Small but mighty

With the most recent Benefits Canada survey missing the mark, we thought we'd give small businesses some useful advice. Small Businesses make up a staggering 95% of Canadian Businesses, so it's a shame that they weren't properly reported on.

Running a small business poses a plethora of challenges. At times, it can seem like a rollercoaster that changes every time you finish a lap. One day you’re focused on operations, the next it’s time to crunch some budget numbers. Is there a way to add some much-needed control over the ups, downs, loop-de-loops, and spins?

You bet there is.

Crunch those numbers

We understand that a lot of small business pain points come down to costs. Starting and running a business is expensive, and every dollar matters when you’re growing. Cutting costs can work in the short term, but it often ends up hurting the business if not done correctly.

For example, downsizing your team might save you some money, but it’s at the expense of your team’s stress levels and customer experience. Reducing your operating hours may bring down your overhead, but you might miss out on potential customers. So how can you control your costs while still doing what’s best for your company?

That’s where we come in.

Blended benefits for the win

You might be thinking, “there’s no way you’re going to tell me to save money on benefits, they’re too important to cut costs”. Well, with Blended Benefit Solutions you can save meaningful dollars and you can improve your benefits.

You see, right now you’re likely paying for health and dental coverage through an insurance provider. This means a bunch of pointless fees, premiums that increase each year, and limited options and flexibility for your team. To top it all off, your team might not even be taking full advantage of their benefits!

Or maybe you're looking at your killer plan that has all the bells and whistles and thinking, I can't get rid of all of this! It's also important to note that plan utilization is on the rise year over year. Under insured plans, this means your plan will only get more and more expensive.

Let’s look at how a Blended Benefits Solution can help. With a Blendable Health Spending Account (HSA) you control the costs (we also have a sweet self-funded option, check out how they work here). As the plan sponsor, you decide how much you contribute each month to your team's accounts. From there, they can make claims and use those funds to reimburse eligible CRA Medical Expenses. The amazing folks here at Blendable do all the heavy lifting!

All of a sudden, you aren’t wasting money on increasing premiums, you don’t have to spend time shopping for a new plan (time really does equal money), you aren’t paying hidden fees, and best of all your team gets total freedom! Boom. Cost control, cost savings, AND you’re giving your team better benefits.

A little something extra

Saving money is enough to make anyone’s ears perk up, but that’s only one slice of the pie. Although we said that the survey missed the mark, it did provide some insights into how your team perceives their plans. 41% of Plan Members stated their benefits plan was one of the top reasons they didn't want to switch jobs! That's almost half your team showing loyalty for a benefits plan alone.

61% of Plan Sponsors stated their plan is important for attraction and retention - which is clearly working if half of their teams want to stay because of it!

What we're trying to say is that a benefits plan is a powerful tool that allows businesses to differentiate themselves from the rest of the market. Think of it this way, when people brag about their jobs they don't talk about the awesome 2% salary raise they got this year. They talk about how their company provides them with amazing coverage or a wellness account that covers their gym memberships.

Benefits are the difference maker, it's time to pick the right plan!

Time for the wrap-up

Phew! That was a long one. If you have any questions about the hidden insurance fees you’re paying, how benefits attract and retain talent, or how Blended Benefits can separate you from the crowd (check out our blog on this), get in touch with our Growth Team now! We also have tons of soon-to-be viral content on our social channels so check out our Twitter, LinkedIn, Instagram, and Facebook!