It’s that time again…time to prepare your budget for the coming year. This is an annual chore that should not be overlooked or delayed. As noted in last year’s blog on the same topic, Dave Ramsey said: “A budget is telling your money where to go instead of wondering where it went.” In preparing your budget for 2021, be sure to consider the following actual and projected changes: Payroll Are you planning to give raises? Most companies surveyed in the 2020 General Industry Salary Budget Survey conducted by Willis Towners Data Services said yes. The average salary increase for all employees—management, […]

Think back to when you started your business and perhaps worked out a business plan. It’s likely that many things have changed since then. New work arrangements, new technology, new consumer buying habits, and more. To prepare for economic changes, it’s important for you to monitor trends so that you can stay ahead of the curve. Here are some trending areas to monitor and where to look for projections. Consumers Consumer buying habits have changed as a result of the pandemic, with online buying, curbside pickup, and contactless payments coming to the fore. How does this translate into whether consumers […]

With the holiday shopping season underway (e.g., October 10 according to BRG, and Amazon Prime Day on October 13), small businesses should be sure to have their holiday sales strategies in place. Due to the pandemic, no one knows how this season will shape up compared to prior years. Deloitte’s annual holiday forecast shows sales increases of 1% to 1.5% this year, but there’s still so much uncertainty. Don’t let uncertainty paralyze your holiday sales planning and activities. Certain actions should be taken to optimize revenues. Review online sales venues Small businesses have learned from the pandemic that they can’t rely […]

As the economy begins to pick up steam, your current number of employees may be insufficient for the work needed to be done. Is now the time to be hiring? If you need more people on staff, how is the best way to proceed? How can you avoid problems? Assess your staffing needs Your company may be getting back to normal (or a new normal) and require additional help to meet customer needs. Carefully determine whether and how many to hire now. You may be able to make do with your existing staff until business revenues stabilize. Consider using temporary […]

As Election Day approaches, it seems that just about everything is political. There are strong feelings that are being expressed on social media. But what are small businesses supposed to do about such expressions in the workplace? Legal requirements Employers must be mindful of the law. Individuals have a constitutional right to free speech. This right bars government from restricting speech; it doesn’t limit private employers from imposing limitations in the workplace (what employees do after hours is essentially their business). But other laws may prohibit employer-set restrictions. Some states have political activity and free speech protections. Employers that impede […]

As a business owner, you may want to use independent contractors for various work you need to get done. It’s less costly than hiring employees. And during this pandemic period when businesses are trying to recover, the promise of permanent employment may be beyond the ability of owners to make. However, federal and state worker classification laws don’t necessarily leave the decision up to an employer. There’s a maze of these laws and some of these issues have been covered in previous blog posts. But some things have changed, so here’s where things stand now. Proposed DOL rule The Fair […]

Many small businesses handle payroll in-house, but a growing number outsource this task to a third party. There are different types of payroll companies. And there are very good reasons why you might want to use one of them if you don’t already do so. But caution is advised. Types of payroll companies You can use a third party to help you meet your payroll obligations. Depending on the scope of services you use, this help can include: Calculating employee withholding. Paying employees’ paychecks (by paper or direct deposit). Making federal and state tax deposits. Preparing employer tax returns (e.g., […]

The pandemic has impeded the ability of people to meet with lawyers, accountants, and others to sign necessary documents and forms. A good alternative to “wet signatures” is e-signing. Be sure to understand when and how to use this option. Legal forms Twenty years ago, the Electronic Signatures in Global and National Commerce (E-Sign) Act was signed into law providing a general rule of validity for electronic records and signatures for transactions in or affecting interstate or foreign commerce. (States have either adopted the Uniform Electronic Transactions Act or have their owns laws for intrastate commerce transactions.) E-Sign took effect […]

Small business owners have been through a lot in the past months. Many have seen substantial declines in revenues, some have had to pivot their business models, and unfortunately, some have already gone under. But if history has taught us anything, times change and businesses find ways to come back; entrepreneurs find ways to start up again. Success in these endeavors depends in part on the mindset of the business owner. How business owners are feeling now It’s unfortunate that many business owners aren’t feeling too good right now. According to a recent report from Xero, more than half (57%) […]

The government mandates that you provide employees with notice about various things. If you don’t, you can be penalized. Some notices can be handled with workplace posters. Others require personal notice to each employee. Here’s a brief overview of what to consider. Workplace posters You already have posters regarding Fair Labor Standards Act (FLSA) minimum wage rules. You may also have to post state minimum wage posters. Be sure to also have other required posters, including: “Employee rights under the Families First Coronavirus Response Act,” which entitles eligible employees of small businesses to certain paid sick and paid family leave. “Job […]