Certainly, every dark cloud has a silver lining. If you are a business owner, the recession just might be something that could benefit you and your business. Daniel Touizer, CEO of Cinergy Health, offers five key suggestions to cash in on the recession and to see 2010 in a positive light.
There are many discounts that business owners can find at the moment. You might be able to renegotiate your rent or purchase new office space inexpensively. Commercial vacancy rates are as high as 10% right now – and you can benefit from that high rate. In addition, the cost of raw materials is much lower now than it’s been, allowing you to save money while purchasing the supplies you need. In addition, according to Daniel Touizer, now is a great time to hire staff. You may be able to find highly qualified workers who will work for less money. Unemployed and underemployed people are eager to work, and will do so right now for less wages than ever before.
Keep your insurance costs in check by encouraging good health in your employees, and perhaps even by offering discounted gym memberships and other perks. Finally, as the Cinergy Health CEO recommends, offer your employees multiple healthcare plans. This will allow each employee to select the plan that suits his needs and his health situation.
As an entrepreneur and small business leader, Daniel Touizer, CEO of Cinergy Health, is in touch with the needs and concerns of other small business owners throughout the United States, and knows what to do to take advantage of the coming challenges brought on by the present economic downturn many businesses are reeling from.
One of the biggest expenses of a business can be salaries. A re-evaluation of personnel needed to run the business could help you realize substantial savings. If you need to hire someone new, perhaps you can hire a talented, qualified person for less money due to the fact that he may be unemployed or underemployed and quite anxious to work, even for smaller wages. Especially if you run a company with a reputation for being a great place to work, you might be able to pay less if you treat your employees better. Also, as economic times improve you may be able to increase salaries as business improves.
Small businesses as well as larger ones should realize they have a stake in the health and well-being of their employees. By serving healthier lunches and supplying access to health clubs or gyms, the company as well as the individuals benefit. The good health of workers means more productivity, and lower insurance costs. This is a truly win-win situation.
Tailor the healthcare options you offer to each employee’s individual needs. Making one type of health care plan option available, you may be spending more than needed by supplying coverage that some of your employees don’t really need. Making a healthcare plan perfectly suited to each individual can be a great source of money savings.
With the year 2010 approaching, Daniel Touizer, CEO of Cinergy Health is advising owners of small businesses on how to save money in the coming year by taking advantage of the current recession. He also has tips on overcoming the challenges caused by the changes in health care, and generally succeeding financially.
During times of recession there is often an increase in vacancy rates for office space, driving the cost of rentals down. Daniel Touzier suggests taking advantage of the 10 percent or more vacancy rate which cities tend to experience during hard times, and relocate the site of the office for a cheaper location, saving lots of overhead costs. If moving is too difficult, renegotiate the rental agreement with the landlord.
Another effect of the recession is the lowering price of raw materials. Businesses should also take advantage of this phenomenon and be sure to bring in supplies at a significantly smaller cost. During harder economic conditions prices come down on all kinds of supplies, from office furniture to other supplies.