Fortune Business Consulting

Tag: Small business owner

Key Pointers to Keep in Mind While Creating the Perfect Employee Handbook for Small Businesses
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Regardless of the size of a small business, the owner would have definitely developed workplace procedures, expectations, and policies either informally or formally. The employees must be aware and have a proper understanding of these to help run the company more effectively. Also, that goes a long way in ensuring that the organization does not break state or federal laws.

An employee handbook is basically a compilation of an organization’s protocols and policies and employees’ legal rights and obligations. Having this handbook helps communicate responsibilities and rules to employees.

Now, let’s dive in to gain insight into the various vital aspects of an employee handbook.

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How to Create the Perfect Employee Handbook for Small Businesses?

Illustrated below are four steps that business owners can take to start the procedure of creating an employee handbook.
- Begin with Values and Culture
Employee policies can include dress code, performance review procedure, attendance rules, etc. For business owners, thinking about the organization’s values and culture is a good place to begin when one is pondering over the employee policies.

Small business owners must consider their personal values and what they are willing to emphasize. They should also consider how to form a culture and value system that will help motivate the employees to deliver their best performance and work with the organization long-term.

It will indeed prove to be sensible if one drafts a mission statement prior to creating the employee procedures and policies.
- Create the Policies
After clearly identifying the values, business owners can think about developing policies that are necessary for the organization’s functioning and will be embraced by employees.
- Be Aware of Applicable Laws
An employee handbook is not a contract with the organization’s employees. But it does set expectations. Therefore, business owners should follow local, federal, and state laws while preparing some parts of this handbook. One can visit the state government’s web portal for a detailed description of the state’s laws.
- Look into the Employee Handbook of Other Organizations
Business owners can look through employee handbooks and the policies of other organizations. But they must ensure that they don’t copy them entirely. Looking into them would plan out the procedures and policies. One can get access to a sample employee handbook via the internet itself.

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Must-includes in an Employee Handbook

Given below are the essential elements that business owners must include in an employee handbook:
- Workplace Security and Safety
To keep any potential litigation or confusion away, business owners must define the steps that they must take to keep the workplace (non-physical and physical) safe.
- Social Media and Digital Conduct Policy
Business owners must define the way employees can (or cannot) represent and talk about the organization on social media.
- Company Vision, Overview, Values, and Mission
Entrepreneurs should define the organization’s vision, purpose, and mission so that employees can be completely clear about and aligned with the firm’s values.
- Perks, Compensation, and Benefits
Employees will probably navigate to this section first as it’s a crowd favorite. Regarding compensation, business owners must define how employees are paid, overtime policy, frequency and time of payment, and alternative compensation. For benefits, entrepreneurs must provide an overview of what they offer in terms of life insurance, retirement plans, etc.
- Code of conduct
Some areas to cover within the code of conduct are customer privacy and data management, ethical policies and standards, conflict resolution policy, rest periods, meal breaks, etc.

Besides these, employers must also include equal opportunity and anti-discrimination policies, medical and family leave policies, hours of operation, Paid Time Off (PTO) and schedule, conflicts of interest and nondisclosure, and vital disclaimers.

Thus, business owners must keep in mind the points mentioned above while creating their employee handbooks. They must also note that if their company lacks proper infrastructure related to risk management, payroll, or HR, they can face problems related to creating the employee handbook. In that case, they can opt for us to manage these important areas. Further, they can go through our blogs if they are willing to know more about what we do.

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Reference Links:

https://sba.thehartford.com/managing-employees/hiring/employee-handbook-guide/

https://www.score.org/blog/how-create-employee-handbook-your-small-business-ultimate-guide

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April 15, 2022
A Business Owner’s Ultimate Guide: Devising the 2022 Business Plan
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As the fourth quarter of 2021 ends and a new year approaches, it is high time for leaders to craft a strategic business plan for the coming year.

During the past few years, technology has boomed, and innovation has become vital for survival. With these serious transpositions, it is time for business leaders to adopt a proactive strategy – one that labels important areas and helps put aside probable setbacks.

So, if you are a business owner, remember to get clarity, share your insights with the team and start mounting the resources in motion before it’s too late.

Let’s dive in to find out more!
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How to Locate the Top Priorities for Business Growth in 2022?

Your goal for setting up a proactive business strategy can comprise of a multitude of things. However, a few common focus areas for business growth include:
- Implementing a more efficient system
- Diversifying the team
- Enlarging the territory
- Upgrading client services
- Refurbishing vision, mission, and firm’s culture
In addition, a SWOT analysis can aid you in optimizing your digital marketing strategy.

A few other strategies that can help business leaders in directing their priorities are:
- Asking the advisory board for inputs
- Accepting inputs from employees, especially those who have shown a keen interest in driving the firm’s growth.
- Addressing feedback from clients to determine the strengths and weaknesses of the company.
Eventually, choosing one central goal will not be sufficient to drive business growth. Business owners typically have several plans for their business. The takeaway here is to identify the top goals and determine how they will affect the company’s functioning.

For instance, when you implement a new system, it will positively affect customer service and increase profit margins.

Consider rooting for the aim that provides a comprehensive ripple effect.
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Know the Correct Way to Build Your 2022 Business Plan

While preparing your business plan, you should consider a few key points mentioned below:

1) Locate Your Assumptions

Most leaders draw a business plan depending upon a few assumptions. One thing that prevails in the world of investment is that although cycles repeat, not everything works according to the set goal.

Subsequently, you must examine your assumptions from the current year. What worked? What did not? Most importantly, why did not a particular plan work? Answer such questions to avoid the same mistakes from happening twice.

2) Examine Your Results

Sometimes, the results that you expect are different from what you get. This does not indicate any mistakes from your side. Instead, there are hosts of moving factors influencing the market conditions, which can drive differential results. One way to tackle such situations is to examine the overall impact and let those define the business.

For example, if you notice that customers bought more quantities of a product surpassing your expectations, it would be sensible for you to invest more into that particular product for the forthcoming year, given market conditions remain unchanged. Judiciously determine the cause of results to know if there are any abnormalities or long-term movement for the company.

3) Make Projections

Financial projections indicate a leader’s commitment to the business. For instance, when you mention the amount of fund you are ready to invest in a particular area, it gains attraction from investors and shareholders.

Projections are also helpful in addressing any anticipated issues and foresee circumstances to keep a leader focused. Always consider the best and worst scenarios and make financial projections to draft a practical outline of the company.

Evidently, the world, as well as the market, is dynamic. Consequently, to keep up with the pace, business plans need to be fluid. The planning and execution of a business plan could be overwhelming for certain business owners. To manage such areas of risk management, human resources, and payroll, you can reach out to us and create an internal work culture to meet your strategic goals. Know how we empower small and medium business owners by following our blogs.
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Reference Links:

https://www.entrepreneur.com/article/390273

https://www.randrmagonline.com/articles/89666-your-2022-business-plan-its-time-to-start-strategizing
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Contact Us

Find out if a PEO is the right solution for your business.
Fill out the form below and we will contact you to schedule a chat.
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November 16, 2021
Top Ways PEOs Can Increase Your Profitability
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Do you ever feel like you are stuck between a rock and a hard place?

Small business HR managers have to deal with a never-ending list of functions and compliances every day.

However, it is important to know that running a business requires much more than delivering products and services on-time and meeting clients’ needs.

And this is where Professional Employer Organizations (PEOs) come to the rescue.

PEOs are often seen as a pathway to reduce administrative burdens. But, they are capable of so much more that is often overlooked.

For instance, a recent study by NAPEO found that companies partnering with PEOs are, on average, 16% more profitable than those that don’t.

So, how can a partnership with PEO increase profitability for a business? Mentioned below are a few ways.
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Top Ways PEOs Can Increase Profitability for a Business

Outsourcing payroll can help small business owners ensure error-free filing. It also provides significant relief from the extra burden of payroll compliances.

But, how do businesses benefit the most from their PEOs?

It happens in two ways:
- Saves costs
- Increases productivity
Let’s discuss them in detail!
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Saving Costs

Here are a few significant ways through which PEOs can lower the costs of a business:
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Eliminates the need to hire additional HR staff

PEOs take on routine compliances to benefit the company’s administration. It can help your HR team focus more on improving its culture and growth-driven prospects. It is vital to note that a PEO is not a replacement for your in-house HR team. Rather, it can help your business grow further before needing to hire additional HR staff.

Provides better benefits to employees

It is true that in today’s competitive job market, most small and medium business entities are unable to afford employment benefits that could help them compete. Through a PEO, your business can avail of an exclusive package of benefits, available to top-tier companies usually.

Lowers turnover

Turnover costs a huge load of money to companies. Training, on-boarding, and hiring new employees are time-consuming and expensive. PEOs help in transforming the company culture and retain employees.

Moreover, reports say that employees of a PEO client show increased intent to stay. Statistically, only 8% of PEO employees decide to leave an organization within one year. Hence, the longer the company partners with PEO, the more willing its employees are to stick around.
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Increases Productivity

Apart from saving costs, PEOs can significantly increase business productivity. Find the ways below:
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Increases engagement

Employee engagement is vital for business profitability, which is sometimes difficult to measure. Recent statistics show that engaged teams show 21% more profitability. Moreover, reports suggest that employees who feel they are being heard are 4.6 times inclined to give their best to a company.

Decreases administrative burdens

With the PEO already managing payroll, worker’s compensation, and other matters, your in-house HR team can focus on hiring employees for business growth. This will lower the burden and lead to a more organized process.

After choosing a PEO and partnering with one, you eliminate any mistake outside HR’s scope of work.

Helps support better hiring practices

As a matter of fact, PEOs do not hire or fire employees. However, they can help you in better decision-making by sharing their hiring knowledge.

By hiring the right employees, you will reduce presenteeism, absenteeism, and turnover. This, in turn, ensures better work quality and increases business profits.

Growing a business is a big step for a company that requires an immense amount of sweat. As we can see, hiring a good PEO can help reduce various costs and risks that a business has to deal with.

Improve your company’s core functions by partnering with a PEO. If you want to avail of professional advice on Professional Employer Organizations, you can contact us. Schedule a free consultation with us today and know all about PEOs.
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Reference links:

https://blog.questco.net/how-peos-increase-your-profitability

https://nnroad.com/blog/peo-small-business/

https://www.peocompare.com/simplify-small-business-hr/
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August 16, 2021
7 Things Small Business Owners Should Know Before They Hire Employees
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Your business is growing, and you’re ready to hire a few employees to take up the additional load. But, merely deciding to recruit new staff isn’t enough. There’s also the question of “can you”?

Legal compliance is a must before business owners can begin recruitment. Here’s a comprehensive guide on all that you need to know in this regard –
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Got your EIN?

It’s mandatory to obtain an Employer Identification Number from the IRS before you can legally proceed to get staff on board.

Head to the IRS website to apply online for EIN. You need a Taxpayer Identification Number (TIN), which can be your Social Security Number, TIN for pending US Adoptions, Preparer TIN, or individual TIN. Also, answer a few questions concerning your business to successfully register it.
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Get the tax withholding records in order

It’s highly essential to maintain proper records of employment taxes as per the withholding tables set by the IRS. There are primarily three types of withholding taxes necessary in this regard –
- Federal Wage and Tax statements
File this report with the Form W-2 for each person to whom you pay remuneration. A copy of it shall be sent to the Social Security Administration by February each year with the following pieces of information –
- Wages/salary paid to an employee in the previous year
- Taxes withheld for each employee in the previous year
You also need to send copies of individual W-2 forms to respective employees by 31^st January.
- Federal Income Tax withholding
When you hire an employee, get them to sign and submit the W-4 form, which you need to present to the IRS.
- State taxes
You may need to withhold additional taxes premised on the state in which your employees are situated. Consult with an attorney concerning all things tax to avoid non-compliance.
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Sign up with State’s New Hire Reporting System

Every business owner needs to mandatorily report any new hire to its state’s New Hire Reporting Program. It’s to be done within 20 days from when you have onboarded an employee.
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Check employee’s eligibility

Employers must verify their employee’s eligibility to work in the US, per federal laws. You need to do this within 3 days post-hire by filling out the I-9 form. You do not need to submit it with any government body, but docket it with yourself for –
- 3 years from the hiring date
- 1 year from the employee’s termination date, whichever comes after
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Getting worker’s comp is a must

Every organization in the US needs to obtain a Worker’s Compensation Insurance policy from a legitimate provider.

Small business owners can partner with a Professional Employer Organization to acquire a worker’s comp package. You can save up to $2400/employee on health insurance policies by signing up with a PEO.
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Put up proper posters

Every business in the US needs to hang specific posters on their premises per the Department of Labor requirements. It depends on the state in which you are located. These posters are mandatory, so your employees are aware of their rights.
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Keep a payroll in place

Before you recruit any employee, make it a point to have a proper payroll system, which involves a lot more than merely writing checks.

You need to remit the salary or wages per the employment agreement and company policy and should also be legally compliant. Some business owners delegate this task to a payroll service provider so they can focus on other essential matters.

Others partner with a PEO in this regard, so they can do away with all the HR tasks while being legally compliant. Read our guide on PEO vs payroll company to make an informed decision.

Once you have dealt with the heavy legal stuff, focus on finding the right candidates. Because, at the end of it all, your choice of employees will make or break your company and determine where it’s headed in the long run.
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Reference links:

https://gusto.com/blog/hiring/small-business-hiring-guide

https://sba.thehartford.com/managing-employees/hiring/hiring-employees/

https://briancasel.com/hiring-your-first-employee/

https://www.nav.com/blog/5-things-to-consider-before-hiring-your-first-employee-16574/
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Contact Us

Find out if a PEO is the right solution for your business.
Fill out the form below and we will contact you to schedule a chat.
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May 18, 2021