Don’t wait until Labor Day to begin reviewing your risk financing program. Get ahead of the game by assessing the Total Costs of your current and future risks. Also, don’t make the huge mistake of focusing primarily on the price of insurance. Ultimate cost reduction and business performance improvements are found on a much deeper level.
To maximize your financial performance in 2019, here’s what you should do now:
- Get a current (and accurate) evaluation of your Total Costs. Make sure this evaluation includes the enterprise cost of claims (the hidden expenses absorbed by your organization during a claims event). Note: This leakage is way more than you think, and is a major drag on your financial and operational goals.
- Compare the Total Costs of your risk financing program to your sales and profits to improve your forecasting and planning activities (if you don’t do this, your cost and income projections will be off significantly for 2019).
- Attack and measure your Total Costs to improve your bottom line. Recapturing a significant portion of this financial leakage is possible with the right risk reduction and mitigation strategy.
So, if you’re committed to maximizing your business performance in 2019, we should talk right away. Our firm can provide a Financial Leakage Report™ on your existing cost structure to start the process. Best of all, we’ll develop a data-driven plan to help you measure and recapture the controllable costs that may be eroding your bottom line.
Contact us today