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Independent contractors allow companies to outsource work without the risk of investing the time and resources they would for an employee. The use of independent contractors continues to rise as businesses respond to health insurance mandates, a changing economy, and growing compensation demands. Independent contractors do not require overhead costs, overtime pay, workers’ compensation insurance, vacation pay, unemployment insurance, or payroll taxes. It is imperative to implement a written contract between the Company and the independent contractor. The contract should clearly state the nature of the independent relationship between the parties and expectations for completion of the project. Also, having a written contract allows for customization for each Independent Contractor the Company retains. Customizable contracts protect the Company by: • Defining the parameters and expectations for all parties involved. • Defining the nature of the business relationship • Form agreements hold little credence in a misclassification lawsuit. • Customization provides opportunities for the addition of specific provisions. Write Independent Contractor’s Agreements with the intention that the Internal Revenue Service (IRS) or an associated agency may be reviewing the contract for classification purposes. Writing an Independent Contractor’s Agreement with this view in mind provides an asset in the event of a dispute or misclassification challenge Writing an Independent Contractor’s Agreement to meet the standards of a particular test or means of measure is ill-advised. An Independent Contractor’s Agreement should reflect a business relationship, where each party is on equal footing. Most importantly, companies need to consider the element of control. The higher the degree of control exerted by the Company over an Independent Contractor results in a decreased chance to defend successfully against a misclassification challenge. The IRS considers the amount of control the Company exerts over Independent Contractor’s to be a critical element in their decision process. #agreement #business #management #insurance #startup #IRS #contract

Whether you’re confident, or you’re new to investing; the right type of financial advisor can offer expert insight to help you avoid common and costly mistakes. Financial advice and financial planning mean much more than just guidance for investing. From budgeting and planning for retirement to saving and managing your taxes and insurance needs, financial planning by a qualified professional helps you not only prepare for your future but also gives you peace of mind. Here are the top reasons for hiring a financial professional: Access to Investment Accounts Properly trained and licensed financial professional can offer investment accounts and strategies that are not available to you as an individual investor. This helps you gain better diversification and a more informed, expert approach. If you find the right financial expert, the investment will be small for access to exponential returns. Keep You on Track An expert advisor holds you accountable for your financial goals. In fact, it’s almost like having a personal trainer for your finances. It’s the expert’s job to help you stay focused on a savings and investing plan and keep you focused on your objectives. It’s easy to get off track with spending splurges and life happenings. Having an unbiased accountability partner is important for your investment time horizon. Coordination of Your Financial Assets One of the big problems independent investors face is money falling through the cracks because there’s no coordination between the estate, tax, and financial planning areas of their life. Coordination is key to make sure investment and retirement assets are planned strategically with the right timeline so that you’re not paying more than needed. A professional advisor or fiduciary has the education to know the small print on the extra costs. Transition of Estate Planning The transition of assets to family members can be cumbersome with many hidden, and costly, fees, penalties, and taxes. A specialized financial professional can help you navigate the transition of wealth more seamlessly to avoid unnecessary costs. Also, having a conversation with all family members about life goals, retirement planning and transfer of wealth assets with a professional will help your family avoid headaches and financial frustration. Educated Sounding Board Many people make emotional, uneducated investment decisions that can be costly, and sometimes catastrophic. A trusted financial expert can be a realistic sounding board to help educate you on reality in the financial marketplace. Perspective is everything when making big financial decisions and a financial professional can help navigate tricky waters. Financial Freedom and Peace of Mind Planning for your financial future with an expert financial advisor – preferably as early in your career as possible as compound interest is the key to retirement savings – will give you the financial freedom to choose your retirement date and build a retirement income plan you won’t outlive. Making the informed switch from growth to income investing at the opportune time requires careful consideration and a unique portfolio retirement strategy. Also, making sure your family is provided for financially, in case something unexpectedly happens to you, will help give you peace of mind. #action #steps #finance #advisor #management #entrepreneur #experts

No matter which industry you are in, even an early-stage start-up is exposed to risks. Start-ups need protection from lawsuits since even one lawsuit can take the start-up out of business. The minimum a start-up needs is professional liability and property insurance. Professional liability insurance helps protect the business against negligence claims, as a result of mistakes or failure to perform. This will be customized according to your business, so make sure you check the policy to see what is covered and what isn’t. Property insurance will cover your workspace or leases, things like company equipment, inventory, furniture, vehicles, etc. If any theft, fire or natural disaster takes place, you will be covered. Enrolling in business insurance for startups can help protect your company against a myriad of costly scenarios, from litigation fees to property destruction. Find the right liability coverage for the present and future of your startup with a clear-cut comparison from CoverHound. Covering Liability General liability insurance is important for businesses even in their earliest stages and covers legal fees resulting from accidents, negligence, and injuries. One unfortunate accident in your office and you could be facing an injury lawsuit. Commercial spaces often require a certain amount of this coverage before you sign the lease. Your organization will need liability coverage that grows along with it. Protecting Property One of the biggest expenses for startups is the equipment they need to operate. If you have a physical property that could experience damage, you’ll want to insure it under your business plan. It’s a wise idea to protect your equipment against scenarios like this with commercial property coverage and to note that many policies cover lost income resulting from interruptions in business due to damage. Insuring Products and Services Offering a product or service to the world does not guarantee that it will work perfectly 100% of the time even after extensive product trials. Your liability coverage is important in protecting you from damages potentially caused by your offerings. Protecting Employees As your startup grows, so will your to-do list. At some point, you’ll need to bring on employees to handle various departmental tasks. Workers compensation is crucial for protecting your team and your overall organization. Whether an employee suffers an injury on the job or needs medical attention for a long-term problem like carpal tunnel syndrome, workers' compensation coverage will address these claims. Errors & Omissions Professional liability insurance, commonly called errors and omission (E&O) coverage covers “intellectual property, privacy, and Internet services negligence which causes financial or other no-tangible loss to a third party,” Startups that engage in fields like consulting or advertising will want to pay special attention to their professional liability plan to make sure it’s up to scratch. As the leader of a startup, it’s up to you to protect your growing business from the beginning through all the subsequent stages of expansion. #insurance #liability #startups #business #protection #risks

If you own a small business, one of the most important things you need to protect your assets is Small Business Insurance. But what kind of insurance do you need? There’s no ‘one-size-fits-all’ when it comes to insuring a business, just as there are no two businesses that are the same. Your insurance needs depend on a variety of factors, such as the industry you operate in, your trade, and the type of business you run. Finding the right insurance is an essential part of managing the risks involved in operating your business. All businesses confront an element of risk daily, regardless of their size or the industry they are in. It’s also important to note that some types of insurance are compulsory for many kinds of businesses, whether it’s a legislative requirement, an obligation as a member of a professional board or association or required by a contract you enter into with a landlord or a customer. Fortunately, these days there are a variety of policy options to choose from and business insurance policies can be tailored to suit your individual business needs. Public Liability Insurance Every business should consider Public Liability Insurance – even home-based businesses. It covers you and your employees for potential liabilities to third parties if your products or services cause bodily injury or property damage. Public liability not only covers the cost of compensation but your defence costs as well. Without the correct level of cover, a potential claim could cost you thousands of dollars (or even hundreds of thousands of dollars), and could be enough to put a small business out of business! Professional Indemnity Insurance If your business or profession involves providing a service or advice, then Professional Indemnity (PI) Insurance is a must-have. It protects professionals against liability for damages and the legal costs associated with defending yourself against claims arising from an act, omission, or breach of duty in the course of your work. Your Public Liability policy does not provide protection if there is financial loss only or if the cause of the damage was a breach of professional duty, so it’s crucial you know the difference. Business Insurance Business Insurance often comes as a package encompassing a range of different coverage options for you to choose from, with the most common being Building, Contents, Theft, Glass, and General Property. It is designed to protect you for material damage losses from unexpected events such as fire, storm, theft, and accidental damage. It can also provide cover for loss or damage to portable and valuable possessions, including laptops and mobile phones. You also have the option of bundling your Public Liability policy. Management Liability Insurance Management Liability Insurance protects the company and the people who manage the company, such as the Company Director and Senior Managers, against the risks and exposures of running the business – your liability for mismanagement. It covers against allegations and acts of misconduct and legislative breaches, including statutory fines and penalties, defamation, statutory breach of duty, OH&S issues, unfair dismissal, and sexual harassment. It also protects a business against losses arising from dishonest acts such as theft and fraud by employees, including theft of stock Cyber Liability Insurance If you have a website for your business or you store sensitive customer information on your computers or laptops, you should think about holding a Cyber Liability policy. Cyber Liability Insurance protects your business in the event of a cyber attack. Tax Audit Insurance With an increase in the number of small businesses being subjected to random tax audits by The Australian Taxation Office (ATO), it may be time to consider Tax Audit Insurance for your business. Dealing with audits can be a time consuming, expensive and stressful event, often leaving you out of pocket by thousands of dollars. Tax Audit Insurance is designed to provide protection by covering expenses incurred during an audit or investigation, including professional fees from accountants, lawyers, bookkeepers, and any other advisors that are required. Having the right protection could mean the difference between continued success, and being left high and dry should you need to make a claim. #insurance #startups #business #audit #risks

Creating the right total complementation package depends on your organization’s values, goals, and strategy for growth. It’s important that the compensation and benefits offered supports the culture and brand you’re trying to build. Once you know the types of employees you’re looking to attract and retain, you should build your total compensation plan with them in mind and budget accordingly. Determining the “right” compensation can be tricky. Not only is money a touchy subject, but so many factors play into determining compensation rates that are both fair and competitive. Here are the factors that influence compensation rates the most: Years of experience and education level It probably goes without saying, but the more experience and education a candidate has, the higher their expected compensation. So, if you’re hoping to attract job seekers with master’s degrees or more than 5 years’ experience, you need to be ready and willing to compensate accordingly. Industry Workers with similar or even the same job title can expect vastly different wages depending on what industry they’re in. There are many reasons for this discrepancy; in some cases, their job function may be critical to a particular industry, or it may simply be a matter of one industry being considerably larger than the others. Location Cost of living, a major factor to consider when determining compensation, is largely dependent on location and, more specifically, the cost of housing. This is at least partially why salaries in large urban areas are generally higher than salaries for similar positions in more rural locations. In-demand skill sets When it comes to determining compensation, key skills may be an even more reliable metric to compare against than job title. After all, different companies may have very different definitions of the same job title. On top of that, many skill sets can apply to a wide variety of roles – all of which are effectively competing for the same talent. That’s why it’s important for employers to consider the value of key skills when determining compensation. Supply and demand It’s crucial to be aware of the availability of relevant talent in the geographic region where you’re recruiting. If you’re recruiting in an area where the demand for certain skill sets and experience outweighs the supply, you should expect to pay more in order to attract talent. #benefits #compensation #support #employees #HR

For both small businesses and large corporations, the human resources department is essential for business success. Human resources perform more functions than merely handling the open enrollment season or processing payroll. Instead, this department helps to develop a company’s strategy and manages the organization’s employee-centred activities. Here are five reasons why HR is crucial for the success of your company. Budget Control The HR department develops methods for trimming the costs associated with workforce management, thus curbing excessive spending and helping to save the company money in the long run. These methods may include negotiating better rates for employee benefits such as healthcare insurance. Also, the HR department studies and analyzes employment trends, the labour market and salaries based on job functions to ensure the company’s wages are competitive and realistic. Employee Satisfaction The HR department has the responsibility of satisfying employees. Since it can be challenging to measure satisfaction as it is an ambiguous measurement at best, HR specialists must carefully design employee surveys, oversee focus groups and implement an exit interview strategy to determine how the company can improve. In other words, the HR department determines the causes and/or reasons behind employee dissatisfaction for current or previous employees and addresses those issues in the best way. Training and Development Human resource specialists conduct assessments for the company’s employees to determine the type of training and skills employees must possess to efficiently and adequately perform their duties. Although it is vital to ensure that all employees have the qualifications and skills necessary to meet the demands of a position, new companies or businesses in the expanding stage may especially benefit from identifying training needs for existing employees. Conflict Resolution Given the diversity of work styles, personalities, levels of experience and backgrounds of employees, it’s a given that arguments and disagreements will happen. An HR manager or specialist specifically trained to handle relations between employees can identify and resolve these conflicts between a manager and employee or two employees and thus effectively restore positive working relationships throughout the organization. Also, being able to resolve disputes may increase employee satisfaction and boost the morale of the workplace. Performance Improvement Yet another responsibility of the HR department is the development of performance management systems. Without a human resources specialist to construct a plan that measures employee performance, employees may end up in jobs that aren’t suitable for their expertise and skills. Not only will this contribute to employee dissatisfaction, but individuals who consistently fall below the employer’s expectations for performance may sneak by on the payroll, thereby costing the company money on low-performing employees that are not helping the business to succeed. #business #hr #humanresources #employee #talent #customer #relations

Whether you are starting a new business or you are looking to make some business finance upgrades, it is essential to ensure your bank accounts are optimized for your needs. To do that, you need the right business checking account. Here are some criteria to choose the best checking account for your business needs. Services offered The first place to look when choosing a new bank account is the essential services offered. In-branch, you should be able to deposit cash and checks, make cash withdrawals, and get cashiers checks if needed. You should also have easy access to customer service and support, an ATM, and other essential banking services. Online banking is the core of financial operations for most businesses that are not cash-based. You should be able to view balances and recent activity, initiate transfers to other accounts, access online bill payment, and depending on the needs of your company manage employee debit cards. In addition to regular banking needs, you may want your business accounts at the same bank as your personal accounts. This gives you access to mortgages, lending, and related services. Monthly maintenance fees Once you find a few banks with the services you need, it is time to turn to the fees. Business banking fees range widely from free to thousands of dollars per month. As your business becomes more complex, it is reasonable to expect some fees. However, you can limit those fees and keep them as low as possible choosing the right bank and checking account. Cash and transaction limits Some banks offer a no-fee experience up to certain transaction limits, be sure to look out for those types of restrictions when opening a new account at any bank or credit union. The most common limit to run into is a cash deposit limit per month with no fee, as depositing cash requires a teller and is cost-intensive for a bank branch. The fee is typically based on the total amount deposited per month. The next set of fees you’ll run into is a limit of total deposits or withdrawals, including online transfers, bill payments, and deposits from 3rd party credit card processor. Your transaction volume can add up fast if you make a lot of sales each month, so look out for low limits. Easy integrations Once your business bank account is up and running, it needs to work with your accounting and budgeting software and any other services you choose. The most common of these services is Quickbooks, but there are other financial systems to think about as well. Whatever services you use, the ability to send and receive unlimited ACH transfers is helpful, particularly for online businesses. The financial performance determines your business’ success or failure, and a business checking account is the core of any business’ finances. If you make the right decision, you’ll be free to focus on running your business instead of running your bank account. That is something any business owner can appreciate. #business #startup #entrepreneur #bankaccount #businessaccount

Social media is an essential tool for any business that wants to remain relevant and gain exposure online. Because not only can it connect you with prospects, but it can also help you reach out to people all worldwide. Furthermore, social media is an invaluable tool for building brand awareness, finding new leads, generating more website traffic, getting to know your audience better, gaining insight into the shopping habits of your best customers, and even improving your customer service. Undoubtedly, social media is a crucial marketing tool for every business wanting to stay significant and noticeable in today's cluttered online world. Many results have proven that social media has helped increase exposure; as such, if you are using social media to its fullest, you're missing out on a huge opportunity. The skill to selecting the right social media platform for your business is all about affirming the goals you want to achieve through social media marketing. Figuring out what platforms your target audience use, and choosing a platform that matches your type of content. However, getting started can be difficult, and sometimes, choosing a social platform can be more complicated than you'd think. There is a number of social media platforms to choose from, but the good news is that you can start by narrowing it down to the standard and most widely used platforms. From there, it's all about determining which platform will give you the exposure you want, to reach the right audience, and to figure out which one will help you meet your marketing objectives. Start By Selecting There are many social media platforms, including ones to connect people with shared interests, similar hobbies, comparable demographics, and much more. The detail is that there are way too many social networking sites, and you cant have a presence on them all. Your time would be better spent focusing on the sites that get the most traffic. Some of the top social media platforms in terms of high numbers of monthly active users include Facebook, Twitter, Instagram, LinkedIn, and Pinterest. Define Your Goals There are many benefits to using social media, but it's essential to have specific goals before you move forward. For one, your objectives will help determine not only the social platform you choose, but also the content you create, the audience you target, and more. Here are some of the most common benefits of using social media that you might want to focus on: Improving your customer service offerings by providing another platform on which customers can reach out with complaints, questions, and concerns Identifying new leads and prospects who are similar to your best customers Reaching out to new audiences and new demographics who might be receptive to your products or services Increasing brand awareness and exposing your business to new people Learning about the needs, wants, and habits of your audience and customers. Increasing traffic to your site and boosting sales Determine What Channels Your Audience Use The entire point of social media marketing is to put you in contact with your best audience, so it's not advisable to choose a platform where your audience doesn't operate. It is the best idea to analyze which platforms your audience prefers. There are a few different ways by which you can find this, and one of the most straightforward is a simple customer survey. Another way to get information about your audience is through social media sites themselves. With platforms like Facebook, you can actually tell Facebook about your ideal customers, and they'll estimate the audience size for you. Lastly, Examine the Type of Content You Create Different types of content work better with specific social media platforms, so it's essential that you consider the type of content you create and that works best with your brand. Instagram, for instance, is all about the pictures, so it may not be the right choice if most of what you create is long-form textual content like whitepapers. The type of content you create will depend on a number of things, including your industry, your brand, and your target audience, but content types you may focus on include: Blog posts Podcasts Testimonials User-generated content Webinars Ebooks Whitepapers Videos Photographs #btheentrepreneur #businesscoach #business #goals #inspiration #entrepreneurlife #socialmedia #smallbusiness #investment #businessowner #investing #personalmindset #charlotteblogger

User story mapping is a collaborative exercise that helps align cross-functional teams around building a product that will be better tomorrow than it is today. For this reason, any team whose work will contribute to the successful delivery of customer value should be represented. Since a user story map creates a holistic view of the product, it is helpful to include members of any team responsible for architecting the complete product experience. These teams are often represented in a user story mapping exercise: Engineering UX / design Product management Sales Marketing Customer support Ops / IT Finance Legal How does user story mapping work? User story mapping starts with a decision about what medium to use for building the story map. It can be done with simple physical resources such as a wall or whiteboard and sticky notes, or with a variety of software tools that are available to create a virtual map. Virtual planning may be helpful for distributed teams. Regardless of the medium, teams will want to take the following steps: Frame the problem What is the problem your product solves for customers, or what job does it help them do? Taking a goal-first approach is critical in mapping the work that follows, and teams need to ensure they are mapping the customer’s goal. Understand the product’s users Who is the target audience for your product? There is likely more than one. Different audiences can have different goals and ways of interacting with your product. Starting this exercise with a set of user personas can ensure that teams share an understanding of the target audience and build stories from that point of view. It also eliminates wasted effort on edge cases that are not a fit for your target audience. Map user activities All users who interact with a product will likely do so through a series of common activities. These activities also referred to as themes or functions form the backbone of the user story map. Map user stories under activities With the backbone in place and major themes defined, the team can now build out the skeleton of the map by breaking down each activity or theme into smaller user stories. Flow and prioritize With the high-level themes and detailed user stories in place, the next step is to prioritize stories, ranking them vertically so that the most important ones are at the top. Then, teams map how users flow through the product typically from left to right. If a product has multiple types of users, teams may want to map different scenarios for each. These actions help teams decide which stories are vital and which ones are less important to delivering a delightful product experience to the target audience(s). Identify gaps, dependencies, technical requirements, and alternatives The story map gives teams the ability to envision upfront the potential issues that may slow them down later, such as bottlenecks, dependencies, technical architecture, or missing information and capabilities. Identifying these risks before design or development work begins can help teams minimize and mitigate them, enhance usability, and come up with alternative solutions. Plan sprints and releases This is where teams turn a visual exercise into executable work. With stories prioritized from the top-down, teams can see the work that will deliver the most value in the shortest time and group these stories into development sprints and product releases. Teams will create horizontal “slices” across the map, grouping stories by priority within each critical user activity. It is important to consider that this is not about identifying what is required for a minimum viable product; rather, it is critical for identifying the most important work to be completed to create a delightful customer experience. #business #valuation #story #mapping #startup #user

The growth and ultimate success of your company will be determined by the consistency of results. And those results can only be achieved if your team consistently meets the desired goals and targets. A KPI (key performance indicator) is a quantifiable measure that can be used to determine how well company goals are being met. Managers can set out a number of KPI’s for a project that they can use to identify how well individual employees are performing. From reviewing employee performances to tracking company progress, there are a number of reasons why KPI’s are an important factor in assisting your company’s growth. You Can Measure Your Targets Though they may be easily confused, KPI’s are not company goals or targets themselves, but they’re a measurement of goals and targets. This is arguably the most important reason why KPI’s should be used and the most significant usage of a KPI. Create an Atmosphere of Learning Being able to measure targets using KPI’s can create an educative atmosphere within your company. According to Root Cause, the data that is generated by measuring KPI’s leads to important conversations within the workplace. When you notice an unfavorable reading on a KPI, you have the chance to talk to the individual or team involved with that specific KPI. This a great opportunity for you to teach the employees how to do things differently and perform better in order to reach set targets. Additionally, you can analyze whether the set KPI’s are an effective measurement, and conversely, make necessary modifications if the employee feels that the targets are unrealistic to meet. Receive Important Information KPI’s provide an immediate snapshot of the overall performance of your company. When you’re in a highly competitive market, that information can be a crucial part of your attempts to “beat” your competition. Encourage Accountability Without KPI’s revealing vital statistics about performance, you run the risk of making inaccurate decisions about employees during reviews. You may assume that an employee is performing poorly because he/she has punctuality issues or a perceived lack of company engagement, but you have no quantifiable proof. A KPI may reveal that your assessment is incorrect and the perceived “poor performer” may have some favorable stats and delivers good results. On the contrary, poorly performing employees can hardly argue their case if their KPI stats show unfavorable readings. Essentially, KPI’s encourage accountability for both employees (if they’re not performing) and employers (if KPI’s are deemed unreachable). Boost Morale Employee motivation and job satisfaction are extremely important in order to improve company performance and culture. It can often be difficult to motivate your team when set targets can only be achieved once a quarter or once a year. It can be quite rewarding and motivating for employees to receive positive reports for meeting certain KPI’s in the interim. The results are often instant. It creates a sense of purpose and keeps them focused on meeting their goals. Although KPI’s are important for reaching company goals (and inevitably growth) by allowing you to make systematic, timely adjustments, you must ensure that those goals have the potential for you to create actionable KPI’s based on them. #KPI #SWOT #pirate #metrics #business