According to the NFIB, the number one concern of 23% of small business owners these days is the tight job market. In fact, 83% of those trying to hire reported few or no qualified applicants. If you find yourself in this situation, what can you do? Here are 5 ideas: 1. Increase productivity In keeping with Mies van der Rohe’s thought that “less is more,” if you can get your existing staff to become more productive, you may reduce the need for additional workers and continue to grow your business. Two key words I like to use for boosting productivity […]

A partnership is not a taxpaying entity (unless there is an adjustment from an audit under the Bipartisan Budget Act audit rules), but it files an annual tax return, Form 1065, to report income, deductions, and other items. These items pass through to partners, who may be individuals, other partnerships, corporations, or other entities. Partners report their allocable share of these items on their own tax returns. Recently released tax statistics show that the number of partnerships (including limited liability companies that file tax returns as partnerships) is on the rise. For 2015 (the most recent year for statistics), there were […]

Father’s Day is a few days away and this day reminds me of the lessons I learned from my dad at the dinner table each day while I was growing up. He was a co-owner of a machine shop that made parts for such items as telephone equipment, helicopters, and the Minuteman missile. Needless to say, his lessons—spoken and unspoken—had a profound impact on me. (This is a blog I ran 4 years ago but wanted to revisit it with some modifications.) Running a business is 24/7. My dad talked about the routine and the not-so-routine events of his business […]

Workers’ compensation is insurance to protect employees in case of job-related injuries or illnesses. Each state has its own rules governing coverage requirements/exemptions, benefits, and other rules for workers’ compensation programs. You can find a listing of them for each state from the NFIB.  Most business owners have heard of workers’ comp, but may not be aware of some details that can cause the business serious financial loss. Here are some workers’ compensation issues to think about. You can be sued According to a Manta/Insureon survey, only 17% carry workers’ compensation for their employees. This may be because businesses may […]

As business owners we know it’s challenging to take time off. We don’t just run our businesses, we live them. Tsheets found that 14.8% take vacations more than twice each year and 27.6% are able to get away once a year. But 8.4% take a vacation less than once every 3 years, and another 8.4% never take a vacation. This is so despite the health benefits that vacations produce, including decreased heart disease, depression, and stress, and increased productivity. The trick to being able to get away is planning, so here are some ideas to help you think positively about […]