The Small Business Guide to Getting Ready for Vacation |  |
- The Small Business Guide to Getting Ready for Vacation
- Hiring Your First Employee: 10 Regulatory Steps
- Franchising In The Downturn And Recovery
- US Healthcare Reform Opposition Continues, But Businesses May Not Be Interested
| The Small Business Guide to Getting Ready for Vacation Posted: 09 Jul 2012 11:00 AM PDT Despite the often high levels of stress that come with small business ownership, surprisingly few business owners actually take vacations - fewer than 50%. My theory on why is: they don’t know how to set up their businesses to run smoothly in their absence. It’s not a hard feat, though; it just takes a little planning and forethought.
Here is a checklist of items you need to complete to get out of the office and onto the beach, a far-off destination, or wherever you’d like to relax this summer. Tip 1: Leave Someone in Charge If you have employees, decide who’s the best candidate to carry on business as usual in your absence. Give that person the ability to make decisions, and encourage them to do so confidently, so they don’t call you for approval on every little decision. Recognize that mistakes may be made, but they’re a small price to pay for a little down time with your family. Tip 2: Plan Early and Get Ahead of Schedule If you don’t have an employee you can leave your business decisions to while on vacation (and even if you do), the best thing you can do to keep customers happy is finish as much work in advance as possible. This works best if you have a preset task list that you complete each month for clients, the way I do with blog posts. Finishing early keeps them happy, and usually keeps them from needing you or bugging you when you take time off. Tip 3: Let (Almost) Everyone Know You’re Leaving Notify your employees, clients and vendors that you’ll be taking a vacation about a month before you go. Send a short email reminder a week before you take off, and include contact information for people who can be reached in your absence. Here’s an example: Just a short note to remind you that I will be on vacation August 1-15, enjoying the blue beaches of Hawaii. If you have questions about sales, contact Stan at [phone number.] For any product-related issues, Ivan can assist you at [phone]. I’ll touch base when I return. I find that including a short mention of your plans for your vacation helps you connect to people better. They like hearing about your plans, and it makes you human, not just the owner of a business. I’ve often gotten travel advice from clients about destinations I mentioned in these emails. Tip 4: Update Your Email Auto-response and Voicemail Message Tip 5: DON’T Tell Your Social Network! Tip 6: Plan Ahead for the Problems Tip 7: Clear Your Calendar Tip 8: Wrap Up Projects Make a plan the week before your vacation so that you have plenty of time to wrap up projects, from the most urgent to the less important ones. Tip 9: Put Together an Emergency Contact List Tip 10: Review Critical Procedures and Processes Make sure the key employee you’ve assigned is well versed in completing the tasks without your assistance. Ask him or her to perform the procedure for you before you leave (memory is a tricky thing). Leave detailed instructions on the procedures as a backup. Tip 11: Pay Your Bills Tip 12: Don’t Be Available Tip 13: Have a Great Vacation! Family time, too, is key. So many of us put in long hours each week, and sacrifice our family relationships. Use this vacation as the opportunity to reconnect with your spouse and your kids, and to create great memories for years to come. Vacation Photo via Shutterstock From Small Business Trends |
| Hiring Your First Employee: 10 Regulatory Steps Posted: 09 Jul 2012 08:00 AM PDT Is your business ready to make its first hire? Finding and hiring the right employee is a critical step in the process. However, there are a few other steps you'll need to take to ensure you meet the legal, regulatory and tax obligations of being a new employer.
To help simplify the process, here's a checklist of the 10 things you'll need to do once the right candidate has accepted your job offer: 1. Apply for an Employee Identification Number Many businesses operate without an Employer Identification Number (or EIN), but if you hire employees, you're going to need one. Think of it as the social security number equivalent for employers. An EIN is used to report the taxes you withhold on behalf of employees. You can apply for an EIN online from the IRS. 2. Set Up Withholding Taxes Either on or before the date of employment, you'll need to give your employee a copy of IRS Form W-4. Have your employee complete it and hand it back to you so that you can withhold the correct federal income tax from their pay. To help you figure out what you should be withholding, refer to the IRS' Employer's Tax Guide (PDF document also known as "Circular E"). If state income tax applies in your state, you'll also need your employee to complete a state withholding form or certificate. Most states do have income tax, although some don't, including Texas, Alaska and Nevada. The IRS has links to state taxation agencies. 3. Verify That Your Employee is Eligible to Work in the U.S. To ensure your workforce is legal, you are required to verify their legal right to work in the United States within three days of the hire date. Do this by examining acceptable forms of ID and completing the Employment Eligibility Verification Form (I-9), and then verify the data on the form with the U.S. Citizenship and Immigration Services' E-Verify online tool. You don't need to file the form; just keep it on file for three years after the hire date, and one year after a termination date. 4. Register With Your State’s New Hire Reporting Program Within 20 days of the hire date, you must report all new hires to a state directory. You'll find links to more information about how to report new hires on your state's government website. 5. Obtain Workers’ Compensation Insurance Any business with employees may be required to carry worker’s compensation insurance. Check with your state, because some require it if you have only one employee while others make it a requirement if you have four or more employees. The insurance is available through commercial carriers, on a self-insured basis, or through your state’s program and is considered a cost of doing business. 6. Register for Unemployment Insurance Tax Again, something to check with your state; some require that you pay unemployment insurance tax and some don't. 7. Check Whether You Need to Obtain Disability Insurance Again, this is state-dependent. Some states require employers to provide partial wage replacement insurance to eligible employees for non-work related sickness or injury. 8. Display Workplace Posters Check with the Department of Labor's "Poster Advisor" online tool to see if labor laws require that you display certain posters that explain employee rights, etc. 9. Filing Taxes as an Employer It's a good idea to talk to your accountant or tax advisor about your new tax obligations. Typically, you'll need to report income tax withholding, social security, and Medicare taxes each quarter on the IRS Form 941. If you paid wages of $1,500 or more in any quarter or had an employee on the payroll for any 20 weeks of the year, you'll also need to file an Employer's Annual Federal Unemployment (FUTA) return. To see what applies to you, read the IRS Employer’s Tax Guide (PDF). 10. Be a Responsible Employer for the Long Term Once your employee is on board, make sure you maintain good employee records, pay close attention to workplace health and safety laws, and understand what benefits you must establish by law. Each of these links points to useful government guides and tools that can help you stay compliant. Handshake Photo via Shutterstock From Small Business Trends |
| Franchising In The Downturn And Recovery Posted: 09 Jul 2012 05:00 AM PDT Franchised businesses performed relatively well during the Great Recession and weak economy recovery that followed.
According to data provided in the Franchise Business Economic Outlook: March 2012, prepared by IHS Global Insight for the International Franchise Association Educational Foundation, the number of franchised establishments declined 3.1 percent; the number of employees at franchised outlets fell 2.4 percent; and the inflation-adjusted dollar value of output dropped 2.2 percent between 2007 and 2009. These numbers are relatively modest in comparison to what happened to the economy as a whole. Moreover, franchised businesses have rebounded relatively strongly since 2009. While the number of franchised establishments declined an additional 1.5 percent from 2009 to 2011, employment at franchised outlets grew by 1.7 percent. Moreover, the inflation-adjusted value of output increased 3.6 percent over the two-year period. Efficiency is higher now than before the recession. By shrinking the number of outlets, and increasing employment at the locations that remained, owners have improved both output per outlet and output per worker. Output per establishment increased 6.1 percent in real terms from 2007 to 2011 – up from an average of $969,000 to $1,028,000 in 2012 dollars. Output per worker rose 2.1 percent in inflation-adjusted dollars, increasing from $93,400 to $95,400. Economic Recovery Photo via Shutterstock From Small Business Trends |
| US Healthcare Reform Opposition Continues, But Businesses May Not Be Interested Posted: 09 Jul 2012 02:30 AM PDT While contentious debate continues after the historic Supreme Court decision upholding the US Affordable Care Act, most businesses are more focused on preparing for compliance when the law comes into effect. Some businesses certainly opposed the act and the potential increases in cost that might result, but many prefer the stability of planning for the future to further talk of opposition. Here’s where we stand and what you need to know. Healthcare & OppositionIt ain’t over yet. Listen to talk from quarters that long opposed the controversial US healthcare overhaul, which includes some mandates for small to medium sized businesses, and you’ll hear discussion of everything from possible repeal after the 2012 Presidential election to vague discussion about how opposition from states and the public will make it unworkable. But businesses must be prepared. National Review Repeal talk rejected. Whether they approved of it or not, most businesses breathed a sigh of relief when healthcare reform was finally upheld by the US Supreme Court. That’s because what businesses crave most is certainty and the ability to plan for the future. But talk of repeal is bringing all that uncertainty back. CNN Money Adjusting to RealityInsuring success. The decision on healthcare affects small businesses that may now be forced to make tough new decisions on their healthcare spending. There’s also a huge change coming for the insurance industry itself, as everyone from big insurance companies to small agencies learns a new approach to marketing. Econsultancy The good, the bad, and the ugly. While opponents of the new healthcare law say the requirements will likely make it harder for small businesses to hire, some business owners may actually benefit through the formation of new healthcare exchanges in each state offering a regulated, competitive marketplace where individuals and businesses of up to 100 employees can purchase insurance. The Epoch Times Affordable Care Act BasicsFacts and figures. With a court decision behind us (and barring the success of a repeal effort by opponents) there are now quite a few things both business owners and individuals can and should plan for as implementation of the new healthcare law moves forward. Here’s a fact sheet that will answer some of the basic questions. CBS News There’s gold in that thar’ healthcare. Well, not gold really, but there is certainly some money to be made, claims columnist and business owner Gene Marks. From grabbing some tax credits to doing business with the exchanges and even getting rid of your health insurance all together, here are some things Gene suggests you consider as the Affordable Care Act goes into effect. Huffington Post Looking DeeperNew law makes for mixed results. With the Affordable Care Act decided upon, many are taking a closer look at the already existing healthcare mandate in Massachusetts to gain some understanding about how small business owners will be faring in the rest of the country, once the law goes into effect. The results, as might be expected, are mixed. The Christian Science Monitor The sunny side of the street. Not every business group is bemoaning the decision to uphold healthcare reform. As a matter of fact, John Arensmeyer, founder and chief executive of Small Business Majority, a California-based organization advocating for businesses with 100 or fewer employees, insists the results for those businesses will all be positive. Let’s hope he’s right. The Washington Post An owner’s perspective. While some small business owners clearly aren’t happy about a slew of mandates that come with the healthcare ruling, some business owners, like Tammy Krings, believe the law will actually help hold her premiums down by prodding younger, healthier workers to sign up for coverage, thus offsetting costs. MSNBC.com Around the WorldWith broad strokes. Paint it any way you like, the new US healthcare reform represents an increased cost for at least some small businesses at a very hard economic time. A recent survey suggests some small business owners are even going without paychecks while countries like the UK are trying to improve the outlook for entrepreneurs. International Business Times From Small Business Trends |
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