j uc lty. 81 ,5 2, 021 3
o
0 11 2
2
o
c t. 1 5 , 2 0
As
As appeared
appeared in...
in...
dent Insurance Agency, located in
Lake
Zurichrevenue
since 1986.
1.
1. Topline
Topline
revenue
growth
growth
including detailed claims reporting.
4.
4. Finding
Finding money
money
As
AsBaby
BabyBoomers
Boomersget
getcloser
closerto
toretirement,
retirement,
succession
successionplanning
planningisisimportant
importantregardless
regardless
of
ofthe
theyear
yearand
andmust
mustnot
notbe
beneglected
neglectedin
in
annual
annualstrategy
strategyplanning
planningsessions.
sessions.
IfIfyou
youdon’t
don’thave
haveaaplan,
plan,make
make2013
2013the
theyear
year
to
toget
getstarted.
started.Succession
Successionplanning
planningisiscrucial
crucial
to
tothe
theshortshort-and
andlong-term
long-termsuccess
successof
ofyour
your
business.
business.
Identifying
Identifyingthe
theproper
properstrategy
strategyand
andkeepkeeping
ingkey
keyemployees
employeeseducated
educatedon
ontheir
theirrole
role
moving
movingforward
forwardisiskey
keyto
tosuccess.
success.Whether
Whether
you
youhope
hopeto
topass
passthe
thecompany
companyon
onto
tofamily
family
members,
members,transfer
transferthe
thebusiness
businessto
toyour
your
employees,
employees,or
orsell
sellto
tooutside
outsideinvestors,
investors,
planning
planningand
andpreparation
preparationisiscrucial
crucialfor
foraa
seamless
seamlessand
andrewarding
rewardingtransition.
transition.It’s
It’snever
never
too
tooearly
earlyto
tobegin
beginplanning.
planning.
tribution
approach
be benefiWith
Withthe
theelection
electionfast
fastmay
approaching
approaching
there
there
are
aremany
many
unknowns
unknowns
for
forwhich
whichemployees
businesses
businesses
cial.
Employers
give
their
can’t
can’t
prepare.
prepare.
a
monthly
flat dollar amount and
Take
Takeadvantage
advantage
of
ofthe
the
things
things
you
youcan
canthat
employees
choose
the
coverage
control
controlin
in2013.
2013.Don’t
Don’tclose
closeyour
yourbusiness
business
is
them and
their
family.
off
offbest
from
fromfor
opportunity
opportunity
by
bycontinuing
continuing
to
to
The
underlying
health plan
can be
look
lookinternally
internallyfor
forcost-cutting
cost-cutting
measures,
measures,
an
individual
plan opportunities
under
a Premium
bring
bring
external
externalgrowth
growth
opportunities
to
tothe
the
forefront
forefrontonce
onceagain.
again.
Reimbursement
Account.
UÊ,ÕÃÃÊ,>iÊÃÊ>>}}Ê«>ÀÌiÀÊÜÌ
Ê
UÊ,ÕÃÃÊ,>iÊÃÊ>>}}Ê«>ÀÌiÀÊÜÌ
Ê
7vÊEÊ
«>ÞÊ*]Ê>Ê>VVÕÌ}]ÊÌ>Ý]
7vÊEÊ
«>ÞÊ*]Ê>Ê>VVÕÌ}]ÊÌ>Ý]
VÃÕÌ}Ê>`Êw>V>Ê>`ÛÃÀÞÊV«>ÞÊ
VÃÕÌ}Ê>`Êw>V>Ê>`ÛÃÀÞÊV«>ÞÊ
L>Ãi`ÊÊ">LÀÊ/iÀÀ>Vi°Ê
Ì>VÌÊ
L>Ãi`ÊÊ">LÀÊ/iÀÀ>Vi°Ê
Ì>VÌÊ
>ÌÊÀÕÃðÀ>iJÜvVvðVÊÀÊV>
>ÌÊÀÕÃðÀ>iJÜvVvðVÊÀÊV>
ÈÎä®Êx{x{xää°
ÈÎä®Êx{x{xää°
This includes integration of wellness
Just
Justas
asbusinesses
businessesremain
remaincautious,
cautious,so
sodo
do
and
chronic
disease
management
banks.
banks.
Although
Although
this
thisisisnot
not
aanew
newissue
issuefor
forso
that
overall
claims
can
be minimized.
2013,
2013,it
itisissignificant
significant
once
once
again.
again.
Gone
are
arethe
the
days
dayslarge
of
ofrelationship
relationship
banking
banking
InGone
the past,
only
employers
where
whereaaclient
clientwas
wasable
able
to
get
getaaloan
loan
based
based
on
would
consider
thisto
option,
but
theon
their
theircharacter
characteror
orgood
goodname.
name.
smaller employer may see savings.
It’s
It’sstrictly
strictlyaanumbers
numbersgame
gameand
andthat’s
that’snot
not
Forto
employers
who
do notincrease
wish to
going
going
to
change.
change.Until
Until
businesses
businesses
increase
offer
group
coverage,
a defined
revenues,
revenues,
lending
lending
will
willremain
remain
an
anissue
issueconlimitlimiting
ingcompany
companygrowth
growthand
andinvestments.
investments.
160 E. Main St.
Lake Zurich, IL 60047
(847)
438-4002
1901
1901S.
S.
Meyers
Meyers
Road,
Road,Suite
Suite500
500
Oakbrook
OakbrookTerrace,
Terrace,ILIL60181-5209
60181-5209
www.groomsinsurance.com
www.wolfcpa.com
www.wolfcpa.com
d h
h b
b u
u s
s ii n
n e
e s
s s
s l
l e
e d
d g
g e
e r
r .. c
c o
o m
m
d
Into
an
anainterview
interview
with
withFast
Fast
Company,
Company,
upIn
family max.
of $285
or 1% of
Jim
JimCollins,
Collins,author
authorof
ofGood
Goodto
toGreat,
Great,
family income
said,
said,“If
“IfIIwere
wererunning
runningaacompany
companytoday,
today,
2015:have
$325/adult,
$162.50/child
IIwould
would
have
one
onepriority
priority
above
aboveall
allothers:
others:to
to
up
to aas
family
max
of
$975,
oras
2%
acquire
acquire
as
many
manyof
ofthe
thebest
best
people
people
as
IIcould.
could.
I’d
I’dput
putoff
offeverything
everythingelse
elseto
tofill
fillmy
mybus.
bus.
Accelerating
Accelerating
costsfor
formaterials
materials
and
and than
Q:
I am ancosts
employer
with less
supplies
supplieshave
havebeen
beenaachallenge
challengefor
forbusinesses
businesses
50
full the
time
employees.
Must
I offer
during
duringthe
last
lastfew
fewyears.
years.In
In2013,
2013,your
yourorgaorgahealth
insurance?
nization
nizationmust
mustbegin
beginto
toask,
ask,“Can
“Canwe
wecontinue
continue
No,the
only
employers
with
50 or
to
toA:
absorb
absorb
the
increasing
increasing
material
material
costs?
costs?
Or
Orshould
should
we
start
startequivalents
to
topass
passthe
theadded
added
costs
costs
more
fullwe
time
during
the
onto
ontoour
ourcustomers?”
customers?”
preceding
calendar year, must offer
Many
Manybusinesses
businessesmay
havebeen
beenskittish
a group
policy ormay
payhave
a fine
ofskittish
$2000
about
aboutpassing
passingon
oncosts
coststo
tocustomers
customersduring
during
per
employee,
not
counting
the
first
the
thelast
lastfew
fewdown
downyears,
years,but
butat
atsome
somepoint
point
30
employees.
margins
margins
will
willneed
needto
toregain
regainfocus.
focus.
Understanding
Understandingyour
yourmargins,
margins,and
andtheir
their
components
components
and
anddrivers,
drivers,
isiscritical
critical
tomanmanQ: As a small
employer,
areto
there
aging
aging
your
yourpricing
pricing
structure
structure
and
andphilosophy.
philosophy.
any
options
I should
consider?
You
Youwant
wantthe
thegrowth
growthdiscussed
discussedabove
aboveto
tobe
be
A: Some
employers may benefit
profitable
profitable
growth.
growth.
from
self-funded
group
approach.
Your
Youraaccountant
accountant
should
should
be
beable
able
to
toassist
assist
You
have
greater
transparency
as
you
youin
in
identifying
identifying
the
the
appropriate
appropriatecost
cost
absorption
absorption
methods
methods
and
and
theories.
theories.
to
where each
plan
dollar
is spent,
5.
5. Succession
Succession planning
planning
l e
e d
d g
g e
e r
r
l
obtain health insurance?
2.
2.A:
Hiring
Hiring
2014: $95/adult, $47.50/child
receive tax credits and subsidies.
3.
3. Margins
Margins
We
Werecommend
recommendyou
yousit
sitdown
downwith
withyour
your
banker
bankerand
andassess
assesstheir
theirability
abilityto
tolend
lendinto
into
your
yourcompany.
company.
AAstep-by-step
step-by-stepreview
reviewof
ofthe
thecurrent
current
lending
lendingcovenants
covenantsmay
mayhelp
helpyou
youand
andthe
the
bank
bankgain
gainfocus
focuson
onthe
theappropriate
appropriatedrivers
drivers
of
ofyour
yourbusiness.
business.
Having
Havingboth
bothparties
partiesunderstand
understandthe
the
covenants
covenantswill
willallow
allowyou
youto
tostrategize
strategizeon
on
how
howto
tosuccessfully
successfullyovercome
overcomeany
anyconstraint
constraint
caused
causedby
bythe
thecovenant.
covenant.
b u
u s
s ii n
n e
e s
s s
s
b
Cost-cutting
Cost-cuttingand
andlean
leanpractices
practicesare
arenot
not
going
going
away,
away,it’s
it’s
just
justACA,
good
goodbusiness.
business.
However,
However,
Q: Under
the
will
underwritsome
some
of
ofthe
theareas
areasthat
thathelp
helpcompany
companyrevenues
revenues
ing
guidelines
change?
grow
growstrategically
strategicallyand
andover
overthe
thelong
longterm
term
A:need
Yes,to
guarantee
issue
willin
be
in
may
may
need
to
regain
regainsome
some
attention
attention
in2013.
2013.
effect.
Premiums
Marketing
Marketing
and
and
can
vary
by
sales
salesonly
are
aretwo
two
areas
areas
that
thatmay
mayhave
haveFambeen
been
Geography,
scaled
scaled
back
back
to
tothe
the
ily
Size,
Tobacco
point
pointof
ofineffectiveineffectiveand
Age.
Cur-the
ness.
ness.Although
Althoughthe
rently,
premiums
economy
economy
may
maynot
not
for
older individunecessarily
necessarily
be
beripe
ripe
for
forgrowth
growth
in
in2013,
2013,
als
are
approx.
it’s
important
important
to a
CHRIS
6it’s
times
thatto
of
get
getback
backto
tostrategistrategirrGROOMS
uuSSSS
younger
person.
cally
callylooking
lookingat
atthe
the
ro
roM
Maanneellllii
The
rating
marketplace
marketplacechangand
and
es to 3 times under identifying
ACA.
Estimates
identifying
growth
growthof
opportunities,
opportunities,rating
pursuing
pursuing
market
market
holesand
and
community
are
that holes
rates
will
developing
developing
new
newproduct
productideas
ideas
to
toincrease
increase
become
compressed,
meaning
that
topline
toplinerevenue.
revenue.
younger
people will pay more and
Most
Mostbusinesses
businessestend
tendto
tofocus
focuson
ontop-line
top-line
older
people
willprofits
pay less.
revenue
revenueonly
onlywhen
when
profits
are
arehealthy
healthyand
and
the
thebusiness
businessisisgrowing
growingas
asaamatter
matterof
ofaarobust
robust
economy.
economy.
strategic
strategic
focus
on
onan
an
underdeQ: I doAAnot
havefocus
access
tounderdean
veloped
velopedmarket
market
may
mayand
be
bethe
the
right
rightbeen
spark
sparkto
to
employer
policy,
have
accelerate
accelerateyour
your
growth.
growth.
Your
strategic
plan
plan
declined
in
the
past.Your
Willstrategic
I be able
to
should
shouldinclude
includedetermining
determiningyour
yourspecialties,
specialties,
obtain
coverage
in
2014?
identifying
identifyingyour
yourchannels
channelsof
ofdistribution
distributionand
and
A: Yes,
per theout
ACA,
nomarketplace.
one can be
acting
acting
on
onreaching
reaching
out
to
tothe
the
marketplace.
declined
for
insurance.
Open
Of
Ofcourse,
course,prior
priorhealth
to
tosetting
setting
the
thestrategic
strategic
plan
plan
you
youshould
shouldperform
perform
financial
financial
market
market
analyanalyenrollment
in Illinois
is set
to begin
sis
sisthat
thatwill
will
point
you
you
in
inthe
the
right
rightdirection.
direction.
October
1,point
2013
with
effective
dates
Your
Youraccountant
accountantshould
shouldbe
beable
ableto
tohelp
help
of
Jan.
1,
2014.
develop
developthe
thefinancial
financialanalysis
analysisand
andassist
assistyou
you
Whatthe
is trends
the
penalty
iforganization.
I do not
in
inQ:
spotting
spotting
the
trends
of
ofyour
yourorganization.
Because
Because
things
things
are
aregoing
goingto
tocome
comeback.
back.
of
family
income.
My
My
flywheel
flywheel
isisgoing
goingto
tostart
start
to
toturn.
turn.And
Andthe
the
2016:
$695/adult,
$347.50/child
up
single
singlebiggest
biggestconstraint
constrainton
onthe
thesuccess
successof
ofmy
my
to
a
family
max.
of
$2085
or
2.5%
of
organization
organizationisisthe
theability
abilityto
toget
getand
andto
tohang
hang
family
income.
In
each
case,Most
whichon
onto
toenough
enough
of
ofthe
the
right
right
people.”
people.”
Most
busibusiever
isthat
greater.
nesses
nesses
that
IIknow
knowsubscribe
subscribeto
toaatheory
theoryof
of
always
alwayshire
hirethe
the“A”
“A”players.
players.Hiring
Hiring“A”
“A”players
players
during
during
aaslow
slow
economy
may
may
be
beeven
evenmore
more
Q: Will
theeconomy
carriers
offer
new
polichallenging
challengingthan
thanin
inaathriving
thrivingeconomy.
economy.
cies in 2014?
You’ve
You’vesurvived
survivedthe
thelast
lastfew
fewyears
yearsrunning
running
A: but
Yes,
youopportunities
will be ablemay
to purchase
lean,
lean,
butwhat
what
opportunities
may
your
yourbusibusiinsurance
through
the
Illinois
marness
nessbe
bemissing?
missing?
As
Asyou
you
approach
approach
2013,
2013,
make
make
sure
sureyou
youhave
have
strong
stronghiring
hiring
and
andinterviewing
interviewing
ketplace
or through
a broker.
Policies
processes
processes
in
inplace
placePlatinum,
to
toidentify
identifythe
the
right
rightSilver
hires
hires
will
be named
Gold,
from
from
the
the
overwhelming
overwhelming
pool
pool
of
of
candidates
candidates
and Bronze and based on “actuarial
available.
available.Consider
Considerusing
usingaapredictive
predictiveindex
index
value.”
model.
model.Training
Trainingyour
yourstaff
staffin
inthe
theconduct
conductof
of
an
aninterview
interviewand
andthe
thekey
keyelements
elementsto
tolook
lookfor
for
Q:position
Will there
be
any financial
aswill
will
position
your
yourorganization
organization
to
tohave
have
the
the
best
bestchance
chance
at
atidentifying
identifyingand
andattracting
attractingthe
the
sistance
available?
very
very
best
talent.
Clearly
Clearly
identifythe
thebusiness
business
A:best
Yes,talent.
those
withidentify
household
need,
need,the
thestrategy
strategybehind
behindthe
thehire,
hire,and
andthe
the
incomes
of less before
than you
400%
of Fedvalue
valueproposition
propositionbefore
youbegin
beginlooking
looking
eral
Poverty
level may be eligible to
for
forthe
the
ideal
idealcandidate.
candidate.
h e
e r
r a
a l
l d
d
h
2013
2013will
willbe
beaaprovisions
watershed
watershedyear.
year.
Theprospect
prospect
Additional
of The
the
Patient
of
ofaanew
newCommander-in-Chief,
Commander-in-Chief,
newleaderleaderProtection
and Affordable new
Care
Act
ship
shipin
inCongress
Congressand
andan
aneconomy
economyswimming
swimming
will
take
place
Jan.
1,
2014.
We
will
upstream
upstreamare
areamong
amongthe
thebiggest
biggestconcerns
concerns
answer
questions
that have
been
businesses
businesses
need
needto
toconsider
consider
as
asthey
they
ready
ready
presented
to us. An interview with
their
theiryearly
yearlyplans.
plans.
Turning
Turning
your
yourattention
attention
to
togrowth
growth
rather
rather
Chris
Grooms,
Registered
Health
Unthan
thanaacontinued
continued
focuson
oninternal
internal
costcostderwriter,
Vicefocus
President
at Grooms
cutting
cuttingmeasures
measuresisiskey
keyin
in2013,
2013,Here
Hereare
arethe
the
Insurance
Associates,
an
IndepenTop
Top55considerations
considerationsfor
forbusinesses
businessesin
in2013:
2013:
d a
a ii l
l y
y
d
Impact
implementation
ACA
The topof5 full
things
to consider for nextofyear
© Copyright 2025 Paperzz