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Five Sneaky Business Costs to Get Under Control for 2018

Looking to reduce those sneaky costs that can impact your balance sheet?

Is 2018 the year you get a better handle on your unexpected business expenses?

You may already have a suite of insurance products to cover your company and employees: Workers’ Compensation, General Liability, Property Coverage, and possibly also medical and dental. Unfortunately, these policies don’t cover things like legal document review, HR advice, IT assistance or other business issues that can quickly add up.

For 2018, resolve to get those costs under control via BizAssure (www.BizAssure.com), a members-only consulting service offered to all Snapp & Associates clients, providing access to legal, accounting, IT, HR and business professionals on an as-needed basis.

What costs can BizAssure help you get under control in the new year?

Extra Cost #1: Human Resources and Labor Law

  • This is the one that often stresses owners out the most. Especially in California, labor laws and HR requirements are constantly changing. Have you completed all the sexual harassment training needed by law? When was the last time you looked at your Employee Handbook? (do you even have one?) How can you use pre-employment screening and firm policies to help mitigate potential lawsuits down the road, avoiding the need to retain expensive legal counsel? Potential Cost: $1,000-$2,000/per quarter and up.

 

Extra Cost #2: Legal Document Review

  • If you are negotiating for new space or a lease extension, how do you know the lease is executed with your best interests in mind? Just because the rent amount and timeframe is what you wanted, what about potentially expensive clauses relating to termination fees, buildout needs or adjacent space? Your neighbor who manages some rental property is not the best person to review a commercial lease – a professional review by a real estate attorney can protect you from costly issues down the road. Potential Cost: $500/up per instance.

 

Extra Cost #3: IT Support and Data Recovery/Cybersecurity

  • Gone are the days when “IT Support” simply meant you couldn’t connect to the internet or a router stopped working. Ongoing, updated technical support is needed to ensure not only your network but all your processing and payment systems are current and secure. In the event of a major IT issue or data recovery need, having someone available on call versus quickly hiring the first available company can be a major money saver. Potential Cost: $500 – $1,000 and up.

 

Extra Cost #4: Accounting Questions

  • You might be a whiz at QuickBooks and have your P/L Ledger in shipshape, but what about other issues? What if you wished to acquire another company or re-structure your payroll and compensation to minimize tax burden? A consultation with a qualified tax professional can save you thousands of dollars in taxes each year. Potential Cost: $750/up

 

Extra Cost #5: Injury and Illness Prevention Programs

  • Do you have a basic employee safety sheet posted in your break room? Great, but not good enough. All of your supervisors will need OSHA Compliance Training. If you have a retail business, what about Loss Prevention Control or Fraud Investigations? All of these vital services cost money but also ultimately save your business thousands. Potential Cost: $500 – $1,000/per quarter and up.