When Hiring An Employee

The challenges small business owners face are a bit different from the challenges the big guys deal on a daily basis. 

The small business owner has the capability and the luxury to meet and know the employees that work for them.  Some of the challenges a small business owner faces when dealing with employees are whether he/she is challenging their employees and keeping them interested in remaining with the company. 

A bored employee that is not being challenged, or is not utilized well looks for a company that will challenge him.  Research has found that Millennials are one of the groups that expect to be challenged and is not afraid to voice their discontent with the status quo if their skills are not being used. If an employee is happy working for your company, don’t be afraid to ask them for any input as to improvements you can make to the internal culture of the business even though he is happy working there.  If an employee is leaving the company, make it your job to find out why and whether there was anything you could have done differently.

Many companies have great salaries and incentives to lure top talent to their business, and although a great salary is one of the incentives you can use to attract them to your company,  it’s not enough to keep them.

There is a lot of research out there that mention the idea of group collaboration and state the fact that many employees prefer and enjoy the challenge of being part of a team.  While this may be true for many startups, every company is different and the goals they want to achieve are not those of a startup.  As a small business owner, the possibility of change is easier for you.  You can implement change in the company and see it through without looking for approval from the top guys, or even input if the changes are working.

As a business student, you learn that company culture is one of the hardest changes to make, and one of the things hardest to monitor.

Having the right company culture begins by hiring the right people.  It is no longer enough to have the computer skills needed for a job, good interpersonal skills have become a prerequisite for many companies for any position within the organization.

As a small business owner, there are many challenges when hiring employees.  Fortunately for you, the power and control are yours.


Small Business Issues for 2018

What are some of the issues, small business owners have to be aware of this 2018?

Business Optimism: According to many analysts, business owner’s optimism should stay steady this year, following the high level carry over from 2017.  If the economy and stock market remain as robust as it has been, business owners are bound to stay optimistic.  And although their optimism about the economy has not translated in an increase in hiring, with the new tax laws breaks many analysts believe this can change.

Taxes and Accounting: The new tax bill should benefit many businesses across different sectors of the economy.  Whether you are a small business owner, have a partnership or a corporation, there are bound to be many tax breaks that you can take and that can alleviate the tax burden this year.

For these tax breaks, you need a tax accountant that has an understanding of your business, your financial situation, and an understanding of the new tax laws in order to take all the tax credits that your business is allowed.

Having a knowledgeable accountant can help your business lift or ameliorate the tax burden your business faces while helping you create a path to a healthier one. Accountants can possibly help you save thousands of dollars in fines from the state or federal government if you are not filing the right forms at the right time.

Sexual harassment: A movement that needed to happen long ago, has taken flight and it does not seem to stop. For many businesses across all areas of commerce, sexual harassment has become an issue owners and management cannot ignore anymore.  Preventing sexual harassment in the workplace has been around businesses for many years now, but doing something about it it’s what’s different now.  Training, informing and having an open conversation with all employees in your organization is too important to ignore, and if you haven’t  done anything about it yet, you must prioritize and make it happen now.

Health Care: Many organizations begin the year by reviewing the health care coverage and retirement plans the business has.  Is it important to do it now?  Health care coverage premiums can skyrocket from year to year, and if your business is not shopping around for better rates and coverage for its employees, then you might be paying more for less coverage this year.

Retirement plans are also an important part of the incentives many organizations employ to retain and to attract talent in their business.  The retirement incentives can make a great employee choose to work in your business because of those extra perks they are getting apart from their salaries. 


Is The New Tax Bill Favorable To Your Business?

With the ups and downs of small business optimism index this year, October saw a small upward trend again and once again small business owners believe now is the time to expand, and hire.   They believe sales will keep increasing and the economy as a whole.

The retail industry sees an increase in sales due to the holiday season, and as a small shop owner, sales do increase dramatically.  The question now is whether the sales will keep up after the holidays are over and Americans settle to their business as usual, or whether they will again go back to the normal pre-holiday sales. The index may again adjust itself to reflect the normal optimism before this holiday rush.

For more about this and other topics, follow the links below.


8 small business losers under Republicans’ tax bill

If you’re a small business owner hoping to get a tax cut under the proposed Republican tax reform, pay close attention. While there will be a few small business winners, most owners will see no benefit, and you might be one of the many losers.

While both the House and Senate bills are still subject to revision, both contain a provision directly aimed at small businesses. And it’s got a whopper of a bait-and-switch.

Whenever you hear them talking about lowering the rate on “pass through” income — the kind almost all small business owners report — remember this: It won’t lower taxes on at least 70% of the money you make. It won’t help the overwhelming bulk of small businesses.

How did we get here?

During the Presidential campaign, candidate Donald Trump promised to lower business taxes.   But he meant “corporate” taxes — with a new lower rate applicable only to “C” corporations, generally the largest businesses.


NFIB Small Business Survey: Index Inches Up In October

The latest issue of the NFIB Small Business Economic Trends came out this morning. The headline number for October came in at 103.8, up 0.8 from the previous month. The index is at the 93rd percentile in this series. Today’s number came in below the Investing.com forecast of 104.2.

Here is an excerpt from the opening summary of the news release:

More small business owners last month said they expect higher sales and think that now is a good time to expand, according to the October NFIB Index of Small Business Optimism, released today.

“Owners became much more positive about the economic environment last month, which suggests a longer-run view,” said NFIB Chief Economist Bill Dunkelberg. “In the nearer term, they are more optimistic about real sales growth and improved business conditions through the end of the year.”

The first chart below highlights the 1986 baseline level of 100 and includes some labels to help us visualize that dramatic change in small business sentiment that accompanied the Great Financial Crisis. Compare, for example, the relative resilience of the index during the 2000-2003 collapse of the Tech Bubble with the far weaker readings following the Great Recession that ended in June 2009.


Modified House tax bill hits right notes for small businesses

The House is expected this week to pass the most comprehensive tax reform in more than 30 years. The measure is aimed at boosting the U.S. economy, mainly by reducing taxes on businesses. The Senate introduced its plan last week, which leaders expect to pass before the end of the year.

The respective versions will have to be reconciled, and potential obstacles remain, but the elusive goal of tax reform is within reach. Every American has a stake in the success of this effort, for no other public goal is possible, including national security, better public education or a modernized infrastructure, without stronger, faster economic growth.


 

Small Business News

Facebook advertising has proven to be the way to go for some small businesses.  There are others that swear the ads don’t work. The only thing that most online users agree is the fact that if you have a small or big business, or if you are in the spotlight, politics is the last thing you want to be promoting.

As a small business owner providing goods or services to many clients, the last thing you want to do is promote one political view over another.  Stick to business.  Remember that we want clients to spend money with us, regardless of their party affiliation.

For more about this and other news, follow the links below.


Small Business Saturday: Big, and getting bigger

It’s not yet Halloween, but for many small businesses, planning for the holiday season has started in full force. If you own a small business, it’s time to start getting ready for one of the most important days of the year.

In all my years working with entrepreneurs and writing about entrepreneurship, Small Business Saturday — falling this year on Nov. 25 — is the most transformative campaign for small businesses I have ever seen.

Since its inception in 2010, this special day — the Saturday after Thanksgiving— has become the biggest sales day of the year for many small companies. For the big day last year, an estimated 112 million Americans shopped at small businesses and independent restaurants, spending about $15.4 billion, according to American Express. That’s about one-third of the American public buying at small businesses and a whole lot of cash infused into local economies.


What Not to Do on Your Facebook Small-Business Page

More entrepreneurs are tapping into the world’s largest social media network: There are more than 70 million businesses now on Facebook, up from about 18 million in 2013, according to chief operating officer Sheryl Sandberg during a recent investor call.

Facebook gives businesses a platform to showcase new products and services, promote specials and provide customer service. But with these benefits comes the potential for mistakes that can damage your brand.

Here are five common small-business mistakes to avoid on your Facebook business page.

1. Don’t post too often

Most industries should aim to post no more than once or twice a day to avoid overcrowding followers’ news feeds, says Cheryl Friedenberg, president of High Key Impact, LLC, a small-business marketing consulting firm.

There are exceptions, though. For example, it’s appropriate for restaurants to post frequently about food specials, happy hours or live music events, or for medical businesses to post about recent health studies, Friedenberg says.

“I don’t think people mind seeing more of those types of posts throughout the day,” she says.


Survey: Small businesses’ appetite for financing weakens

Small businesses’ appetite for financing has weakened in the second half of the year, along with their revenue outlook.

That’s the finding of a survey of small companies released Wednesday by researchers at Pepperdine University’s Graziadio School of Business and Management and Dun & Bradstreet Corp. An index compiled from the survey that measures companies’ demand for capital has fallen more than 10 percent in the third quarter, registering at 36.2 versus 40.4 in the second quarter.

The survey, which questioned 1,176 businesses, is in line with other recent indicators of slowing activity at small businesses. The payroll provider ADP reported this month that its small business customers cut jobs during September. While that was due in part to Hurricanes Harvey and Irma, companies have generally slowed their hiring.


 

Small Business Optimism and Security

Many small businesses and big corporations are at risk of cyber attacks daily.  Companies like Target that spend millions of dollars on cyber insurance and other security measures, do not spend enough to make the cybersecurity risks less probable.

For small businesses that do not have the finances to spend protecting themselves against cyber attacks, the risks are always present.  And although cyber attacks may not be directed against them quite as often, protecting the personal and financial information of their clients should be one of the primary priorities of any business.

For more about this and other topics, follow the links below.


A Decline In Small Business Optimism

On Tuesday, NFIB reported the September Small Business Optimism Index results, and they showed the Index fell 2.3 points to 103, which was below the lowest consensus forecast. In spite of the decline, the index remains at a high level, as can be seen in the below chart.

A larger percentage of the index components declined in September as the report noted:

“Six of the 10 Index components dropped in September. Three improved, and one remained unchanged. The bright spot last month was inventory plans, which gained five points as more business owners anticipate a strong 4th quarter.”

Below is a table showing the component changes from August.


Half of All Small Businesses Use WiFi Technology Almost a Decade Old

Small businesses are using older WiFi that doesn’t fit their needs on several fronts. A new Linksys sponsored survey says half of the small businesses polled are using WiFi technology that’s over eight years old. Beyond not being able to keep up with mobile expansion, business owners are concerned over the lags in security and speed.

Problems with Small Businesses Using Old WiFi Tech

These findings are important to small businesses still using older WiFi technology. Smaller enterprises that work online need to be both flexible and fast to respond to changing client needs. Your download and upload speeds are the flux to beat the competition to sales. Beyond that, they make for quicker networking with everyone from visitors to mobile employees.


House approves bill to bolster small business cybersecurity

The House on Wednesday approved legislation that would require the federal government to produce and disseminate guidance to help small businesses with cybersecurity.

The bill, introduced by Rep. Daniel Webster (R-Fla.), a member of the House Science, Space and Technology Committee, passed by a voice vote.

The legislation would require the National Institute of Standards and Technology (NIST), a nonregulatory standards laboratory housed in the Commerce Department, to produce cybersecurity resources for small businesses.

NIST produces and updates cybersecurity guidance for the public and private sectors that businesses can choose to use. President Trump signed an executive order on cybersecurity earlier this year ordering federal agencies to abide by the NIST framework.


 

Small Business and Funding

When the time comes for small business owners to finance a part of their business through a loan, things can get quite complicated.  Many banks – especially for small businesses- look into your personal finances to see if you have the credit and trustworthiness to hand you money. Personal credit scores and ending balances for the month in your checking account means something for the banks, and being aware of that fact can make your chances of getting a loan much greater.

For this and other stories, follow the links below.


The GOP says its business tax plan will help workers and small businesses. It won’t.

Instead, it’s a gift to people with lots of capital.

To understand the business tax provisions in the Trump tax proposals, begin with F. Scott Fitzgerald’s insight that the rich are different from you and me — they have more money.

In particular, they have more capital. (Ever polite, economists call piles of money that have been invested “capital.”) Business tax reform really is an exercise in how we should tax capital income — that is, returns on investments. And because the rich have lots more capital than do you or I, the benefits of the multitrillion-dollar business tax cuts proposed by the Trump administration’s tax “framework” necessarily will be vacuumed up by the most affluent Americans. Business tax reform has only a modest connection to the economic future of working stiffs, and the small connection that does exist is a second-order effect.


Small business jobs hurt as hurricanes close retailers

NEW YORK — Hurricanes that swept the southern U.S. last month shut many retailers and put hiring on hold at small businesses.

That’s the finding of payroll provider ADP, which said Wednesday that its small business customers cut 7,000 jobs during September. Many small and independent retailers in Texas and Florida had to close before and during Hurricanes Harvey and Irma, and many suffered significant damage from wind, rain and flooding. That slowed hiring, and employees at some stores were laid off. The Labor Department reported a jump in applications for unemployment benefits following the storms.

The hurricanes also curtailed overall hiring, ADP said, counting 135,000 new jobs at companies of all sizes, the smallest gain in nearly a year. Without the storm, hiring would likely have been closer to the average monthly pace of 185,000 for the last two years, said Mark Zandi, chief economist at Moody’s Analytics, which helps compile the ADP reports.


7 Things About Funding Sources that Small Business Owners Don’t Know — But Should

Getting funding for your small business is essential but not always as straightforward as you might think. Here are 7 things about funding sources you might not know about but should.

Small Business Funding Facts

You Need to Keep a Positive Ending Balance

Hanna Kassis works for Segway Financial. He says a small business should not only have money in a bank account before they apply for a loan, but a specific amount at month’s end.

“Lenders want to see that you’ve got a positive ending balance,” he says. “Say you’re anticipating needing a merchant cash advance at the end of the month, go put $500 dollars in your bank account.”

Your Personal Credit Score Affects Your Business Financing


 

Marketing Your Small Business The Smart Way

We all probably heard the saying” Think outside the Box” and for marketers and small businesses, that means finding creative, smart and financially achievable goals without spending too much time and money.  Marketing your small business doesn’t mean writing big checks for companies to market your business, or promote your services.  Creativity nowadays is something every small business owner can do without breaking the bank.

Follow the links  below for more news about small business


Think Small Business To Help America’s Middle And Working Classes Win Big

 In spite of a rebounding and more robust economy, many in the lower middle and working classes remain anxious and concerned about their futures. There has been low and slow wage growth and, as we discussed in our last blog, the changing nature of jobs, the middle class and the American Dream have pushed a large part of the workforce toward a gloomy perspective.

There have been various proposals to make the economy work better for America’s workers. The Trump administration suggests that a restrictive skills-based immigration bill (the RAISE act) that considerably reduces the number of immigrants will increase the chances for more and higher paying jobs. The Administration has also asserted that cutting corporate taxes will stimulate job creation and wage growth.


Small businesses expand, invest despite gridlock in Washington

Small business owners are tired of sitting on their hands while Washington dithers.

Despite lingering uncertainty over tax and health care policy, U.S. entrepreneurs are moving ahead with investment and expansion plans that could juice economic growth.

Thirty-two percent of small businesses are planning capital outlays in the next three to six months, the strongest reading since 2006, according to the National Federation of Independent Business’s August survey. And 27% say the next three months is a “good time to expand,” the largest share in 13 years.

A September survey of economists by the National Association for Business Economics, out Monday, predicts that business investment overall — by small and larger companies — will grow 4.4% this year, up from their 3% median estimate in December. Businesses that expand, buy new equipment or build new structures typically hire workers to operate the machines or occupy buildings, while the factories that make the products generally need to staff up as well.


Huge List of National Holidays for Marketing in a Small Business

National Kick Butt Day is coming up. Bet you never heard of that one, did you? Today it seems as if there are national holidays, a national day or national month for everything. In fact, there are over a thousand national holidays, national weeks and national months. Add bank holidays and major religious holidays, and you have one crowded calendar!

National days of observance have become trendy and popular in part because companies have learned to use them for marketing. Just look at social media. Judging from the hashtags for various food days, people days, pet days, medical condition days, military days or industry days — it seems like every single day is a national holiday or national day of observance on Twitter and Instagram.

If you’ve ever wondered, “what national holiday is today?” — we’ve got you covered. Our hand-picked list of national holidays for marketing appears below. But before we get to that list of national days, we have some advice.


 

Best Business Practices

For a small business owner, scaling a business can be a dream and a challenge.  Having the proper foundation can be rewarding and can prove to be an asset for your business. If you are thinking about  branching out, having a team around you can prove to be an incredible asset you cannot do without.  Having the team know the goals of the company and what is expected of them has been proven to be essential for the growth of any small business.  The accountability that is expected of every member of the team can impact the growth and profits of the company, make sure every member of your team knows the expectations and the accountability when working for your business.

For more about this and other topics, follow the links below.


Best Practices For Marketing Your Small Business On Twitter

Twitter has come a long way since its 2006 launch, becoming a top player for business marketing, where even small business owners can grow their presence using Twitter’s comprehensive strategies. Twitter for Businessexplains how small business owners can seize the potential of Twitter to build business influence and growth. Be smart and gain savvy knowledge through the Best Practices for B2B Marketers on Twitter e-book, as even small businesses should look to foster relationships through social media beyond the consumer level. Try these five best practices to begin marketing your small business on Twitter.

Keep it short and simple

It may seem distinctive to have a Twitter handle that stands out and is unique, but no one will remember an overly complicated handle with numbers or special characters, especially if it doesn’t define your businessor location. A short Twitter handle that’s a logical right fit makes your business easy to find.


The 9 Essential Email Marketing Best Practices You Need to Know

Since the first email was sent in 1971, the medium has become the prime form of communication for most marketers.

Say what you want about social media or good old-fashioned sales calls – email as a marketing method has proven time and time again that it is simple, fast, affordable, and effective.

Though email marketing has been around for years, it has continued to evolve, with marketers looking for small tips & tricks they can use to boost their open and click-through rates.

Often, however, it’s best to go back to basics.

In this article, I’ll share with you the pillars of email marketing best practices, ranging from simple foundational advice to more technical tricks you can implement.


Best business practices from 7 leading businesswomen of today

The world of business has changed immensely. For the present generation, it’s not surprising to see their mothers take work trips, sleep off with the laptop’s light intensifying the stress lines on their face, or perhaps even miss birthdays and other celebrations. Is woman the new man? If she is, then is she the kind of man who was frowned upon barely a generation ago for being too left-brained? In the world of active feminism, it’s a tough question to ask, but one that must be raised nonetheless. The answer must be found objectively and individually. For now, let’s learn the definition of success, work-life balance, and more from some of the best female business leaders today.

On Work-life balance – Sheryl Sandberg, CEO | Facebook

“You know, there has never been a 24-hour period in five years when I have not responded to e-mail at Facebook. I am not saying it’s easy. I work long hours. I am saying that I was able to mould those hours around the needs of my family, and that matters. I really encourage other people at Facebook to mould hours around themselves too.”


 

Employee happiness and Business Success

Regardless of what you hear from Congress or any other politician in Washington, American workers are not the best in the world.  As a nation, we are lacking in skills ranging from math, and problem-solving to literacy. The study done by the Organization for Economic Cooperation and Development, shows the American labor force is not only not comparable to other equal nations, but we are falling behind.  The skilled workforce needed to fill basic job positions is not longer there, and hasn’t been there for many years now.

Finding and keeping talented employees has become a struggle for many businesses, and the perks these businesses are willing to offer to entice talented people are a sign of the shortage of skilled employees.

For more about this and other topics, follow the links below.


Keeping employees happy a key to business success

Business owners may want to pay attention to more than how many widgets their employees are making.

They also should consider how happy those workers are while making them.

Experts – and a boatload of research – agree that satisfied employees tend to work harder and smarter, which in turn can boost a company’s bottom line.

“An engaged employee who feels valued and fulfilled is more likely to go all in and be far more productive,” said Evren Esen, director of workplace analytics for the Society for Human Resource Management.

“They also are more likely to stay with an organization longer, which reduces turnover costs,” she said.

That might sound like common sense. But finding out what makes an employee happy and then doing things to engage them is not an exact science.

Most workplace studies and surveys concentrate on two main areas: tangible gains, such as salary and health care benefits, and intangible bonuses, such as respect and job security.


Good businesses, even universities, invest in their employees

If higher education truly wishes to help solve the world’s complex problems, it is essential that all voices get a seat at the table, including those of graduate student workers. At Washington University, we need to do more to ensure graduate student workers don’t have to choose between academic success and personal well-being.

We are “privileged to be here,” we graduate student workers are so often told, and we shouldn’t question issues of compensation if we are truly passionate about the work we do. But as long as Washington University insists that we are students only, graduate student workers receive none of the protections afforded to employees under the law, even while we are compelled to remain in this tenuous position in order to complete our degrees.

While Washington U. is ostensibly committed to its role as a beacon of higher learning in the St. Louis community, it is in fact run as a business — and an incredibly lucrative one, at that. But good businesses invest in their employees. By promoting the well-being of the whole employee, Washington U. stands to benefit from higher graduation rates, better job placement, better academic and teaching work, and a healthier spirit of collaboration between students and their faculty advisers.


Family philosophy behind Marlex Pharmaceuticals’ success

Savar Patel, president of Marlex Pharmaceuticals, believes employees go the extra mile for him and his brother Samir because of loyalty.

That mindset stems from Samir and Savar’s father Amrish, Marlex’s founder, who the brothers say was an employee-centric boss who never wanted to treat people badly.

“We’ve just continued on with that philosophy,” Savar Patel said.

That philosophy has landed the New Castle-area-based packaging and distribution company on The News Journal’s list of Top Workplaces four years in a row.

Marlex Pharmaceuticals was ranked first among small businesses in The News Journal’s annual Top Workplaces survey conducted by WorkplaceDynamics of Exton, Pennsylvania.

The company engages in the distribution and packaging of pharmaceuticals. All products are made in the United States and distributed nationally, with access to every hospital, pharmacy and nursing home across the country.


 

Happiness and Company Culture

Small businesses have many positive things going on for them.  The owners have total control of what’s going on in their business and take care of things personally and quickly.  Many of them do not look for ways to pass the blame onto others, they are the owners after all. The business succeeds or fails because of them.  If they plan carefully and consider the advantages of having a team around them, then the chances of success increases.

The beginning of any business is hard.  Lots of hard work, and maybe loss of income can become quite a strain for many small owners.  That is some of the reasons a third of the small businesses that start do not make it past the first two years according to the Small business administration.  And half of those businesses do not make it past the 5th. year.

A business plan before starting a business, and a financial plan to weather the first years should be a necessity for many small owners.  The difficulties that you will encounter the first years of the business are always unexpected. You know you will have difficulties but don’t know what they are.  Later on, the good and bad experiences you encounter will give you the experience and the forbearance to weather the storms.

There are millions of small businesses across the United States.  Some grow to become great, powerful companies, and a lot of them do not.  What is it then that makes some companies thrived while others go under?  For many people great companies show a handful of characteristics that makes them great, but as always great or good means something entirely different for people.

But for  companies to succeed, the first thing to remember is that employees play a crucial part in the success of any business.  Employees that understand that they are working for a company , and that they are supposed to be a team, not sole individuals with different purposes, make a better company.  They as a team, have a more happy, positive company culture, and research has shown time and again that employee’s happiness plays an important role in the success of the company.  Happy individuals that know the company’s philosophy, and are on board, will make the company a better place all around.