perform a thorough year-end review. A year-end review can help identify successes, failures, and areas of improvement from the past year, all of which can help put businesses in a better position to thrive in the new year. Today's blog post looks at specific questions that can be answered with a year-end review, and how the review can offer immediate and long-term benefits.
What Needs To Be Replaced?
One of the first questions businesses can answer with a year-end review is what company assets need to be replaced. This may include replacing older and failing tools, commercial vehicles, or equipment and replacing them with newer, more efficient models. Failing equipment and company vehicles can experience constant breakdowns, leading to delays that result in revenue and customer losses. However, when a company identifies and replaces aging assets, it can lead to cost savings from reduced fuel usage, improved efficiency, lower maintenance and repair costs, and potential commercial insurance discounts.
How To Keep Employees and Customers Safer?
Businesses can conduct a yearly review of all onsite accidents and injuries to study their causes and prevent future incidents. The results may lead companies to consider installing better signage, safety features like stair rails, and landscape and property lighting. In addition, making improvements based on year-end reviews can lead to reduced Workers Compensation claims and fewer liability claims from injured customers. Also, thorough employee safety training can be instrumental for businesses as employees learn how to safely handle and store merchandise, tools, inventory, or raw materials.
How Best To Protect Company Property?
Through a year-end review, businesses can identify specific incidents and areas where company property and assets were damaged, lost, or stolen, and make improvements to prevent future losses. Actions may include the installation of security systems or video surveillance, as well as locking up company assets behind secured doors and storage areas.
We can all benefit from learning from our mistakes and identifying areas of improvement, especially those that own or manage businesses. Aegis Insurance & Financial Services is pleased to help businesses navigate the complex waters of commercial insurance coverage and ensure that company assets, company employees, and the company future are well protected. Give Aegis a call today at 713-850-7622 for more information, or go online for a free quote!