Ruth Simon notes in her Wall Street Journal piece that small firms may have to make difficult operational choices in 2024 due to a significant increase in insurance premiums. Significant rises in health, car, and liability insurance rates are being experienced by many businesses; as a result, some have had to increase pricing, change providers, or tighten hiring procedures in order to control costs. For example, in order to avoid paying more for motor insurance, Jay-Hill Repairs chose to turn away applicants with a history of infractions due to a 20% increase in prices (Ruth Simon, 2024). This circumstance emphasizes how crucial good planning is to management as it helps companies define objectives and come up with plans to deal with cash flow issues. Managers may make well-informed choices that address both short-term demands and long-term success by foreseeing problems like growing expenses. Ruth Simon (2024). Wall Street Journal. Small Businesses Make Hard Choices as Insurance Costs Surge https://www.wsj.com/business/logistics/small-business-insurance-cost-a12264a2