How To Keep Score For Your Business

April 10, 2014 by

business (4)Many small businesses – and small teams in large ones – work hard without working smart. More effort is exerted than necessary and the results are that the business is less efficient.

So how do we work smarter and more efficiently?

The answer to this is dashboarding. A dashboard is a tool many newer businesses are using as a means of charting the work they do and projecting future outcomes where applicable, such as in sales and the green energy sector.

Among the common programs to create a dashboard are Microsoft Excel and the Numbers app.

How to Create a Dashboard

Using a spreadsheet, the top rows should title the tab. Below that, the columns for important data need to be input. The rows on the left hand side that run from top to bottom will note the project, customer, or prospect.

Using a Dashboard to Track Sales

For sales professionals, the dashboard not only helps you stay on track, but also enhances your progress and increases your income. When you dashboard, you’ll not only have your customers’ information in one place, but you’ll also note important information such as:

  • When you called last
  • When you’ll call next
  • The reason for calling
  • Notable information

Additionally, many sales people like to note how many “points of contact” they’ve made so as to track just how many times they have to call someone to make a sale.

Secure Your Future With a Dashboard

David Katz was an intern with a green energy company in New York City when he was preparing to graduate from Columbia University. The position was only meant to last the summer, but during that time, Mr. Katz did a complete overhaul of the company’s energy measurement and billing methods via dashboard.

When the summer ended, the dashboard was deemed too valuable to lose, as was its master. Mr. Katz is now one of the top players at this company that may go public in the next five years.

If this wasn’t enough, the dashboard also added to the young man’s legacy. Those in his circle have replicated his actions and dubbed the process he enacted as “pulling a Katz!”

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Taxes, Penalties And Your Business

April 9, 2014 by

business (9)The cost of starting a new business depends on the business model or the industry you are entering. A home based, consulting home business or free lance is much cheaper that opening offices some place, and buying office furniture, installing new phones, electric, insurance, etc. The cost of starting a home based business could be only a few thousand dollars, compared to the figures of the small business administration a few years back that estimated the opening of a new business as $30,000.  The cost associated with opening and running a small business is high, but there are many expenses that you may be able to postpone or even get by without worrying too much about it.  One of the expenses that you can absolutely not postpone is getting an accountant that will take care of the taxes and government filings your business needs to do to avoid penalties that you could incur otherwise.

Read more about this topic by following the links below.

Small Business Owners Have a $4.5 Billion Payroll Tax Problem

Every month, employers across the U.S. send money to the IRS to cover payroll taxes—levies drawn from employee pay to cover Social Security, Medicare, and unemployment insurance. Many botch the process. The IRS issued 6.8 million penalties totaling $4.5 billion related to these employment taxes for the year ending last September, according to recently published data from the IRS (PDF).

Those numbers are down from 2009, when the IRS issued 7.9 million penalties for $7.1 billion. The government doesn’t say what share of the fines were handed out to small businesses, but large employers are generally better equipped to stay current on ever-changing tax rules.

Why are businesses incurring enough in annual penalties to pay for a new Navy destroyer?

As companies get bigger or smaller and hire different types of employees, the rules they must follow can shift. Tax collectors often change rules on their own accord, meaning a business that paid payroll taxes on a monthly basis one year might be expected to pay every two weeks in the next. “There are so many little rules for a small business owner to stay on top of,” says David McKelvey, a New York-based partner at accounting firm Friedman.

McKelvey advises his clients, which generally have at least $1 million in annual sales, to outsource payroll services. Companies such as ADP (ADP) and Paychex (PAYX), to name two of the largest payroll firms, have the resources to stay current on tax rules and in many cases will guarantee customers against payment of IRS penalties, McKelvey says.

Small Businesses in Limbo Again on Tax Breaks

Small businesses are in limbo as they wait for Congress to make decisions that could save them a lot of money.

Bills in Congress would extend tax deductions widely used by small businesses making equipment or property purchases. One, known as the Section 179 deduction, has shrunk to a maximum $25,000 this year from $500,000 in 2013. Another, called bonus depreciation, expired at the end of last year.

The deductions are a big deal for small companies, saving them thousands or even millions of dollars on capital investments. But because Congress decides every year how big the deductions will be, owners can’t plan their equipment budgets until lawmakers vote. And in recent years, worried about the ballooning federal deficit, Congress has put off those votes, sometimes until late in the year.

The annual uncertainty hurts small businesses looking for a break when their combined federal and state tax rates run as high as 40 percent, says Doug Bekker, a certified public accountant with the firm BDO in Grand Rapids, Mich. They don’t know if they should make the purchase in the current year or defer it. And as the economy gets stronger and businesses are more profitable, they’re concerned about tax bills.

“If you talk to the typical small business out there, there’s a very high level of frustration,” Bekker says.

It’s getting cheaper to buy a small business in Baltimore

The cost of buying a small business in Baltimore has dropped by more than 11 percent during the last year, according to BizBuySell.com.

The website reports that the median asking price of  businesses for sale in Baltimore is $255,000, a $33,000 decline (11.6 percent) from the end of the first quarter in 2013.

Meanwhile, small businesses are generating more revenue than they were a year ago. BizBuySell reports business had median revenue of $496,654 during the first quarter, up from $480,000 during the first quarter last year.

BizBuySell compiled its numbers based on listing data from 248 businesses.

Filed Under: Ohio Business News Tagged With: , , , , , ,

Taxes, Hiring And The Minimun Wage In Ohio

April 5, 2014 by

business (7)It is the tax season and talk about taxes, penalties, tax cuts, minimum wage and hiring are the talk of the town.  For everyone that is still procrastinating about doing their taxes, I just want to remind you you ONLY have 10 DAYS left.   If you are not ready nor will be ready in ten days time, it is probably wise for you to file and extension to file later and avoid those pesky penalties the IRS will impose on you. For more news about what is happening in Ohio please follow the links below.

Push for $10.10 minimum wage would create winners, losers in Ohio

Amy Zickefoose’s husband works long, difficult hours with machines in Tennessee, hundreds of miles from their Mansfield home . For this dangerous work, he receives $11 an hour.

State and federal politicians have proposed raising the minimum wage to $10.10 an hour by 2016, but Zickefoose said fast-food employees shouldn’t be paid that much.

“I definitely don’t feel (they) should make almost as much as my husband,” said, Zickefoose, adding that she doesn’t believe an increase would help her family . “I know his boss wouldn’t give him another dollar.”

An increase in the minimum wage, which is $7.95 an hour in Ohio, would mean layoffs and potentially higher food prices, but also better-paid workers and potentially lower costs for social services. Whether that sounds like a great or horrible idea depends largely on where you fit into the workforce.

“From the employees’ perspective, a wage increase is always appreciated,” said Randy Davies, president and CEO of the Chillicothe-Ross Chamber of Commerce. “There are many aspects a small business owner  would have to adjust.”

The Congressional Budget Office estimated 500,000 workers, or 0.3 percent of the American workforce, would lose their jobs by 2016 if Congress raised the minimum wage to $10.10 an hour. However, another 16.5 million would see their wage increase, the report stated.

Faber: Tax cuts, regulatory reform has Ohio going in the ‘right direction’

LIMA — The leader of the state Senate claims Ohio is moving in the right direction, but that is not good enough and more work needs to be done.

Before Republican Gov. John Kasich took office, the state was losing 100,000 jobs per year for several years, Senate President Keith Faber, R-Celina, said. In the last three years, the state has seen private enterprise create 238,000 jobs, including 300 jobs at Ford Motor Co. Lima Engine Plant.

Under former Democratic Gov. Ted Strickland, Faber pointed out the state’s “rainy day” fund dropped to 89 cents and Kasich inherited a state budget that was $8.5 billion in debt. Today, the “rainy day” fund is approaching $1.5 billion and the budget is balanced.

“We are going in the right direction now,” Faber told about 100 people Friday during the Allen County Republican Party luncheon at the Elks. “Ohio is doing better, we are doing better, but better is still not good enough, because if we sit on our laurels than we should expect to go back to the bad old days of 2010, and 2009 and 2008.”

Survey: Ohio business owners hold off on hiring

More Ohio small and mid-size business owners are expecting higher sales and profits over the next six months compared to a year ago, according to new survey results released today by The PNC Financial Services Group Inc.

PNC Bank, Ohio’s fourth largest bank by deposits held, surveys business owners and customers twice a year, gauging sentiments about the economy.

On a less-positive note, the same Ohio business owners told PNC that even though business looks to be improving, it doesn’t mean they plan to hire more people.

“Ohio business owners are still very guarded,” said Mekael Teshome, PNC economist.

The outlook has brightened across the local, national and global economies, Teshome said. For example, six months ago the U.S. government was shutdown.

But small Ohio business owners — who do the majority of the hiring — are looking for more goods news before they risk the investment.

“I see this as indicating businesses are pretty much playing defense. There has been some volatility in Ohio’s economy. We hit a bit of a speed bump in the fourth quarter” from declines in government employment, Teshome said.

“I think that speed bump had something to do with firms taken a more precautionary approach,” he said.

“The other reason I think is the manufacturing rebound is really approaching a more mature, more advanced stage. I think there will be continued improvement in this sector, but not of the same magnitude we saw in 2012,” he said.

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How To Spot Problem Employees Before Hiring Them

April 3, 2014 by

business (7)How to Spot Problem Employees Before Hiring Them

The whole hiring process requires careful thought and consideration. If an employer is not careful there are many things that can be overlooked in finding great employees. Upon viewing a prospect, the employer should view the initial application carefully to see if there is anything there that appears to be misleading or false. References and past employers should carefully be checked by giving them a call and asking a few unexpected questions and making certain that the past employer has a legitimate company. The past employer can be researched to see if they really exist.

If the application looks impressive, the next phase would be to give the person a call and let them know that their application was received and ask them why they feel they would be a good prospect for the job. It would be a good idea to tell them about the main job duties and ask them if they have experience in those areas. If the applicant is able to answer the questions in a convincing manner then this would be a great time to schedule an interview. If the person does not sound convincing they could be told that that there still needs to be time to view their application. This would be the perfect time to send them an email and thank them for their application and let them know why it was denied.

The interview is the final draw. First impressions mean everything. The applicant should be dressed for success suitable for the interview. Does the employer really express that they are interested in the company or in just getting paid to do a job? Some concerns may be health related problems that may cause this person not to be able to perform well on the job. The applicant should be able to work the hours needed and be able to be to work on time. Does the applicant answer in a way that he or she comprehends the questions asked? Does he or she communicate well and present themselves professionally? The answers to these questions could be red flags that help spot problem employees.

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Your Customer Hates You…

March 27, 2014 by

3 Rules for Dealing with Unsatisfied Customers:

People are people. And they come standard with emotions and egos. There’s no indictment here about you or your business. Even with the best service or most reliable product, there will be complaints. This isn’t always your fault. As an entity, business tries its best to be impartial, leaving emotion out of it altogether. But the old adage, “It’s not personal, it’s business,” works only in a cutthroat environment, which doesn’t apply in most business scenarios (at least you better hope not. We’ve seen the movies.) Sometimes, customers will become upset, unhappy, or downright resentful of you or your product. Here are 4 rules you should follow to quell your customers’ uneasy feelings and return them to a state of satisfaction.

Rule #1 – Adjust Your Attitude…

This can sometimes be difficult. After all, you, too, come standard with emotions and an ego. You are a hard worker who takes each customer seriously, so it might be difficult to imagine why a customer has issues with you or your product or service. Don’t allow this to make you resentful of your customer. Never respond with, “You don’t have a problem, everything is A-OK as I see it.” It will undoubtedly become a vicious circle of blame and ego in which everyone loses. The customer will generally be upset with some aspect of your product or service, but not with you. Instead of incredulity, use the adversity as an opportunity to showcase how much the customer means to you and to your business. Often times, angry customers just want to be heard. If they see that you’re working hard to solve the problem, they will calm down and the two of you can focus on a reaching a resolution.

Rule #2 – Always Take Responsibility…

Along with making sure you’re addressing any negative client issues with the right attitude, never, ever, even with a hint of innocence or bewildering shock, make excuses for allowing your customer or client to be unsatisfied. They simply don’t want to hear, nor should they have to. They are the customer. They are buying from you—from your company—to fulfill a specific need. It isn’t their problem that your car broke down or your worst employee messed up the ordering or you tripped in your front lawn, kind of hurting your leg… Solve the problem, apologize for any inconvenience, and spare the details.

Rule #3 – Open and Honest Communication…

When working with a client or customer who is unsatisfied with your work, the probability of him or her just coming out and saying how they truly feel is rare. They’re likely to mask their true feelings, wait until you’re gone, and tell everyone else they know how bad your service is. By encouraging your client or customer to always be open with their feelings and thoughts, good or bad, you’re promoting a healthy environment of trust which will lead to heightened productivity. Establish this practice up front and put effort into maintaining the openness. Try to minimize the periods of “unsatisfied” as best you can by requiring open communication. Remember communication is a two-way street. Listening, learning and taking action to solve the problem saves your customer and your business.

Finally, don’t make the mistake of thinking that because you solved one problem for one customer that your job of being an excellent business owner and problem-solving extraordinaire is finished. Learn from these mistakes. Use each complaint or unsatisfied customer as reference for how to conduct future business with that specific customer, and every other customer you come in contact with. It’s the nature of the beast, plain and simple. Some customers or clients are going to have problems. Accept it as a truth and never quit learning how to make your business better by making each customer as happy with your product or service as can be. When dealing with a dissatisfied customer write down some quick notes. What they were upset about and how did you handled it? Use these notes as reference for the future to see these problems don’t happen again and build your business even stronger.

 

Filed Under: coaching

Is Your Small Business Due A Refund?

March 25, 2014 by

business (6)Some of the most interesting news coming for small business owners this week is as follow. If you have filed taxes with the Ohio department of taxation and think that you may had paid too much in taxes, now it’s the time to find out if you are due a check.  If you have specific questions about it you can also give them a call.  The phone numbers for you to call are listed below, give them a call, it may be worth your while.

Ohio looks to return money to small businesses 

The Ohio Department of Taxation is writing checks to small businesses, and some area employers may be eligible to receive money.

That was the gist of Tuesday’s meeting between State cabinet directors, the Youngstown Warren Regional Chamber of Commerce and local small businesses at the Covelli Center, as various government officials shared information about how to take advantage of money available to grow their businesses.

Business owners can call 1-888-405-4039 for general tax questions, or 1-888-722-8829 for questions specifically about the commercial activity tax.

Ohio businesses must comply with Ohio EPA air pollution standards

I plan to buy a small manufacturing business in Ohio. Do I need an air permit?

If you will be using manufacturing equipment, your business must comply with certain environmental regulations. In particular, air pollution regulations are closely monitored and enforced, so you should understand these regulations and obtain any appropriate permits. Ohio EPA may be willing to guide you in this process, but if you aren’t sure about your permitting status, consult an attorney.

When does Ohio require air permits?

Ohio usually requires a “permit to install and operate” (PTIO) before air pollution sources are installed. An air pollution “source” may be anything from an industrial furnace stack to a paint booth, or even a gravel roadway that creates dust.

Are there any exceptions to air permitting requirements?

Yes. There is an exception for very small (“de minimis”) sources of air pollution that have the potential to emit no more than 10 pounds of any individual pollutant in a 24-hour period of continuous operation. This exception also applies to sources that would emit more than 10 pounds if operated continuously for 24 hours, but never do so in normal operations, but the operator must keep records showing that the 10-pound threshold is never exceeded.

FirstEnergy Solutions billing customers for reserve power during arctic weather

AKRON, Ohio — January’s arctic weather drove up heating bills. Now it’s about to increase electric bills for some consumers and businesses.

FirstEnergy Solutions is preparing to bill about 2 million of its 2.7 million retail customers a surcharge for expenses the company will soon have to pay for reserve power it needed when temperatures plummeted below zero.

Residential and small business customers whose electricity bills show FirstEnergy Solutions as the supplier will see a one-time charge of $5 to $15 between May and July.

The 500,000 residents and small businesses that buy from FirstEnergy Solutions through the Northeast Ohio Public Energy Council, or NOPEC, will not face the extra charge, said Diane Francis, FES spokeswoman, because the NOPEC contract prohibits it.

Filed Under: Ohio Business News Tagged With: , , , , , ,

Is It Time For Spring Cleaning Your Business?

March 20, 2014 by

business (4)Spring cleaning for business requires something more than mopping the floors or airing the office. It is a time when the paperwork from the previous year can be organized, receipts for expenses tallied and summarize for your taxes, the health plan for you and your employees should be reviewed and renewed if you haven’t done so by this time of year. Organizing your business for the incoming one is a good habit that can pay off in the long run. To read more about how to organize your business or spring clean your business this year, follow the links below for more information.

Spring cleaning for small business owners

With January and February behind us, most small business owners are likely off to a good start in terms of their first quarter operations, budgeting, and outlook for the rest of the year. However, with spring upon us, there is no better time for business owners to dust off their finances, organize quarterly plans, and prepare for the future. Using the idea of spring cleaning and applying it to a business can fix “messes” in a timely fashion and have a meaningful impact throughout the rest of the year.

Reviewing business plans over the coming weeks is beneficial since it is early enough in the year that budgets can be reworked, yet implementation is still well under way. From a human psychology standpoint, businesses often experience a slow down during summer months, and winter months/end of year are typically reserved for wrapping up, squeezing in last minute profits, and planning for the next year.

Below, we outline several areas that owners may want to consider “cleaning” this season:

3 Spring Cleaning Tips for Small Business

Spring cleaning is not only for households. For small business owners, springtime is a reminder to get things in order. From an aesthetic standpoint, cleaning up a messy office not only injects a sense of order that might desperately be needed, it also provides a sense of accomplishment. From an operational standpoint, small business owners can clean up their books from 2013, store receipts, tax returns and other important documents electronically, and close out old inventory to greet the arrival of warm weather.
Clean Up 2013 Receipts
Unfortunately, April 15th, Tax Day, is a rite of spring. As many entrepreneurs are meeting with their accountants during the upcoming weeks, it is important to close out the books on 2013. Make sure you have all the receipts you need for write-offs.  Some of them may be stuck in your pocket or buried under catalogs in your inbox. Now is the time to look for them. You don’t want to be frantically searching for receipts from major purchases on April 14th. It is easier to find things when the pressure is off. You may have forgotten the receipt from the computer you bought last February. Neglecting to do so could cost you thousands of dollars in business expenses that you could have deducted and saved yourself substantial dollars on your tax bill.

10 Spring-Cleaning Tips for Small Business

Organize your office and your processes with these tips.

Spring cleaning your small business requires more than just scrubbing and dusting.

Tackling your to-do list is easier when you have a clean office, uncluttered desk and clear mind. Beyond vacuuming and dusting, here are 10 tasks to add to your spring-cleaning checklist.

1. Evaluate your systems, processes and vendors, and eliminate or streamline things that aren’t working.

2. Create a filing system according to how you think, and get rid of old, unnecessary files.

3. Go digital—scan, save and purge hard copies of files.

4. Clear your desktop of anything you don’t use regularly.

Filed Under: Ohio Business News Tagged With: , , , , , , ,

Why Must You Have 90 Day Goals for your Business?

March 17, 2014 by

business (11)Why Goals Are a Must-Have for Any Business

We all love to dream big for our companies. That is, after all, why most of us started our businesses. One day, we had a dream that we decided to turn into something real. The fact of the matter is that we all love dreaming more than doing. Dreams aren’t worth much without some serious hustle. Without doing the work, you are not going to see your company grow or succeed. That’s why setting goals and working toward those goals is such an important part of running a business.

Research has proven time and time again that people who set goals have a much higher likelihood of reaching those goals and succeeding in whatever they’re trying to accomplish than those who don’t set goals. The problem for many of us, however, is that we either don’t know where to start when setting goals or we set our goals unattainably high and give up when we don’t reach them. So how do we set goals that will help us move our businesses in the right direction consistently? Here are a couple quick tips:

1. Don’t try to create too many goals at once
Researchers on productivity have found that you really can’t focus on more than about 5 things at once. Creating goals with several sub-goals will only cheat you out of your productivity.

2. Keep your goals “smart“
Your goals need to follow these five guidelines:

  • Keep your goals specific. Instead of saying “grow my business”, say “increase my customer base by 10%.”
  • Make your goals measurable. “Make 10% more in profit over the next 90 days.”
  • Every goal should be actionable. They should start with an action verb. “Call two more customers a week.”
  • Be sure to keep your goals realistic. Instead of trying to double your sales, aim for a 15% increase.
  • Your goals should always be time-bound. “Gain 5 customers by April 1.”

Make goals, write them down, keep them few in number and make them “smart” and your business will be on its way to being the company of your dreams.

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Whirlpool To Add 400 Jobs In Ohio

March 14, 2014 by

business (3)Although the government shutdown last year delayed some issues in Washington, we cannot postpone the filing of taxes for 2013.  The deadline is still April 15 whether you are filing your taxes or want to file an extension.  The good news for Ohio small business owners is the changes in legislature last year that will give them a tax break for 2014 and for Ohio residents, an increase in jobs announced by Whirlpool Corp. for the next year onward.

Ohio small businesses want online stores to charge sales tax, too

CLEVELAND, Ohio — John Shulan is tired of hearing arguments that requiring buyers to pay sales tax on online purchases is unfair or too complicated. Shulan, president of Shulan’s Fairlawn Jewelers, is one of more than 1,000 small-business owners who have signed a petition urging Congress to require out-of-state sellers to collect the same state and local sales taxes they charge their customers.

“It’s not a new tax; it’s not a tax increase. It’s closing a blatant and growing tax loophole,” Shulan said. “We’re subsidizing Internet businesses by not requiring them to pay sales tax.”

The House Judiciary Committee is scheduled to consider online sales tax proposals, — including the Marketplace Fairness Act the Senate passed last year — at a hearing Wednesday morning in Washington, D.C. Both Ohio senators voted for the MFA.

Shulan and other Ohio businesses say they hope this is the year that Congress updates outdated tax laws that now favor online-only retailers such as Amazon.com and eBay. Current laws do not require retailers who don’t have a store, warehouse or other physical presence in Ohio to collect and remit sales taxes, giving consumers the impression that such purchases are “tax-free.” Although state law requires consumers to keep track of and pay taxes on what they buy online, few people actually do.

Whirlpool To Invest $40M, Add 400 Jobs In Ohio

Appliance maker Whirlpool Corp. is planning on making a major announcement later today for its plant in Greenville, Ohio, according to Dave Elliott, general manager of Whirlpool’s KitchenAid small appliances business, in an interview with the Wall Street Journal. Employment at the plant is expected to rise from 1,000 to 1,400 by 2018.

The plant currently makes KitchenAid mixers and other small kitchen appliances, and Elliott said the investment is in response to more demand for those types of high-end cooking gadgets. The company’s chief executive, Jeff Fettig, said that growth of small appliances has grown 10 to 15 percent annual in recent years, and that the Greenville plant has simply run out of capacity.

Whirlpool is expected to hold a press conference later today to announce the news, with Greenville Mayor Mike Bowers and Ken Hossler, plant leader, on hand to celebrate the investment. Gov. John Kasich was expected to attend as well.

The company has a complicated history with U.S. manufacturing. In 2009, the company shuttered its Evansville, Ind. plant and cut 1,100 employees to move production of refrigerators with freezers on top to a location in Mexico, where they were cheaper to produce. The move shocked and disappointed many, who felt as if buying a Whirlpool appliance was a safe bet in ensuring they were buying a “Made in America” product. And in 2011, the company announced the cut of 1,200 salaried positions, and the closure, of its Fort Smith, Ark., plant.

Kasich cabinet touts tax cut, other business-friendly changes

While Gov. John Kasich signed the small-business tax cut into law in June, it is affecting people now, Ohio Tax Commissioner Joe Testa said Monday.

With tax season in full swing, small-business owners are seeing results in their pocketbooks of a 50 percent tax cut on the first $250,000 of Ohio net business income. That means if a small business owner earns $100,000 in net income, he is taxed only on $50,000

Testa and other representatives of state agencies spoke at a “Cutting Taxes and Growing Ohio Small Business” event Monday at Veterans Memorial Civic Center. The session was held jointly with Lima Rotary Club and Lima/Allen County Chamber of Commerce. Cabinet level directors are traveling the state talking about the small-business tax cut and other policies and programs to help small businesses.

The tax cut is helpful, Testa said, because most small-business owners report their business income through their personal income tax. In addition to the small business cut, the state is also cutting individual income tax 10 percent for all income tax payers.

Filed Under: Ohio Business News Tagged With: , , , , , ,

Available Contracts And Health Care Issues Concerning Small Business Owners

March 5, 2014 by

business (8)As the New Year approached many small business owners were eagerly awaiting the Obama Care Act and the choices it would provide for them, as well as the savings they would obtain by shopping for health care for their employees thru the government marketplace. As the technical difficulties ensue, many small business owners were left with health insurance portals that were barely functioning, rendering them unable to even compare or shop for plans for their employees.

To read more about issues concerning small businesses, follow the links below.

Ohio small businesses stumble through the Affordable Care Act

Delays and complicated rules make the process difficult.

Small businesses around Ohio are struggling to sort out the details of the Affordable Care Act. It is unclear whether recent delays in the law help or add to the confusion.

The big Obamacare question for small employers is this: Am I required to provide health insurance to my employees or not?

“And that question is sort of like that underwear commercial: boxers, briefs, depends,” says Paul Tambe with BW Employee Benefits as he speaks to Dayton-area small business owners.

Rules of the game
And yes, it does depend. Here is the basic rule: Companies with less than 50 full-time employees are exempt. Companies with 50 or more need to provide health coverage for their full-timers or pay fines.

But the devil is in the details, and there are a lot of details. For example, full-time means an 30 hours or more per week, averaged over the month.

Kevin Finley with Space Management, a Dayton cleaning service, says his first challenge is just counting his employees.

“When you’re operating a business and someone’s off sick and you want someone else to cover, all of a sudden that person who normally works 20, 25 hours is working 40 hours,” Finley says. “So, you know, it’s a little dicey.

Kasich cabinet touts tax cut, other business-friendly changes

LIMA — While Gov. John Kasich signed the small-business tax cut into law in June, it is affecting people now, Ohio Tax Commissioner Joe Testa said Monday.

With tax season in full swing, small-business owners are seeing results in their pocketbooks of a 50 percent tax cut on the first $250,000 of Ohio net business income. That means if a small business owner earns $100,000 in net income, he is taxed only on $50,000

Testa and other representatives of state agencies spoke at a “Cutting Taxes and Growing Ohio Small Business” event Monday at Veterans Memorial Civic Center. The session was held jointly with Lima Rotary Club and Lima/Allen County Chamber of Commerce. Cabinet level directors are traveling the state talking about the small-business tax cut and other policies and programs to help small businesses.

Millions of Dollars in Contracts Available for Ohio Small Businesses 

9th Annual Business Matchmaker provides Ohio small businesses networking opportunities

It’s where government and businesses come together, and it’s time for Ohio businesses to register. The Ohio Business Matchmaker runs from 12:30 p.m. on Tuesday, April 22, 2014 to 4:30 p.m. Wednesday, April 23, 2014 at the Hope Hotel, just outside the Wright Patterson Air Force Base in Dayton.

“This is a great opportunity for Ohio businesses to support and grow other Ohio businesses,” said David Goodman, director of the Ohio Development Services Agency. “Not only do we provide small businesses access to numerous buyers at once, we’re finding out what goods and services they provide in advance to connect them with the proper buyers.”

The purpose of the conference is to help Ohio small businesses get contracts. The Small Business Administration (SBA) and the Ohio Development Services Agency partner on this event to get small businesses in front of government buyers who need their products and services. The participating buyers represent city, county, state and federal agencies, as well as prime contractors and other organizations with combined purchasing budgets representing millions of dollars in opportunities

 

Filed Under: Ohio Business News Tagged With: , , , , ,
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