Getting Everyone to Buy into your Succession Plan

It’s easy to fall into the trap of thinking about a succession plan as being about only two people: you and your successor. But a truly graceful passing of the baton to the next leader hinges on total staff buy-in — or, at least, acceptance. Getting managers and key employees involved in the planning can [...]

By |2015-12-02T17:24:53-05:00December 2nd, 2015|Blog|Comments Off on Getting Everyone to Buy into your Succession Plan

Depreciation Tax Breaks Aren’t What They Used to be — Yet

Year-end tax planning for businesses often focuses on acquiring equipment, machinery, vehicles or other qualifying assets to take advantage of enhanced depreciation tax breaks. Unfortunately, two “classic” depreciation breaks expired on December 31, 2014: 1. Enhanced Section 179 expensing election. Before 2015, Sec. 179 permitted companies to immediately deduct, rather than depreciate, up to $500,000 [...]

By |2015-12-02T17:19:51-05:00December 2nd, 2015|Blog|Comments Off on Depreciation Tax Breaks Aren’t What They Used to be — Yet

Win Over Millennials with the Right Management Approach

Skilled workers are invaluable and often difficult to find. Increasingly, well-qualified job candidates in today’s workforce are “Millennials” — that is, between the ages of 18 and 35. As you welcome this generation into your organization, you’ll get more out of them with the right management approach. Winning moves include: Plenty of feedback. Generally, Millennials [...]

By |2015-12-02T14:51:56-05:00December 2nd, 2015|Blog|Comments Off on Win Over Millennials with the Right Management Approach

3 Places to Look When Searching for Next Year’s Budget

When it comes to next year’s budget, you don’t have to reinvent the wheel. But you should do more than simply recycle this year’s version. Your financial statements can help. They offer three places to start looking for the right numbers: 1. Your income statement. Here you’ll see information on sales, margins, operating expenses, and [...]

By |2015-12-02T10:30:48-05:00December 2nd, 2015|Blog|Comments Off on 3 Places to Look When Searching for Next Year’s Budget

A Shorter Cash Flow Cycle Means a Stronger Business

Every business owner knows that maintaining a healthy cash flow is essential to a company’s success. But there are a variety of ways to accomplish this objective. One way is to accelerate inflows and decelerate outflows, thereby shortening your cash flow cycle. Truncating this cycle by 10 to 15 days can significantly boost your working [...]

By |2015-10-15T14:47:26-04:00October 15th, 2015|Blog|Comments Off on A Shorter Cash Flow Cycle Means a Stronger Business

Review Your Fringe Benefits to See What You Might be Missing

A business can offer many things as fringe benefits. So it’s a good idea to occasionally review the possibilities to see whether you might be missing something that could help you attract and retain the best employees. Two broad categories that are generally deductible by the employer and tax-free to employees are: 1. Working-condition fringe [...]

By |2015-09-28T10:17:02-04:00September 28th, 2015|Blog|Comments Off on Review Your Fringe Benefits to See What You Might be Missing

Independent Contractors offer Expertise, Potential Risks

Turning to independent contractors can be a smart option in a number of situations, such as when you have a seasonal upswing in workload or need a specialized skill for a short period. But independent contractors come with potential risks, too. They may not help you trim your total workforce costs if you use them [...]

By |2015-08-19T15:20:04-04:00August 19th, 2015|Blog|Comments Off on Independent Contractors offer Expertise, Potential Risks

Keep an Eye on KPIs as your Company Rolls Along

Like race car drivers, business owners need to monitor gauges on their dashboards to keep an eye out for serious operational failures before a total breakdown occurs. These gauges are commonly referred to as key performance indicators (KPIs). There are two broad categories of KPIs: financial and nonfinancial. Financial KPIs often take the form of [...]

By |2015-08-19T15:18:52-04:00August 19th, 2015|Blog|Comments Off on Keep an Eye on KPIs as your Company Rolls Along

How to Fix a Shaky Succession Plan

A sound succession plan is a must for every business. But even the best-laid strategies can go awry. Here are some steps you can take to fix a shaky succession plan:

Compare progress to plan. Don’t rely on vague notions of why your succession plan isn’t working. Identify the specific gaps in its execution. Also consider [...]

By |2015-08-19T15:17:50-04:00August 19th, 2015|Blog|Comments Off on How to Fix a Shaky Succession Plan

ESOPs Remain an Intriguing Benefits Option

The employee stock ownership plan (ESOP) is hardly a new concept. But it remains an intriguing benefits option for many companies. An ESOP is a form of qualified retirement plan — specifically, a profit-sharing plan. It allows employees to own part of the company that employs them and then cash in their shares when they [...]

By |2015-08-19T15:15:19-04:00August 19th, 2015|Blog|Comments Off on ESOPs Remain an Intriguing Benefits Option