Health Plan Alternatives, Sales Strategies, and the Booming Market for Small Business Sales
More Like The (Un)Affordable Care Act
As 2018 creeps closer small businesses are seeing their health insurance premiums increase, their coverage lowered, or in many cases both. As a result, business owners are seeking several health care alternatives to combat the rate hikes while providing the sufficient coverage for their employees.
A few alternatives are:
Switching from a PPO to HMO, which limits the choices of doctors in the network.
Shifting more of the premium costs to employees while contributing to a pre-tax health savings account.
Self-funded coverage, where a company sets aside funds to pay for the employees claims directly and buying stop-loss insurance in case an employee submits more claims than expected.
Obtaining healthcare from a Professional Employer Organization (PEO). PEOs offer employee management services like payroll, benefits, taxes, compliance, and others. But many businesses are choosing to use PEOs primarily for healthcare while accepting the other services as add-ons.
Want To Be A Master Salesperson?
Improving your odds of making a sale involves increasing your influence. How do you increase your influence? The first step is commitment. By getting the potential prospect to agree with you on a few statements or details, they become enveloped in the process. When they verbally commit to something it flips a switch in their minds that is attuned to habit forming or goal setting. Here is a 4-step process on how to sell anything to anyone.
Get Commitment
Identify Pain Points
Show Solutions
Allow prospect to choose best option
Cashing Out On Your Small Business
It is an opportune time to sell your small business. Historically low interest rates has private equity firms looking to purchase thousands small and medium-sized businesses.
According to a media insight report from BizBuySell, a total of 2,589 transactions were reported nationwide this past quarter, a 24 percent increase from this time last year making the total number of sales so far this year at 7,491. This is already a record-breaking year for small-business transactions with time to spare. Just as important, the median sales price is also up year-over-year, by about 15.7 percent.
If you’re looking to sell, take advantage before the fed increases the interest rates.