Guest Post: 3 Steps to Cultivating Company Stability

Use these simple strategies to support your organization in unpredictable times.

Over the last year, businesses across the world have had to meet many new challenges. If you own a company, you’ve likely spent time dodging and responding to various hurdles that were not foreseen. This ever-changing environment has called for an incredible amount of quick thinking, dexterity and resilience—time and time again.

Today, many business owners are navigating a still-evolving pandemic and planning as best as they can for a future filled with more unknowns. In this environment, seizing stability where and when you can becomes more important than ever.

A Focus on Stability
Do you know your company’s stability ratio? Stability is often regarded as an integral factor to running a successful business. It’s determined by whether your business can withstand:

A sudden decrease in sales
A substantial loss of capital
The unforeseen loss of a key client or employee
A combination of the above factors

You can evaluate your organization’s stability by analyzing your cash flow and determining the level of impact that certain negative scenarios could have on operations. While you can’t control many outside forces, there are some things you can control that could help bring increased predictability and efficiency to your business.

1. Customer Service
As outside factors make it harder to do business, stress takes over, which can lead to a rapid decline in customer service. Strive to provide consistent, superior service against all odds. Making customer experience a top business priority during 2021 will help you reap many benefits. Happy clients will recommend your business to others, and will stick with your organization through thick and thin.

2. The Insurance Advantage
Consider the benefits the right insurance program can have on the financial stability of your business. Evaluate plans like The Glatfelter Agency’s Members Advantage Program (MAP). This program has an outstanding track record of dividends over the last couple of decades, providing a strong dose of stability. Since the program’s inception in 1996, members have been rewarded with millions of dollars in dividends averaging 8.52% per year.

Whether you’re a well-established business or just starting out, this can boost your income and assist with growth for many companies in the greater Hanover and York areas. Businesses in the Hanover Chamber of Commerce are eligible for most package lines: property, general liability, inland marine, auto and workers’ compensation. The only exception to this is excess/umbrella coverage.

The MAP program rewards you for implementing exceptional loss controls. The dividends provide a tangible benefit for taking additional measures to improve loss history. Insurance can be complicated, but we’re always ready with answers. Feel free to call us at 717.852.8000 to learn more about how this program could benefit your business, or to receive assistance with your current program.

3. Opt for Online
The pandemic has made a marked change in where business is conducted and where people spend their time. More than ever, things happen online. Shift as much of your business focus to online communication as possible. Utilize technology—from zoom to social media channels—to keep customers and prospects feeling cared about and engaged.

In an ever-changing business economy, creating stability (in areas where you do have control) is an important key to success. The next time you evaluate your company’s stabilization strategies, consider these tips. In doing so, you can help to better ensure that unforeseen risks (from pandemics to lost product) have less power over your bottom line.

Contributed by Nick Sarver, Account Executive, The Glatfelter Agency (TGA).

Nick Sarver is an Account Executive at The Glatfelter Agency (TGA), a full-service retail division of Glatfelter Insurance Group, offering commercial and personal insurance products, benefits packages and risk management solutions. A leader in the York, PA community for 60 years, TGA is also one of the largest retail insurance operations, serving more than 6,300 clients. TGA values entrepreneurial spirit, personal development, long-term relationships and community involvement.