Taking Ownership of Your Business

November 6, 2015

In an effort to provide information and services to help members remain strong and able to compete in global marketplace, the Wood Product Manufacturers Association wants to inform you on how to take “ownership” of your business.

One main way to save on your bottom line and increase profits is to reevaluate your insurance needs. Companies today are dealing with rising insurance rates when it comes to insuring their business.

Many insurance companies are starting to only insure owners who are actively involved with their business and who are taking a proactive approach to safety.  More insurance companies are also requiring a written plan-of-action to continue your business in the event that your company suffers a major loss. This contrasts with absentee owners in the past who were only interested in the bottom line.

In addition to a written plan-of-action, insurance companies are starting to require larger deductibles on policies paid by the business owner, which encourages owners to be more hands-on when running their company.

With insurance renewals right around the corner, take time today to reevaluate your insurance needs and see if your insurance company is helping you increase your profits and improve your bottom line. Prior to contacting insurance companies, write out a plan on how your business would proceed in the event of a fire or a major loss, since this is a requirement of many carriers.

Insurance is just one area where companies can help increase profits. For the woodworking industry, lumber suppliers are starting to ask for more personal guarantees from owners in order to remain a customer in good standing.  They want to know that the powers to be have some “skin in the game.”

If you want your business to succeed, you need to take ownership of it and reevaluate any area where you can improve and increase profits.

If you would like more information on how to take ownership of your business, call Philip Bibeau at the WPMA office today. He can be reached at 978-874-5445.

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