May 28, 2022

How to Avoid Regrets When Hiring for Your Company

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There are few decisions that make such a sweeping impact on the success of your business as your hiring decisions. This is especially true of businesses with few employees, as each employee’s contribution plays a larger role in the overall success of the company. If you choose the wrong candidates for your jobs, your business can suffer greatly, and you can end up full of regret. Choosing the right candidate is difficult, but with the right tips and techniques, you can do it. Here is how to avoid regrets when hiring for your company.

Make Sure They Fit the Culture

The first thing to consider avoiding regrets when hiring for your company is to make sure that they fit the culture. Your company culture is a major part of the working environment. If an employee doesn’t share the same culture as your business, they will feel out of place and won’t be as helpful as another candidate who does fit the culture better. If your company is focused on customer experience, for instance, you should focus on hiring employees who believe in the value of positive customer experiences. Get a feel for the candidate and how they will fit in at your business before hiring.

Fully Vet Them

Another important way that you can avoid regrets when hiring for your company is to fully vet them before making any hiring decisions. Vetting your job candidates is the process of doing your research into your candidates to ensure that they are a good fit. This involves things like checking their social media, doing background checks, and calling references. References can put your mind at ease if the applicant has a criminal record. Feel free to ask questions about the character and work ethic of candidates to their references.

Choose Qualifications Over All Else

The final way that you can avoid regrets when hiring for your company is to choose the most qualified candidate if all else fails. At the end of the day, what you are trying to look for in candidates for a job is the person best able to take on the responsibilities of the job. If all else fails, you can make your decision based on who has the most experience and education background in the job field to get some with a high level of expertise.

Hiring at your company is always a major decision that cannot be made lightly. If you choose too hastily, you can make decisions you regret. Follow these three steps to avoid regrets when hiring for your company.

Check out this article on how to revamp your company benefits!

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What Business Expenses Are Tax Deductible

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When you are running a business, amongst a myriad of other business goals, you are seeking at the end of the day to make the most profit possible. Finding ways to increase your profits can be a challenge, but the two basic strategies are to either make more revenue, or to cut expenses. When cutting expenses, the best way to do so is by taking advantage of all the tax breaks and advantages that business owners get, particularly deductions of business expenses. Here are three tax deductible business expenses that your business should be deducting every tax season.

Office Supplies

The first business expense that is tax deductible is your office supplies. As long as you have a physical office space that you or other employees use, and you supply office supply equipment to yourself and your employees, then those costs can be deducted from your taxes. As a necessary business expense that must be spent to run your business, these office supplies are completely tax deductible. This includes things like heavier machinery like printers or computers and should be used to make sure that the money you spend on operating your business is not taxed.

Travel Expenses

If you travel a lot for business or you pay for your employees travel expenses related to business, then you should be deducting these costs as well from your income. This includes things like flights, ride shares, and hotel expenses, as well as food expenses while traveling, but more than just deducting these travel expenses, there may be other ways for your business to save. A corporate apartment can be cheaper than a hotel for your business. If you travel a lot to a specific destination, then having an apartment there for you and employees to use when traveling can save hundreds of dollars every month, and it is still tax deductible.

Business Rent

The final business expense that is tax deductible is the rent that you use for office space or other property that your business owns and utilizes for business purposes. This is especially huge if you are spending a lot in rent every month for a larger office space, or you work in real estate investment. Make sure that you are discussing with your accountant what specifically is and isn’t deductible when it comes to your rent, as the rules can vary.

Business expenses are no fun, but at least they are tax deductible. While not every expense can be deducted, knowing which ones can be is crucial to keeping your business profitable. Make sure that you are taking advantage of these three deductions at your business.

Check out this article on how to revamp your company benefits!

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What Every Business These Days Needs to Stay Organized

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Staying organized as a business owner today is a lot different than it was twenty years ago. The good news is, it’s a lot less work staying organized than it used to be. However, it can still be tricky to know where to start. Here are just a few things your business can do to stay organized! 

Go Paperless

The paperwork involved in running a business is expansive. You need to keep track of employee files, financial statements, tax paperwork, and more. This can cause a lot of clutter and take up a big amount of your office space. Going paperless can save you a lot of space and time, and helps vastly with your organization. Instead of searching through file cabinets, one simple search on your computer can find just the document you’re looking for. You can scan your old files into your organization software for easy access. The good news is, there are thousands of apps you can download on your smartphone that do the scanning for free. 

Cloud Software

Once your paperwork is all digitized, storing it in cloud software makes it accessible from any computer. Cloud software stores your data and documents in one easily-accessible place, usually online. This means that no computer crashes or memory loss can delete your important documents. Cloud software is also fairly inexpensive and easy to use. Public clouds like Microsoft Azure are the common choice for businesses. This type of software allows for easy collaboration between anyone within your company. You can give your employees access to specific documents that are relevant to their projects. Cloud software helps you have to do less work, and lets your employees work more quickly and more productively.

Delegate

If you own a business that you are passionate about, it can be difficult to give up control. However, an essential part of staying organized is minimizing the things you need to think about. If you are spread thin, your organization is more likely to suffer. Delegate some of the tasks that are less of a happy project for you. Hire an accountant to be in charge of the finances. Hire a manager to do the scheduling and to handle day-to-day tasks. This allows you to be more focused on your specific tasks, and keeps your business well-organized.

Organization is one of the key components of a well-run business. To stay ahead of things, it’s important to stay organized. The good news is, it’s never too late to start. Take these actions to make your business more organized, and watch it run all the more smoothly.

Read this next: How to Revamp Your Company Benefits

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How to Start Your Own Beauty Salon

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Running and opening your own business is a great way to own your own labor and profit from your skills and organization. Owning a business is one of the best ways to increase your income and your personal and family wealth. Starting a beauty salon is a relatively easy business model to start, and if you have interest in beauty and salon care, then opening your own beauty salon may be the perfect move for you. But starting any business can be confusing for first timers. Here are a few crucial steps that you need to follow to start your own beauty salon.

Find a Space to Lease

The first thing that you are going to need to start your own beauty salon is to find a space to lease. You are going to need a physical location from which to run your salon. The best salon locations are going to be areas that get a lot of foot traffic, and are near other restaurants, shopping, and activities. People tend to go to the salon as an activity before shopping, eating, or going out, so positioning yourself near shopping and dining locations is ideal.

Learn How to do Treatments

Another crucial step that you will need to take to start your own beauty along is to learn how to do treatments. You need to get results right if you want to compete with other salons. While things like location and ambiance play a role in your success, it is the quality of your beauty treatments that will be the major draw. You can get licensing and training from many beauties tech schools and programs, or through certifications and training elsewhere. Make sure you invest heavily in the skills of yourself and the other salon beauticians to offer the best quality services to your clients.

Market Yourself

The final step to starting your own beauty salon is to market your salon to the world. Nobody can come to your salon if they don’t know that you exist! Starting out with a beauty salon can be difficult, as most people have a salon that they frequent. This means that in order to grow your clientele, you will have to attract them from other salons. Start marketing your new salon early and offer deals to get new clients in the door.

Running a business is a difficult endeavor. But with the right tools under your belt, you can start a successful salon business. Just follow these three steps and you are on the way to owning your own successful beauty salon.

Check out this article on productivity tools every small business needs!

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Skills That an Operations Manager Should Have

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Running a business smoothly and successfully is far from easy, you dedicate time and thought to your business from the time you wake up until the time you go to bed, and occasionally your sleeping hours too. After a certain point, it may seem like you could benefit from hiring an operations manager to take some of the day-to-day responsibilities of running your business off of your shoulders. But you can’t hire just anyone to be an operations manager. If you are looking for an operations manager, here are the three skills they absolutely must have.

Good Organization

The first essential skill that any operations manager that you hire should have been stellar organizational skills. There are countless things to stay on top of to keep organized when running your business. While everyone has their own organizational style, you have to make sure that your hiring manager candidates have a good organizational system and can keep your business under control. Organization is the first step to effective management, and poor organization at your business can quickly turn into lost profits and revenue or potentially worse issues like legal trouble. Organizational skills are a must of operations manager hires.

Interview Skills

Another crucial skill that any operations manager that you hire at your business needs to have is top notch interview skills. Your operations manager will take over the task of interviewing and hiring other employees at your business. You want to make sure that they have the skills required to make good hiring decisions. Asking the right questions is a skill and there are certain questions you can’t legally ask. You should ask about their previous experiences interviewing and hiring candidates, their process, or even doing a mock interview so that you are able to discern their interview skills.

Delegation Skills

The final skill that any operations manager you hire should have been great delegation skills. Delegating work to other coworkers can be difficult for many people, particularly entrepreneurs and upper management who may worry others won’t do the work to as high a standard as needed. Make sure that you are hiring an operations manager who understands the importance of delegation and how to delegate without compromising results and end product.

Running a business can be overwhelming for any business owner, which is why hiring an operations manager is almost always a great idea. But before hiring any operations manager, they need to have the proper skills. If your operations manager candidate is organized, has good interview skills, and knows how to delegate, you have found the ideal hire.

Check out this article on productivity tools that every small business needs!

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Retirement Plans That Can Minimize Complexity for Your Business

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Offering a retirement plan for your employees is great for employee satisfaction, but the plans can be complex. Make sure you go with the plan that works best for you and your company. Below you’ll find a few of the most simple retirement plans you can offer. 

A SEP-IRA

An SEP-IRA plan is also known as a Simplified Employee Pension plan. This plan allows an IRA to be established for every employee within the company, and gives you the freedom to decide how much to contribute every year. This option is incredibly simple for you as a business owner. There is little upkeep and the start up costs are low enough that it’s a great option for a small business. There is also a high limit with how much you can contribute to the plan every year. The maximum contribution for SEP-IRA accounts this year is 25% of your employees’ salary. This is the most popular option for businesses with only a few employees.

A Safe Harbor 401k

A safe harbor 401k plan is another great retirement plan option for businesses. This option is common because it allows you to offer a fixed contribution rate to your employees with little hassle. A safe harbor plan can ensure the plan passes non-discrimination tests. With this option, you’ll be able to set a specific percentage amount that you will match your employee’s contributions. For example, the most basic option for a safe harbor 401k plan allows you to match 100% of the first 3% of your employee’s elected deferral. Other options are available based on your business needs. This is a great option if you want your focus to be on motivating employees to save for retirement.

SIMPLE IRA

SIMPLE IRA stands for Savings Incentive Match Plan for Employees. This plan allows both you as the employer and your employees to contribute to the retirement plan. This plan can be helpful because it doesn’t require the same startup costs or operating costs as other plan options. In order to qualify for this plan option, your business needs to have 100 or fewer employees. With this option, your employees are also vested from the beginning. Do some research into this plan and see if it would work best for your business.

Offering a retirement plan to your employees is a great way to keep employees long-term, and attract new employees. This shows your employees that you value them and their futures. However, do some research into different plan options to see which is the best option for you and your business.

Check out this article on boring but critical parts of running a business!

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How to Avoid Trouble With Taxes at Your Business

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Tax season is tough on everyone, but especially for business owners. A lot of financial data has to be compiled and dealt with in order to pay taxes. In order to avoid any mistakes or extra stress, make sure your business is prepared with what it needs. 

Meet Your Deadlines

If you run a business, meeting tax deadlines is essential. Missing these deadlines can lead to expensive fees, penalties, and other legal action. Mark these deadlines far ahead of time so you can consistently look ahead. It’s not just income tax that you need to keep track of, however. If your business has employees you also need to keep track of the tax you withhold from their paychecks. The IRS provides businesses with a free tax calendar so business owners can keep track of important dates. There are also professional services you can hire to help you keep track of your taxes as a business owner.

Keep Things Simple

As far as tax purposes go, it makes it easier if you keep your business structure simple. Different types of business structures pay taxes in different ways. It’s important, when starting a business, to take these differences into consideration. An LLC is among the most simple of business structures. If you register your business as an LLC, you can elect to pay taxes as a corporation, a partnership, or as a disregarded entity on your own personal taxes. This business structure is a good idea if you’re starting a business or if you’re a sole proprietor. Do some more research on different business structures to decide which one works best for you.

Keep Track of Finances

If you’re a business owner, especially of a small business, it’s absolutely essential for you to keep track of your finances. As a general rule, this is a good idea because it can help you keep track of what is and isn’t working within your business. For tax purposes, it’s necessary to save you a lot of headache when it’s time to file. A year’s worth of expenses and earnings is a lot of data to compile all at once. If you wait until tax season, you run the risk of making a mistake on your taxes, which could be incredibly damaging to your finances. Instead, make it a priority to keep record of all your business’ finances throughout the year. 

Filing taxes as a business owner is stressful. There’s a lot that can go wrong, and mistakes can be detrimental to your business. Taking the time to set your finances up successfully can save you from making these mistakes, and make tax season a lot less stressful.

Check out this article on how to save on taxes for your small business!

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Productivity Tools Every Small Business Needs

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Productivity Tools Every Small Business Needs

Every business wants to increase productivity. Luckily, you live in an era when excellent tools are literally at your fingertips. Sometimes, you only lack the implements you need because you don’t know what’s available. Here are three productivity tools that every small business needs.

CRM Software

Customer management is a massive, critical aspect of any business. It can get overwhelming to keep large amounts of customer data organized, manage direct customer marketing, and keep up with customer relations on your own. With Customer Relationship Management (CRM) software, you don’t have to; the software does it for you. CRM software streamlines, automates, and tracks everything relating to your customers. With a CRM system to organize and categorize your clients, you won’t ever drop a good lead or lose a loyal customer again.

Storage Space

Businesses store a lot of data. The cloud can help you save time and storage space. Cloud storage allows your data to be accessed by the entire team. It also gives you far more storage space than most physical storage tools can. Furthermore, cloud storage provides instant access to the data you need. There are many options for cloud storage providers. Look for important features, such as collaboration tools and automatic backups. Your cloud storage should also offer high levels of security with encryption services. Microsoft OneDrive provides excellent cloud storage. It is affordable, offers unlimited storage on unlimited devices, and encrypts your data for safety.

Accounting Software

Your time is too valuable to be spending it on mundane tasks like number crunching. Accounting software will free you up to work on more important aspects of business. Accounting software can track your business expenditures, monitor your earnings, assist with tax filing, and more. With accounting software, you can trust that your finances are being managed accurately, free from human error. Once again, there are many options to choose from. Look for user-friendly accounting software that is cloud-based, can be integrated with third-party apps, is accessible through both a mobile app and a web browser, allows for multiple users, and is affordable. One popular accounting software used by business owners and accountants alike is Intuit’s Quickbooks.

If you are ready to scale up on your business, you need to take advantage of the many tools that can help you manage your company more efficiently and effectively. Three of the best tools to start with are CRM software, cloud storage, and accounting software. You will be amazed at how much more time you will have to focus on the core aspects of your business.

Check out this article on how to save on taxes for your small business!

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How to Revamp Your Company Benefits

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In the rat race of today’s corporate world, competition for skilled employees has never been higher. As a result, those employees want jobs with the best benefits possible. This can be difficult for smaller businesses – but absolutely worth the effort. If the time has come for you to reexamine and revamp the benefits of your company, here are some ways to begin.

Shop Around for a New 401(k) Provider

There are many kinds of providers and retirement plans, so it’s very important to find the one that works best for you. They also cost a substantial amount – so make sure to start by determining what is within your financial means. Other factors to consider are the scope of your business and how your 401(k) plan will affect your company’s culture and profits. Make sure to do your research and read reviews! At the end of the day, employees want a 401(k) that is fair for their position.

Review Your Health Plan

One of the first concerns many potential employees have is what sort of health plan they will receive when beginning at a given company. To provide your employees with the best insurance possible, do the same research as you would for a 401(k) provider, in case there could be a possibility of switching insurance. Review the plan you already have and gain an understanding of both its dental and general medical coverage. It should include at least some aspects of both, because legally health insurance companies must offer dental coverage for children. If you desire an upgrade in coverage, talk with your company to see if that would be possible.

Tailor the Benefits to the Needs of the Employees

As obvious as it may sound, you do not want to simply throw a benefits package at your employees and then let them deal with whatever advantages or disadvantages on their own. Depending on modern-day trends, your location, and the common needs of your employees, you should actively seek out benefits that are tailored to them – i.e. flood insurance if you are located in a coastal area, or better family options if your employees tend to have children. Communication with current and past employees is key to really understand what they are looking for.

Ideally, a company should be a kind of community, with its own culture and manner of growth. Employees will come and go. But if you want the best available of those who come, and you want to create the kind of community that has a positive impact on people’s lives, then the time for the revamp of company benefits is here.

Check out this article on how to save on taxes for your small business!

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How to Save on Taxes for Your Small Business

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As a small business owner, one of your most difficult responsibilities is managing your finances in a way that benefits your business. Unfortunately, there are a lot of expenses that your business has. So, you want to make sure that you save money wherever you can, and one of those areas where you can save is on taxes. Here are a few different approaches that will help you to save on taxes for your small business.

Deduct Business Expenses

First off, remember that you can save and reduce your taxes when you deduct business expenses that you have. It is important that you’re aware of the different costs that your business has that could qualify as tax deductible expenses. There are many different deductions that you need to be familiar with, such as startup costs, inventory costs, insurance, office supplies and furniture, travel expenses, company entertainment, and more. Your employee wages can even be deductible, including bonuses and commissions. Once you’re aware of which expenses are tax deductible, make sure that you keep track of them meticulously. If you do so, you could get a nice return or deduction when your taxes are submitted.

Set Up a Retirement Plan

Next, another way to save on small business taxes is to set up a retirement plan. There are lots of different kinds of retirement plans, and many of them can actually provide tax benefits and advantages for small businesses like yours. However, you’ll want to make sure that you end up with the plan that will be the most beneficial for your financial situation. For example, A SEP-IRA comes with fewer onerous regulations than a 401(k) plan. On the other hand, maxing out on certain retirement contributions can help save on taxes. So, take the time to research what option will be best for you.

Hire Family

You might not be aware of this savings approach, but you can actually save a significant amount on taxes by employing a family member. If you hire a family member, be that your child, your aunt, your cousin, or your husband, you’ll be able to save on taxes. All family members have the potential to be entirely sheltered from taxes with regards to their income. Some may have a reduced tax rate, and some may not be taxed at all. Even though hiring a family can be tricky at times, it can pay off financially.

So, if you’re worried about the amount of money the government sucks out of your small business every year, don’t lose hope. Remember, you can deduct business expenses, set up a retirement plan, and hire family members to save on small business taxes. Make sure that you do some additional research to find the other saving options that are available to you.

Check out this article on how to keep up with eCommerce competition!

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