One of the biggest challenges for many startups is recognizing the difference between expense and investment.
Since they usually have a budget to work with, and they turn a tight ship in the finance department, they often avoid the essential investments as expenses just to save money.
Are you one of them?
Investments are necessary for your business to scale and expand.
Here are three early business investments every startup must make to ensure desired growth:
1. “More” employees
To grow your business, you need more people. You need a bigger team of skilled individuals who can work together to achieve the outlined goals. Remember, your business is only as big and good as the team working behind it. So, growing the number of your employees is an essential investment; it’s a fundamental step towards higher scalability.
2. Group insurance for employees
Hiring more employees is just one part of the task. Taking proper care of them is another part. You need to invest in group insurance for employees. Offering health benefits to employees has many pros, including improving their productivity, as well as employee retention for the company. So, check out different group health insurance plans and pick the one that best fits your needs, requirements, and budget.
3. Infrastructure
You cannot work in the same, small space for long. As your business grows, you need better infrastructure. You need to provide your employees the right ecosystem where all their basic requirements are met and where they can work efficiently. So, updating your infrastructure accordingly (and, at times, ahead) to your business growth is an important step.
These are three early business investments every startup must make to achieve higher and consistent growth.
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When it comes to group health insurance, the conversation usually steers towards the benefits for employees. Yes, the employees get proper health coverage that ensures their wellbeing. But what about benefits for the employers?
What about the group health insurance benefits for employers?
Are there even any benefits for the companies investing in group insurance policy?
While many companies treat this as an expense, in reality, this has several benefits for the employers.
Given good health benefits, employees are more likely to stay with that company. Low employee turnover is very beneficial. Employee retention is much cheaper than new employee onboarding. So, buying group health insurance can boost your employee retention, which subsequently has several indirect benefits, right from cost-saving to company culture-building.
Offering health benefits also improve employees’ performance. They are more satisfied at their job. So, they perform better and efficiently. This translates into boosting the company’s output, enabling it with more revenue-generating opportunities.
Of course, the direct pro of offering insurance to employees is their general physical and mental well-being. This again, indirectly, comes to benefit the company. If the people responsible to build the business are in a healthy condition, they wouldn’t take as many sick days. Their overall productivity will soar.
So, it’s much more than just about fulfilling an obligation or reluctantly doing something for compliance. There are several group health insurance benefits for employers; this is especially true in the long-run.
If you run a business, make sure your employees are getting proper health benefits. Consult a licensed insurance broker, choose from different plans of top insurers, and buy a group insurance policy that provides adequate coverage to your employees, as well as fit your budget.
Business Insurance is a well-renowned insurance marketplace in India, trusted by thousands of SMEs. It homes highly experienced insurance brokers who work with every client, helping them buy the best business insurance policies. So, connect with Business Insurance talk to experts, discover better group health insurance plans, compare them together, and make an informed purchase decision.
You bought liabilities insurance to keep yourself, your business and other relevant stakeholders safe from legal claims.
Similarly, investing in group health insurance plans is just as important now. There are numerous tangible and intangible benefits of getting your employees insured – particularly today when attention (read: concerns) around healthcare cost is very high. It boosts employees’ performance; they are more satisfied with their job; your employee retention improves; it builds a healthy workplace culture. So, if you haven’t already, buy the right group health policy for your employees. Here are 4 tips to help you with that:
These are 4 simple but effective tips to buy the right group health policy for your employees. Remember, getting your team insured is just as important as buying liabilities insurance. Don’t treat it as optional; it has many advantages for your business that you don’t want to miss. Of course, the type of business insurance policies you should buy depends on the kind of business you have. Every business, after all, has its own unique needs and requirements.
But that said, there are a few types of insurance policies that you should have anyway to ensure maximum protection and prosperity to your business. In that context, here are three business insurance every small and medium-size business should ideally have:
These are four must-have insurance policies every SME should ideally have. Indeed, there are many other types that you should explore as well. As mentioned earlier, different businesses have different needs. Depending on your need, you may need to buy other types of insurance as well. The first step is determining your risks and then figuring out what insurance is the right fit for you. Thereon, explore different plans from reputed insurers and pick one that suits your requirement and budget. Consider getting help from a licensed insurance broker. They can help you with this process, assisting you in making the right decision and even customizing your insurance plan per your needs. |
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