When business owners start to feel the choking effect of a slow cash flow, they often blame their customers. “Why aren’t we getting paid on time?!” But it’s important to remember that cash flow is affected by a variety of elements. For example: Operating expenses and overhead can have a significant impact. Here are five [...]
Many companies start out, and get pretty far down the road, using the “per diem” approach when reimbursing employees for lodging, meals and incidental expenses. Doing so involves the use of either IRS tables or a simplified high-low method to reimburse workers up to specified limits. The per diem approach is relatively simple and doesn’t [...]
It’s a tragic tale that plays out in many businesses across the country. The owner of the company believes he’s finally ready to trigger his succession plan and retire. So he names his daughter as his successor, enjoys his retirement party and departs for his vacation home. Reluctant retiree For six months of the year, [...]
Among the most contested areas of employee benefits litigation is an employer’s fiduciary duty to its plan participants and beneficiaries. The cost of defending yourself can be steep — regardless of fault. That’s where fiduciary liability insurance fits in. Who’s a fiduciary? ERISA defines a plan fiduciary as an individual who: Has discretionary authority or [...]
All too often, the competitive efforts of many companies are internally focused. Many businesses seek to develop better products and services without knowing enough about their competition. To truly hone your competitive edge, you need to constantly ask one simple question: “What are they up to now?” And the best way to get answers is [...]
If your company is getting aboard the telecommuting trend, consider the following four keys to success: 1. Set a trial period. Begin with a two- to six-month period during which the employee and his or her manager can get a feel for just how (and whether) this arrangement will work. If either side is unhappy [...]
The right mission statement can be a strong motivational force for employees — and a powerful marketing and branding tool. But, whether you’re writing one for the first time or creating a new statement as part of a rebranding effort, you’ve got to craft it carefully for maximum impact. Here are a few guidelines to [...]
It’s often hard to tell whether your company really needs the latest tech tool or you’re just trying to keep up with the Joneses. Before you invest in anything, ask five questions: 1. Where are we lagging? Survey your managers and employees about what they need to do their jobs better. Also question industry colleagues [...]
Starting in 2016, applicable large employers (ALEs) under the Affordable Care Act (ACA) will have to file Forms 1094-C and 1095-C to provide information to the IRS and plan participants regarding their health care benefits for the previous year. Both the forms and their instructions are now available for ALEs to study and begin preparations [...]
If you’re planning to pass ownership in your business to the next generation, it’s critical to find the best way to do so. One option is a family limited partnership (FLP). To implement this strategy, you set up a limited partnership and transfer ownership interests to it. Then you give some or all of the [...]