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“Every business has different startup costs, but they all have one thing in common: having a financial cushion,” says Bob Marshall, the business growth and strategy executive for the SmallBusiness Development Group at Wells Fargo Bank. You need to know what your costs will be and whether your business is scalable.”
Reduce costs associated with workers’ compensation , disability and medical insurance (if an employee can return to work faster). Whether you’re a large, mature company or a fledgling smallbusiness, it’s critical (and the law) to communicate safety- and health-related guidelines and procedures to employees.
Being held liable for years’ worth of back wages and penalties could easily cost you and your business hundreds of thousands of dollars per incident. And if you think insurance can shield you from such expenses, think again.
Do I have adequate insurance coverage? If my staff is unable to work, do I need a communication plan to notify other customers, businesses, and/or organizations that depend on us? SmallBusiness Administration (SBA) and DHS have compiled planning resources for you here and here , respectively.
Natural disasters are an unpredictable reality across the country, and their impact on smallbusinesses can be devastating. “Many smallbusinesses don’t. Barer advises that you also have an uninterruptable power supply. Flooding in one region. Drought and wildfires in another. Secure off-site. ”
“As a CEO, I hold the belief that climate protection is not merely an environmental concern, but it also has significant implications for our business,” notes Jon Morgan , co-founder and chief editor of Venture Smarter , a consulting firm that specializes in helping startups and smallbusinesses scale and grow.
While smallbusinesses may not be affected by this DOL act, its principle may help any business owner get through the rough patch that accompanies layoffs. Although supplying your employees with health care coverage may be well under your radar, this two-pronged reform sets various guidelines for employee benefits.
This writing briefs about the challenges faced by smallbusinesses in implementing wellness programs and providing well-being perks to their employees. Additionally, it may be difficult for staff members to take breaks or participate in health activities while working because of the obligations of running a smallbusiness.
Speculation of another impending recession battered the confidence of small-business owners, as indicated by monthly surveys conducted by the National Federation of Independent Business. Time and again, keeping the focus on profitability has been crucial to helping smallbusinesses survive a recession.
The right receptionist can be an invaluable member of your team, building customer relationships and lessening many of the burdens of smallbusiness ownership. However, the financial commitment of hiring an in-house employee can be downright crippling to a budding business. and it all adds up quickly.
Your accountant can help you with that, or you can learn about them in the IRS Tax Guide for SmallBusiness. You’ll Need To Pay Quarterly Estimated Business Taxes—Federal, State And Local As an employee, you had taxes taken out of your paychecks and only needed to file an annual tax return.
The outages had affected everything from the state’s water supply to train lines to manufacturing. These types of disruptions create a ripple effect that is often felt most acutely by smallbusinesses that don’t keep a large inventory. A catastrophe in your area can wreak untold havoc on your business and the people you serve.
To fund your enterprise, you’ll likely want to secure a smallbusiness loan. Never use your personal nest egg as capital for your professional expenses.
My coworker is being greedy about office supplies and snacks. I am in charge of ordering office supplies and snacks for the office. I do supply snacks; we are not restricted as to budget but I don’t want to abuse the perk, so I comparison shop and buy occasionally, and I have bought her things she liked in the past.
Although charitable and public assistance programs have started to deliver help, the initial relief efforts were largely those of individuals and groups who took it upon themselves to bring food and needed supplies to their neighbors. What I find heartening is that most of these appeals are attracting genuine support.
Pros: more flexibility for the business greater freedom for workers improved workforce productivity and retention significantly lower overhead costs (e.g. This is a good time to think about your smallbusiness continuity plan and what that will look like once your virtual office is up and running.
Benefits Administration : Manages employee benefits, such as health insurance, retirement plans, and other perks. It's easy to communicate what needs to be documented along with providing visuals on insurance, payroll, etc…” (Source: G2 ) “The user interface is intuitive and easy.
Smallbusinesses can leverage a partnership to compete with a big competitor. Senior Vice President, Chief Strategy and Integration Officer Business: VSP , vision care insurance Alliance: VSP extended its insurance coverage to Pearle Optical. We needed to modernize how we did business to meet those demands.
How can companies move beyond standard health insurance and create a benefits package that truly stands out? A solid benefits package has comprehensive health insurance, paid time off (PTO), retirement plans, and wellness support. Companies can go the extra mile by offering pet insurance to help with vet bills.
Unveiling the hidden costs of doing business Do you have a handle on your organization’s indirect costs? It’s a must-ask question for any business. Otherwise, ‘hidden costs’ like providing health insurance and the cost of utilities will eat into your projected profitability.
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