By Charles “Tee” Rowe –
Every year, Americans start businesses with the hope of achieving financial success, independence, and personal fulfillment. Unfortunately, many times those dreams are never realized. Too often the enthusiasm and energy that small business owners put into their business isn’t matched by the planning and skills needed to survive.
At America’s SBDCs — 62 small business development center networks nationwide and their nearly 1,000 centers — we find that a solid business plan and a brilliant business concept need to be married to a serious understanding of the financial and management needs of running a business.
Too many businesses believe marketing is their key to success, but hemorrhaging cash is the secret, silent killer. So for aspiring entrepreneurs, here are five myths small business owners believe in that lead to failure:
1. Don’t ask for help
“You’re smart, you’ve got this.” Nobody has got it. There are so many free resources out there, and the biggest mistake many small business owners make is not using those resources. There are nearly 1,000 small business development centers nationwide — why would you ignore free help? (more…)
By Linsey Knerl –
It’s the start of a new year, and now that everyone’s social media feeds have finished filling with “My 2019 updates,” we can look forward to an overwhelm of “My 2020 goals” lists. Goals in themselves are effective tools for real change, provided they are used correctly. Unfortunately, the numbers show that we aren’t very good at following through on what we set out to accomplish. Depending on who you ask, the failure rate for resolutions of all kinds can top 80 percent or higher.
As a business owner, you probably have goals such as getting a handle on your business checking account or improving your business credit scores, but you should also focus on helping your employees reach their personal goals. When integrated into an existing employee performance or wellness program, personal goals can easily mesh with career ambitions. That’s a win-win for everyone at work.
Here are some of the ways managers and leaders are using the spirit of the New Year to jump-start those workplace resolutions. (more…)
By ComplyRight –
On September 24, 2019, the U.S. Department of Labor (DOL) announced a final rule that will make 1.3 million workers newly eligible for overtime pay.
Under the new guidelines, the minimum salary threshold increases to $684/week ($35,568 annually), effective January 1, 2020. With very few exceptions, employers must pay time-and-a-half to workers making less than this amount for any hours over 40 per week.
The white-collar duties tests for executive, administrative and professional employees remain the same. This means employees will only be exempt from overtime if they earn more than $35,568 annually and pass one of the existing DOL job duties tests.
Identify Affected Employees
Your first step to prepare for the new rule is to pinpoint employees who may be impacted by the change. (Consider reviewing all employees making less than $40,000 a year since the salary threshold could increase in the future.) If employees making less than $35,568 are already non-exempt or “hourly,” no change is needed. However, if you have employees under the threshold who are exempt or “salaried,” you’ll need to take action. (more…)
By ComplyRight –
October is National Bullying Prevention Month, a time for schools, communities and workplaces to get involved and take a stand against bullying.
In recent years, bullying has grown much bigger than a few “harmless” taunts from kids on the playground. It has become a type of emotional and verbal warfare that is fought at any age, in any social circle and in virtually any setting — including the workplace.
What Is Workplace Bullying?
Workplace bullying is defined as a pattern of mistreatment from others in the workplace that causes physical or emotional harm. Bullying is often done by someone who has authority over the victim but it can also be done by peers. (more…)
By ComplyRight –
More and more states are permitting marijuana use under certain circumstances. As a result, business owners are questioning how these new guidelines impact their workplaces. Can you have a policy forbidding marijuana use? Can you terminate an employee who tests positive? Let’s consider these and other pressing issues in more detail.
States Legalizing Marijuana
Currently, 33 states have passed laws legalizing marijuana in specific situations. It’s important to note that although these state laws have passed, not all of them have gone into effect.
Most of the legislation allows for limited use of medical marijuana. However, the District of Columbia and 11 states have adopted laws legalizing marijuana for recreational use. These states include: (more…)