Health Care Year in Review: What’s Old, What’s New |  |
- Health Care Year in Review: What’s Old, What’s New
- SnapChat Turns Down $3 Billion From Facebook
- 20 Ways to Communicate Effectively With Your Team
- Smartphone Subscriptions Will Reach 5.6 Billion By 2019
- Do You Know Your Independent Contractors From Your Employees?
- Government Shutdown Causes Small Business Loan Approval Rates to Fall in October
| Health Care Year in Review: What’s Old, What’s New Posted: 19 Nov 2013 04:00 PM PST
Somehow the end of the year is almost upon us. The holiday season is just around the corner and people are already reflecting on the past 10 months. A lot has happened, but as we take a look at the health care year in review, we can point to three significant factors in particular that we noticed throughout the year:
So let's take a closer look. The Health Care Year in Review. . .Improving Job Market & Battle for TalentThe job market has been slowly improving this year, which means employees are becoming more confident in their ability to find a new job. This is good news for the economy, but also means employers' battle for talent is increasingly competitive. Though employers have long recognized the importance of employee benefits, now more than ever, benefits options will make a big difference for employee satisfaction, retention and productivity. In fact, according to the 2013 Aflac WorkForces Report, one out of two U.S. employees said that improving their benefits options is one thing their employer can do to keep them in their job. Consumerism of Health CareThis year, many employees found themselves in the driver's seat when it came time to make decisions for their health care. Since many businesses moved away from fixed benefits models to fixed contributions models, workers had to determine how to allocate their employers' contributions among health insurance options. Employees had to ensure they were knowledgeable about which benefits options were best for their needs, and employers had to ensure they offered straightforward, easy-to-understand policies that could support their workers' individual situations. The consumerism of health care lends itself directly to the fight to find talent, as companies had to prove that they offered the highest quality benefits options at the most competitive prices. According to the study, nearly six in 10 (59 percent) employees would consider a job offer with lower compensation but a more robust benefits package, which shows just how high benefits rank when it comes to worker satisfaction. Enduring Value of Out of Pocket SupportMany Americans are hard pressed to find wiggle room in their month-to-month financial situations. According to the study, 28 percent of workers have less than $500 in savings for out-of-pocket health care costs. Voluntary insurance can be a financial safety net for your workforce when employees find themselves facing an unexpected illness or injury. Supplemental policies help policyholders cope with daily living expenses and out-of-pocket expenses associated with accident or illness, as they pay cash benefits to help with costs that major medical insurance was never intended to cover. The study also found that employees who are enrolled in or given the option of voluntary insurance are more likely to say they are satisfied with their benefits package and that it meets their families' needs. In addition, a higher percentage of these employees say they are taking full advantage of their benefits options and that their current benefits package is more competitive than plans offered to their peers. Supplemental policies can go a long way in keeping employees satisfied in an increasingly competitive job market. What's Next?The health care landscape has evolved continually this year, and will likely continue to shift over the next few years. Do your best to stay abreast of changes and consult trustworthy resources to keep yourself informed. The Small Business Administration's website, SBA.gov, is a great starting point. To learn more about coverage available in your state, you should also visit CMS.gov and IRS.gov.
Editor’s note: this article originally advised going to Healthcare.gov, but in light of the website problems that is not a viable option currently. Healthcare Photo via Shutterstock The post Health Care Year in Review: What’s Old, What’s New appeared first on Small Business Trends. |
| SnapChat Turns Down $3 Billion From Facebook Posted: 19 Nov 2013 01:30 PM PST
Not many entrepreneurs will ever see a $3 billion buyout offer from a company like Facebook. So imagine getting such an offer in cash from the social media giant. Then imagine deciding to turn down that offer - even though your company isn’t making any money at all. Well, 23-year-old Evan Spiegel, CEO and Co-Founder of mobile app SnapChat, apparently has done just that. In fact, media reports say Spiegel has been approached twice by the bigger company with very lucrative offers. But he just said, no thanks. So what’s the story with this guy, is he nuts? Well, experts don’t think so. First, SnapChat is a new breed of photo sharing/instant messaging service where images and messages are seen only by designated friends or connections. They can be viewed only once for 10 seconds or less before being deleted forever. Here’s a closer look at how SnapChat works: So why’s Facebook so interested in the service? Well, The Wall Street Journal reports:
SnapChat has that audience. Sources say 13 percent of teens between 13 and 18 use the app. That’s compared to 4 percent of adults between 19 and 25. What’s more, that audience is steadily growing with 350 million snaps a day currently, up from 200 million a day in June. Investors have been lining up to give Spiegel their money. There’s little doubt Facebook will be back — perhaps with an even bigger offer. For other entrepreneurs, the lesson is simple. Know what your business is worth from the beginning. This will keep you from settling for less. Image: Wikipedia The post SnapChat Turns Down $3 Billion From Facebook appeared first on Small Business Trends. |
| 20 Ways to Communicate Effectively With Your Team Posted: 19 Nov 2013 11:00 AM PST
It is imperative in a leadership role that you communicate effectively. An age old aphorism goes, “It's not what you say, but how you say it.” Communication is what separates a poor leader from an exceptional one. Having effective communication skills is the key to good leadership. When you communicate well with your team, it helps eliminate misunderstandings and can encourage a healthy and peaceful work environment. Efficient communication with your team will also let you get work done quickly and professionally. The moment you get the lines of communication open with your team, the process of carrying out tasks and projects will most likely go by smoothly. Plus you will be surprised how meeting targets will become a whole lot easier. Ways to Communicate Effectively in the Workplace1. Open MeetingIt is easier to communicate your passion and how you feel to your team via open meetings. In this kind of forum, they will not only hear what you are saying, they will also see and feel it. This approach still remains one of the best approaches to communicate effectively with a team. 2. EmailsIn official settings, communication via email remains potent. It will enable you to pass messages to members of your team without pulling them out of their work stations. 3. One on OneExperts have been able to prove that some people understand better when you take them aside and talk to them on a one-on-one basis. Ensure that you maintain eye contact with them to enable the message to sink in. 4. Use PresentationsSome people grasp messages easily when pictures and sounds are involved. Using presentations like Microsoft Power Point to communicate with your team will give them the opportunity to refer back to it if they aren't clear about certain things. 5. Communication via TrainingYour training should be tailored towards communicating certain information to your team members. Most employees take training serious, especially when it's part of their appraisal. 6. Display Confidence and SeriousnessEnsure that you display confidence and seriousness to ensure that you will not be taken for granted. When your team members notice any uncertainty and lack of seriousness when you’re communicating with them, they are likely to treat the information with disdain or disregard. 7. Use Simple WordsThe truth is that everybody cannot be on same page when it comes to vocabulary. Therefore, to be effective in your communications with your team members, use words that can be easily understood. When ambiguous words are used, you can be misunderstood and/or waste precious time having to explain yourself. 8. Use VisualsPlace visuals at strategic positions around the work stations of your team. They should not just hear the message, they should also see it. This gives room for better comprehension. 9. Listen to Your Team MembersCommunication is intended to be a two way street. Don't just talk because you are the leader without listening to anyone else. Encourage them to open up so you can be well guided when communicating in the future with them. You have two ears and one mouth –so you must listen more than you speak. 10. Use Body LanguageYour body language will pass your message faster and better. Master the art of using body language when communicating with your team. Stand/sit up straight, use smiles, handshakes and eye contact. 11. Act Out Your MessageSomeone once said, “Tell me what you want me to do and I might forget it, but do it in front of me and I will never forget it.” Acting out your message is a very potent way of communicating with your team. Let them see you do what you want them to do, and watch their excuses disappear. 12. Use The Appropriate Tone of VoiceOne word can mean a different thing when said in a different tone of voice. Make sure you use the appropriate tone of voice to communicate your message to your team so that you won't be misunderstood and discourage or demotivate members or cause them to shut down completely out of fear. 13. Avoid Unnecessary RepetitionIf you want your team members to take you serious, never sound like a broken record and don't beat a dead horse. Tell your team members what you want them to know or do and ask them if they are clear about it. If they are not, only then do you repeat what you have said. 14. Create a Receptive AtmosphereTo effectively communicate with your team, you must create a receptive atmosphere. Avoid a tense environment at all costs because when you communicate in an overly intense manner, the message you are trying to share might not be well understood or retained. 15. Be HumorousUsing friendly jokes when communicating with your team members will help pass your message along in a more relaxed way. This method of communication has been proven to be a highly effective way of dousing tension. When the atmosphere is unfriendly and intense, being humorous does the trick. If you must use jokes, please don't overdo it. Remember, you are not a stand-up comedian. 16. Be ArticulateCommunication is indeed a skill that must be learned by all, especially if you want to lead any group of people. Being articulate when you communicate to your team members makes it easier for them to understand your message. 17. Avoid MumblingYour team members should be able to hear you clearly. When communicating with them, try as much as possible to speak clearly and not mumble words. When you mumble words or speak too quickly, you may assume that they are clear on the subject. But the truth is, they might not be. It also shows a lack of confidence on your part. 18. Encourage FeedbackDon't just talk and walk away. Give room for feedback so that you can measure the effectiveness of your style of communication. It will also afford you the privilege of knowing if your message was well understood. 19. GesticulateUse your hands to demonstrate your message. Make hand motions and signals to establish the seriousness of your subject matter when communicating with your team members. This shows that you understand what you are trying to relay to them. Just don't let your body movement become too exaggerated and intense. 20. Be AppreciativeAfter every communication session, via whatever means you have decided, always remember to thank your listeners for their time. It will cost you nothing and it's a simple courtesy. Remember that the point of working as a team is to share ideas and boost productivity. When communication is hampered, it can sidetrack the entire effort. You must work hard at these communication tactics and create ground rules to keep everyone up to date, which helps avoid confusion and ensure the completion of the project with ease. Team Photo via Shutterstock The post 20 Ways to Communicate Effectively With Your Team appeared first on Small Business Trends. |
| Smartphone Subscriptions Will Reach 5.6 Billion By 2019 Posted: 19 Nov 2013 08:00 AM PST
In case the point has not been adequately made, your business must be accessible via mobile. By 2019, smartphone subscriptions worldwide are predicted to reach about 5.6 billion. This means more of your existing and potential customers will be mobile, making it the best way to engage them. The latest data comes from the Ericsson Mobility Report, created by the communications technology and services provider from studies of broadband mobile networks around the world. In a prepared release, issued with the report, Senior Vice President and Head of Strategy, Douglas Gilstrap, explains:
The report reveals that mobile phone subscriptions will reach 9.3 billion worldwide by 2019. Of those, 5.6 billion will be on smartphones. By then, about two-thirds of those smartphones will have 4G LTE broadband connections. Here’s an overview of the study’s findings: Smartphones Will Be Key Mobile DriverRight now, Ericsson says its data shows only about three out of every ten cell phone subscriptions are linked to a smartphone. However, most of the cell phones purchased in the last three months – 55 percent – were smartphones, the company says. Much of the spike in smartphone usage will come from emerging markets like Africa and China. An increasing number of smartphones have been developed for these emerging markets recently. For businesses in the U.S. and around the world, the takeaway is simple. Effective engagement with a growing mobile audience is the key to business growth in the future. Smartphone Photo via Shutterstock The post Smartphone Subscriptions Will Reach 5.6 Billion By 2019 appeared first on Small Business Trends. |
| Do You Know Your Independent Contractors From Your Employees? Posted: 19 Nov 2013 05:00 AM PST Sponsored Post
States are cracking down on companies that misclassify their employees as independent contractors, Bloomberg reports. Labeling someone an independent contractor means companies don't have to withhold or pay income taxes, Social Security and Medicare taxes or unemployment taxes. But revenue-hungry states are looking more closely into worker classification in an effort to get tax payments from employers. Of course, many misclassifications happen due to honest error, because the line dividing employee from independent contractor is often hazy. Do you know the difference between independent contractors and employees? Below are the guidelines you need to know. In general, the IRS considers someone an independent contractor if your business has the right to control or direct only the result of the work you hire them to do, but not what will be done and how it will be done. The IRS bases the determination on three criteria: BehavioralIs the work actually done on your premises? Do you provide the equipment or tools needed to do the work? Do you instruct the person on a daily basis? If so, they are more likely an employee. On the other hand, if the person works at his or her office, using his or her equipment and decides how the work will be done, they're more likely an independent contractor. FinancialDoes the person buy the equipment or tools to do the work? Does he or she handle the expenses involved (such as buying supplies or paying a phone bill), or do you reimburse the person? Do you pay the person a salary or do you pay per project? Are you the person's sole source of income or does he or she do the same type of work for other clients? RelationshipDo you have a contract with the person? If so, does it specify a beginning and ending date for the relationship, or focus on a specific project to be delivered? If so, the person is more likely to be an independent contractor. Do you provide benefits to the person, such as life or health insurance or paid time off? If so, the person is more likely to be an employee. Clearly, there are lots of gray areas here. If you have doubts about how to classify someone, talk to your accountant and if you are still uncertain, file Form SS-8 (PDF), Determination of Worker Status for Purposes of Federal Employment Taxes and Income Tax Withholding, with the IRS. They'll determine the worker's status, which can take up to six months, but will put your mind at ease. This article, provided by Nextiva, is republished through a content distribution agreement. The original can be found here. Apple Orange Comparison Photo via Shutterstock The post Do You Know Your Independent Contractors From Your Employees? appeared first on Small Business Trends. |
| Government Shutdown Causes Small Business Loan Approval Rates to Fall in October Posted: 19 Nov 2013 02:30 AM PST
The U.S. government shutdown in October had a significant negative impact on small business lending, according to the Biz2Credit Small Business Lending Index. The Index is a monthly analysis of 1,000 loan applications. Small business loan approval rates were down at traditional banks and credit union lenders. Just how much they were down depends on the size and type of lender:
"SBA loan approvals stalled because the agency was closed for three weeks. Similarly, non-SBA loans could not be processed during the government shutdown because the IRS was not operating. Banks could not acquire income verification from the IRS during the shutdown, which is needed to approve many loan requests," said Biz2Credit CEO Rohit Arora, who oversaw the research. "A major backlog of SBA loans from the shutdown will take months to process, and the debt ceiling debate could negatively impact small business lending even further in the coming months," added Arora, who is one of the nation’s top experts in small business finance. Alternative Lenders Spot an OpportunityMeanwhile, alternative lenders seized the opportunity and picked up the slack in small business lending. Approval rates by alternative lenders increased to an Index high 67.3% in October 2013, up from 63.2% the previous month. Alternative lenders include factoring companies which advance money against invoices owed to the business, credit card receivables companies, cash advance, ACH lenders (also called “payday” or same-day lenders) and other nontraditional sources of capital to small businesses. "Small business owners desperate for capital during the shutdown turned to alternative lenders, who were willing and able to provide money, but at a much higher interest rate than a bank or credit union would charge," explained Arora. “The stop in the flow of capital came at a time of year when small businesses traditionally search for funding. The economy, which is still in the weak recovery phase, simply cannot sustain this kind of disruption.” In other words, it cost some small businesses more money, because of where they had to turn for capital instead. Arora expects that small business loan approval rates and fundings will climb in November as the banking industry recovers from the shockwave of the government shutdown. Biz2Credit analyzed loan requests ranging from $25,000 to $3 million from companies in business more than two years with an average credit score above 680. Unlike other surveys, the results are based on primary data submitted by more than 1,000 small business owners who applied for funding on Biz2Credit's online lending platform, which connects business borrowers with more than 1,200 lenders nationwide. View the historic chart of the Biz2Credit Small Business Lending Index, for details. The post Government Shutdown Causes Small Business Loan Approval Rates to Fall in October appeared first on Small Business Trends. |
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