Holding onto the Familiar
In every sporting dog household, likely a timely review of balls or toys is essential. They become worn down, they bleach from the sun, they are impacted by weather and mud. They may be familiar and a favorite, but, eventually, it is time to consider replacements and upgrades.
The same approach can be utilized in parts of your business. Understanding when, which parts, and the frequency of review is critical.
Our three (3) year anniversary is a week away. That seemed like a great time to have insurance reviewed. To our surprise we found a wonderful new broker who immediately came to our office, made recommendations, and reviewed our personal policies as well. Shock doesn’t even describe what we learned. Having never met our initial local broker, this experience was like w breadth of fresh air!
So how do you know when it is time to review critical pieces of your business operations? Our experience tells us there are three (3) main factors that encourgae reviews.
First, is time. In order to ensure you are receiving the best that banks, insurance companies, and any other advisor or vendor has to offer, do not go more than a few years out without a meeting, a review, a conversation. Larger firms tend to make this an annual process but small businesses and solopreneurs often cannot devote the time to such reviews and/or changes every year. Target every other year or three (3) years like we did, you may be surprised how much has changed in that timeframe.
Second, a milestone event at your firm could trigger the need for a review of many of your policies in place. Examples can include an office move, adding or reducing the number of employees, a large new client, supply chain changes, adding or removing a partner, a new product line, a new larger geographic distribution, the list can truly be endless. When the profile of your firm changes, many aspects may need to change with it.
Lastly, a change in the contact person who provides the vendor support on your account. Your advisors and company representatives become a part of your extended organization support group. At times, they even become friends. So, when or if they change positions or companies, and you lose that person you have come to trust, it may be time to seek proposals for the product or service they have provided.
Stability and familiarity are good for you as long as you do not find yourself trapped in the past. We all need to grow and keep our businesses vital and keep those balls bouncing in the right direction!
Be well.
