For many professionals, opening a business is the culmination of decades of work and study. Some of those who succeed in such businesses come fully prepared from the outset, others a bit less so.
Some business owners in the “bit less so” category perform the core functions of their business superlatively, and thrive as a result. But unlike their better prepared peers, they stumble into operational cost savings piecemeal, learning by trial and error as they go.
On the Lookout for Operational Cost Savings
And that’s good enough for many thriving business owners. For the rest of us though, saving money on mission-critical tasks while maintaining quality is a definite priority, mainly for two reasons.
Very small firms face challenges in becoming more efficient related to their lack of scale compared to many of their competitors.
The need for operational efficiencies is even more acute for financial advisors, who shoulder the extra burdens of fast-morphing technology, the need for B2C marketing, competitive benefits, and cybersecurity requirements.
This article is for all independent financial professionals — newbies or veterans, organized or not, RIA or brokerage-based — looking for money-saving insight on providing healthcare benefits, seeing to your firm’s marketing needs, and making sure your clients’ private information is secure.
Everything that follows assumes you will perform appropriate cost-benefit analyses to determine if these recommendations for decreasing expenses make sense in your situation.
Healthcare Coverage for Your Advisory Firm
Healthcare coverage is usually the first thing people think about when the topic of employee benefits comes up. But what about coverage for a one-person business? If that’s your need as a sole practitioner, you’ll know such coverage is in fact hard to find. Thankfully, there are options out there for today’s solo entrepreneurs and small teams.
To obtain group health insurance, an advisor must first register his business with the appropriate state’s corporation division, and then do one of these things.
Contact insurance providers directly