SIMPLE TIP NUMBER TEN:
Business growth adds more dynamics and layers to your enterprise. Employees seldom are the risk takers that business owner must be.
The term “growth” may connote (mean different things to different people) numerous aspects. Growth can address sheer volume whether income increases or not; it can involve simply more customers; more employees, more facilities, more service needs such as computer servers, payroll services and the like.
Adding employees is a major decision and investment.
Yet, you want to keep productive happy employees. You must compete with larger companies and the government for talent.
There are numerous opportunities for offering employee benefits. These opportunities may include; paid holidays, medical insurance, dental and vision insurance, the numerous retirement, pension and stock option/purchase alternatives, employee assistance programs, disability and numerous others.
What you must understand about offering any of these benefits is that again, Big Brother has numerous requirements you must follow. (E.G. the Employee Retirement Income Security Act, [ERISA], Consolidated Omnibus Budget Reconciliation ACT [COBRA] and Health Insurance Portability and Accountability ACT [HIPAA]). There are “fiduciary” obligations for the employer in these programs. The costs can be more than significant. Thankfully, there are many financial planners, insurance brokers, and company servicers who can assist in implementing these programs that can significantly reduce your stress.
NEXT TIME, as promised from session number 4, the one sentence question that will guide you in almost all your business pursuits! – Legal Relationships