By Sharita Humphrey –
No doubt, as a small business owner, you bring an incredible amount of value to the table. It’s a huge task to get a company up and running and make it profitable. Most certainly, it requires a lot of attention and dedication. You might get so busy running your business that you forget about yourself. However, as your business grows, you should, too.
According to career and personal growth coach Kathy Caprino, “Personal growth is the process of growing stronger, more confident, and more effective as a person and an agent of change for your own life. It relates to how you see and perceive yourself, interact with others, engage with the world, and envision your future and your possibilities.”
This is why it’s important to cultivate a lifestyle that encourages personal growth alongside business growth, to allow for multiple levels of success. When you care about personal development (your own and that of any employees you oversee), you’ll foster a more engaged workplace, more efficient employee performance, and greater profitability over time. (more…)
By Ken Boyd –
If you can’t identify and accurately estimate all of your project costs, how can you determine the profitability of the job? It’s simple, you can’t.
Business owners who conduct business on a project or job basis may have a difficult time tracking each individual cost associated with each individual job. However, owners who cannot track total project costs accurately may find themselves taking on work that is not profitable or pricing their work too low. The solution lies in accurate job costing. But first, let’s take a look at the difference between job costing and process costing. (more…)
By ComplyRight –
More and more businesses are allowing employees to work remotely due to the COVID-19 crisis. While this approach makes sense, it can open the door to increased legal problems.
#1: Managing Non-Exempt Workers Remotely
Supervising exempt (i.e., “salaried”) and non-exempt (i.e. “hourly”) workers presents challenges. Let’s look at some important issues surrounding non-exempt employees first. (more…)
By Intuit –
To help small businesses and self-employed workers stay afloat due to the COVID-19 outbreak, the IRS created new tax credits, including:
• Employee Retention Credit
• Paid Sick Leave Credit
• Paid Family and Medical Leave Credit
But carving out extra time to figure out which tax credit options you may qualify for — while adapting your business to COVID-19 — can be an overwhelming and time-consuming experience. Federal financial relief programs often have rules, provisions, and exceptions that are hard to understand at a glance. (more…)
By ComplyRight –
Across the country, small businesses are grappling with numerous operational and employee management challenges with the COVID-19 pandemic. Whether you’ve remained in business during the crisis — or are just now initiating your return-to-work plans — you must balance new federal, state and local legal requirements against your typical business practices. It takes keen awareness and action to protect yourself from legal risks during the crisis, while also keeping your employees safe from the virus.
Here is some guidance on how to interpret and handle the biggest employee management issues arising today:
Q: What should we communicate to employees about the COVID-19 virus?
A: This depends on your business, as well as what is happening with the virus in your area (which changes day by day). In general, you should communicate the measures you are taking internally to help limit the spread of disease, changes to scheduling or hours of operation, whether remote work will be permitted (and the rules around working remotely), and any travel restrictions. You also need to discourage employees from coming to work if they have been exposed to the virus or exhibit any symptoms of the virus, in addition to addressing how the company will handle absences relating to the pandemic crisis. (more…)