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Small Business Employee Benefits and HR Blog

STOP: Have You Made Your Small Business Resolutions?

You know, it’s never too late to make resolutions for your small business. So, what are you waiting for?

 STOP: Have You Made Your Small Business Resolutions?

 Let’s face it, progress requires effort - a lot of it. As such, you need to make resolutions for your small business in order to progress and succeed. Small Business Administration (SBA) recently published a list of important resolutions for 2015 that we, too, agree with. Here’s five of their resolutions you should have for your small business this year.

Small Business Resolution #1 - Understand the Affordable Care Act (ACA)

Did you know 96 percent of small business have fewer than 50 employees? Why does this matter? According to the ACA, these employers are not required to provide health insurance to their employees.

And, did you also know there are affordable options for small business employers to provide healthcare benefits if they choose to? As such, some of the key facts you should know about the ACA for your small business in 2015 are:

  1. Starting January 1, 2015 employers with over 100 full-time employees (FTE employees) must provide minimum essential coverage to at least 70 percent of FTE employees.

  1. If employers with 100 or more employees do not provide health insurance, they will pay a tax penalty. In 2016, employers with 50-99 FTE employees must provide health insurance or pay a tax penalty, also called the Employer Shared Responsibility (ESR) fee

  1. Premium tax credits are available to eligible individuals who purchase individual health insurance through their state’s Marketplace.

Small Business Resolution #2 - Measure Your Success

We get it, it’s all too easy to never measure your daily, weekly, and yearly success as a small business. But did you know, you’ll be more successful if you do measure what you’ve done? The SBA says it’s important to know how many hours you’re working, if hiring decisions were good ones, and how your marketing strategy is doing if you want to progress and move forward.

As you confront your tough questions in an honest way, your small business’s future will be brighter than ever. You’ll have a clear path and know what is best for your business in the coming years.

Small Business Resolution #3 - Confide in an Experienced Professional

Know someone who has owned a successful small business for a long time? Ask them for some advice. The SBA says a mentor can provide a fresh perspective on tough issues. Additionally, they can provide useful tips on how to best handle your business strategies, finances, and common, everyday questions you might have.

Small Business Resolution #4 - Make Social Media Your Best Friend

There’s no getting around it, one day you’re going to have to embrace social media. Make 2015 the year social media helps your business grow! Additionally, why not make it part of your sales? According to the SBA, by 2017, nearly 60 percent of all U.S. sales will be over the web.

Use your social media to boost sales both on and off the web. Doing so will bring in new sales and help your business expand to bigger markets.

Small Business Resolution #5 - Be Innovative and Creative

If you really want to differentiate your small business from the crowd in 2015, be innovative and creative. How? Embrace being different. It can be tempting to offer something you know is already successful, but why not offer something that’s already successful with a personal twist on it?

Small businesses with a creative twist on an already-successful product or service are likely to gain traction in the market quicker.

Conclusion

Knowing it’s never too late to make a resolution for your small business, these five key resolution are a great way to start off the 2015 with the upper hand.

Take each of these five resolutions and implement them into your small business -- with them, you’ll see growth and progression that will transform your small business into what you always hoped for it to be.

What resolutions have you made this year for your small business? Let us know and comment below!

 

Article source: SBA