Being in a tight labor market as now exists requires employers to find ways to keep employees satisfied and loyal.  Unfortunately, this isn’t an easy thing for small businesses.  Typically, their budgets don’t permit generous fringe benefits offered by large companies, such as on-site gyms and eating facilities. But is this what employees really want? The answer may depend on who you ask. Here is a sampling from some recent surveys to give you some ideas about your policies and offerings: Basic things employees want ServiceNow’s survey found that what employees want most is meaningful work. In fact, 61% would […]

An IBM survey some years ago found that the most important leadership quality in today’s world was creativity. It was even more important than integrity and fairness. So how can you work on expressing your creativity and developing your vision? Continue to grow personally As a leader, you can’t remain stagnant. The world is changing too fast, and you have to keep up. These clichés say it all: stay ahead of the curve, think outside the box, and don’t drop the ball. Some ideas to help you continue to grow: Read and listen. There is a never-ending stream of business […]

According to Intuit’s The State of Small Business Cash Flow, “69% of small business owners say they have been kept up at night by ongoing concerns about their cash flow status.” Nearly one-third (32%) can’t pay vendors, pending loans, employees, or themselves because of cash flow issues. Even worse, “[o]n average, U.S. small business owners are losing $43,394 annually by foregoing a project or sales due to issues created by insufficient cash flow.” Know your numbers Cash flow essentially means money in and money out. Having enough coming in to pay what’s going out is key. And the only way […]

Allowing employees to work from home is a win-win. From the company perspective, employees who telecommute are more productive (perhaps because they don’t have to commute to and from work, attend meetings, and hassle with office politics) and are more loyal to their employers. Fundera reports that employers offering at least part-time telecommuting collectively save $44 billion annually because of reduced turnover, savings in rent (less space needed), and even inexpensive ADA compliance for workers with disabilities. For employees, working from home offers the chance of a better work-life balance and the opportunity to work for companies not located near […]

If you put your own child on the payroll full time for the summer or even part time throughout the school year, there are a number of valuable benefits for the business and your child. Getting the help your business needs In today’s tight labor market, it is challenging for small businesses to hire needed employees. According to a survey from CNBC and Survey Money, 52% of small businesses said it’s harder to find workers today than a year ago. Hiring your own child to work in the company may be just the answer to your employment needs. And there’s […]

Each year the IRS releases statistics on various types of business entities, and looking at the numbers tells an interesting story. The last time the IRS released statistics on sole proprietorships was at the end of 2017 and they addressed Schedule C and Schedule C-EZ filing for 2015.  Now we have statistics for 2016 and they show that there are a growing number of sole proprietorships in the U.S. Sole proprietorships are taxpayers who file Schedule C or C-EZ.  They may be independent contractors, freelancers, other gig economy workers, or other self-employed individuals who are not required to file any other […]

One of the big questions that companies need to answer is whether a worker is an employee or independent contractor. The answer is complicated when the worker works remotely rather than on company premises. This issue is important because of the growth in the sharing or on-demand economy, with such companies as Uber and Lyft, Task Rabbit, Fivrr, and many others. Fortunately, there is some guidance on this from the DOL. Background The Department of Labor’s Wage and Hour Division has authority to enforce the Fair Labor Standards Act (FLSA). This law imposes minimum wage and overtime rules, but it […]

Decision-making is an action that a leader takes every day in running a business, but there are harder decisions to be made in the face of a problem or challenge. According to an article in the Graziadio Business Review at Pepperdine University, “Great leaders understand how to balance emotion with reason and make decisions that positively impact themselves, their employees, their customers and stakeholders, and their organizations.” Decision-making process If you want to develop your leadership qualities, think about your decision-making skills. The way in which you make decisions depends on many factors…your style, the complexity of the situation, and […]

According to SiteLock, website attacks on small businesses rose by 59% in 2018, averaging 62 attacks per day. Now BigIdeasForSmallBusiness.com is a statistic. Let me tell you what happened so if the same or similar attack happens to you, you’ll be able to recognize and remedy it easily (hopefully) and quickly (assuredly). What the hack looked like An email was sent to some of my contacts asking that they read a file from me in Dropbox. It appears that the hacker created a bogus Dropbox account (using an alternate email of mine and then switching that email to one used […]

You may need a loan to expand your business, undertake a marketing campaign, purchase equipment or a building, or for some other very good purpose. Borrowing money for business is a common practice, but how to do it isn’t commonly understood. How do you go about deciding which type of loan is best? What documents do you need? How much debt can you afford to carry? How do you go about the application process? Loan options There are many types of loans and it’s important to apply for the right one. The right one depends on what you need the […]