Get instant
small business insurance quotes


Home >
 

Small business takeaways from the NHL lockout

Published:

Many small-business owners want to pay their employees as much as they would desire, but that's not the best way to post high revenue numbers and generate business expansion. Take the National Hockey League, for example, which is currently in a lockout due to a battle between the players and owners regarding profit sharing.

While the players and owners continue to argue about money (both are losing money during the process), a recent blog post for Entrepreneur magazine outlined some lessons small-business owners can learn about salary negotiations from the NHL lockout . 

The customer comes first
Many NHL fans are fuming about their favorite sport being in a lockout, which could cause some irreparable damages for the league. Keeping this in mind, the owners and players need to settle on a fair compromise to give back to the fans that love the league product so much. This is something small-business owners must consider during salary negotiations. A salary that is mutually beneficial to themselves and their employees could end up serving customers the best as well.

Be prepared to lose top employees
Unfortunately, some small-business owners have to be prepared to lose their best employees due to high salary demands. The owners and players both know their limits in the NHL lockouts, and their eventual compromise will stem from them. While giving top performers what they want could help the business operate better, it may also take away from the bottom line. In any instance, small firm owners should protect themselves with business insurance policies when figuring out employee salaries.

Keep the economy in mind
One of the driving factors that is slowing down the profit sharing negotiations in the NHL is the economy, which is also something small-business owners need to consider. The current state of the economy is making it difficult for any owner of a small firm to spend extra money and work on expansion plans. Small-business owners also need to think about how salary negotiations can affect their business five to 10 years down the road. A salary that will be tough to pay now could be even less feasible in the upcoming years.

WHY Business Insurance Now?

Learn why thousands of small businesses trust Business Insurance Now as their insurance agency.

Take 15 minutes to see how we can help you protect your business.

  • FREE, no-obligation quotes.
  • Complete one online application to compare multiple quotes.
  • Fast response—typically less than 24 hours on week days.
  • We are a nationwide insurance agency covering 48 states.
  • We work directly with you to evaluate your insurance options.
  • We only work with the top business insurance carriers in the country.
  • Expert, licensed insurance agents to guide you through the process.