If you want to finally stop overpaying forbenefits you need to try something new to avoid getting more of thesame.(Photo: Shutterstock)

Most benefits plans are treated as one-off annual expenses, and the result leavesbusiness owners paying more and more every year for the samebenefits. Despite this, many employers are hesitant to trysomething new, worried that different strategies might somehowleave them worse off than the system that's been taking advantageof them for years on end.

Some of the most intimidating changes can pay off in incredibleways. I invested over $100,000 into improving my own company in2018, and it was worth every penny. The risks I took are nowenabling me to serve my clients better, helping them build benefitsplans that can elevate their business and give more to theiremployees. This growth in my own business wouldn't have beenpossible if I hadn't been willing to make some big changes, andit's one reason why I push my own clients to invest in their ownsuccess by trying something different with their benefits.

Related: Creative plan design: Overcoming theobstacles

Here's why a big change can be your greatest investment whendeveloping your benefits plan:

Stepping out of the comfort zone

For many clients who have gotten used to status-quo benefitsplans, developing something new and innovative with a great advisoris just as uncomfortable as it is exciting. They've gotten used tothe same process (and the same increased costs) year after year,and the prospect of trying something new can seem like a hugerisk.

If you're on the fence about making the switch to a moreinnovative benefits plan, ask yourself these questions:

• What's my annual increase? For most businessowners, the answer is 5-6 percent every year.
• Is it sustainable? And even if you can affordto pay the increase, are there really no areas of your businesswhere that money could be better spent?
• Am I willing to make a change? If you stickwith the same process you've been using every year when you renew,you'll keep spending unnecessary funds on the same sub-optimalbenefits services.

Change can be intimidating, especially when it comes to thebusiness you've worked so hard to build up. If you want to finallystop overpaying for benefits, though, you need to try something newto avoid getting more of the same.

A relationship of trust

A good advisor will understand that you may be hesitant aboutmaking big changes to your benefits plan, and they'll do everythingthey can to earn your trust throughout the whole process. One ofthe biggest ways that your advisor can ensure you're getting whatyou paid for from your plan is through a performance guarantee.This ensures that your advisor only gets paid if you save moneythrough their work.

Your advisor will also work closely with you and your employeesthroughout the benefits process. Unlike a broker, who meets withyou just once a year to “negotiate” a renewal, a great advisor willwork with your business throughout the year, adapting your plan toyour company's changes and growth. They can also meet individuallywith your employees to help them understand their plan, educatingthem on how the choices they make can help save them (and you) moremoney.

The importance of a good fit

Ultimately, even a great benefits plan won't work if you andyour advisor are a poor fit for each other. Just as your advisorhas to be willing to build your trust and prove that their servicesare worth your time and money, you need to believe in what they'redoing in order to get the most out of your benefits plan.

Recently, a now-former client of mine decided that they wantedto make the switch back to a traditional broker. They didn'tunderstand the concepts I had available to bring to them, and theywanted to stay in the status quo. A mismatch like this wasn't goingto serve either of us in the long term – they weren't willing toaccept the changes necessary to help their business grow, and theywent with something they were comfortable with instead. For me,this outcome wasn't a failure, but rather the result of a poorclient-advisor fit. Business owners have to believe in the toolsand strategies their advisor provides them, or even the bestbenefits plan won't give them the results they want.

No quick fix

The journey to a better benefits plan isn't as quick and simpleas signing off on an annual renewal, but it can be one of the bestchoices you can make for your growing business. By being willing toexit your comfort zone and trust your advisor, you can help buildan amazing working relationship that takes your benefits plan fromanother annual expense to a strategic tool for your company.

Jim Blachek is co-founderof The Benefits Group.

Read more:

• Why your C-suite needs to be talking about yourbenefits plan
• 2019 trends: Crafting an enticing employee benefitsplan
• Why it's irrational to expect benefitsparticipation to be increasing