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Three Myths About Payroll Software

by Tim AustinMay 11, 2018 8:00 AM

Let’s face it, you didn’t decide to run a business because you were excited to manage payroll. Ongoing payroll management can clog your schedule, forcing you to run reports and handle tricky calculations instead of taking the time to find other ways to grow your business. Fortunately, payroll software can help you free up your schedule while improving your payroll process. 

While a good online payroll system can benefit business owners, some may be skeptical about making the move to payroll software. Here are three myths about online payroll software that you shouldn’t always believe.

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What are the Different Functions of Payroll Management?

by Tim AustinMay 4, 2018 8:00 AM

Whether you have a single paid employee or run a small business with many employees, you need to pay attention to payroll. However, payroll involves more than cutting a few checks. Good payroll management is comprised of several different functions that help you properly pay your employees and keep your business compliant with government regulations.

Payroll documents for a business handling payroll management. 

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Does a Small Business Need HR?

by Tim AustinApril 25, 2018 8:00 AM

As a small business owner, you’ve likely thought of ways that you can cut business expenses to save money. One of these ideas may involve whether you should invest in outsourcing HR or hiring in-house HR professionals.

HR just isn’t that important when you don’t have many employees, right?

Wrong. Every business needs to deal with critical HR functions, whether it’s a major corporation or a five-person business. Here’s what you need to consider the next time you think about whether your business needs HR management.

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How to Motivate Employees

by Tim AustinApril 17, 2018 8:00 AM

A lack of motivation can really cost your business. Entrepreneur reports that disengaged, disinterested employees have led to a loss of up to $550 billion per year for U.S. businesses. Fortunately, there are ways that you can help motivate your employees so that they’re ready to give it their all every day. Here are three steps that you can take to engage your employees.

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What is Employee Management?

by Tim AustinApril 2, 2018 8:00 AM

A small business’ success can depend heavily on its employees. The National Federation of Independent Businesses notes that “employees at small businesses carry more of the company’s weight on their shoulders than those working at larger companies.” As a result, the failure of an individual employee can make a greater impact at a small business than at a larger organization.

Employee management is one way to help turn an underperforming employee around or prevent high-performing employees from becoming a weak performer. The concept of employee management is more than just making sure that people are doing their jobs; it’s a variety of procedures and strategies that can help you measure, monitor, and interact with the workforce that plays a huge role in your company.

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How the Ongoing Evolution of the Fiduciary Rule Affects Small Business Owners

by Tom SmithMarch 28, 2018 8:00 AM

The fiduciary rule has had a bumpy ride in the past few years. After initially going into partial effect in June of 2017 and targeting Jan. 1, 2018 for a full rollout, the move to have all financial professionals who work with retirement plans follow the same fiduciary ethics and standards was postponed until July 1, 2019. Now MarketWatch reports that the Fifth Circuit Court “struck down the Labor Department’s fiduciary rule” in a split decision Thursday, March 15, 2018.

This may not be the end of the fiduciary rule, however. According to Forbes Contributor David Trainer, the fiduciary rule may still make an impact even after being struck down. Trainer writes “While the ruling could end the Fiduciary Rule as law, it cannot erase the awareness the DOL [Department of Labor] raised, nor can it stop market forces leading the business towards a more ethical place.”  

So, what does this mean for business owners? The fiduciary rule wasn’t designed to directly impact you as an owner, but it does affect the financial advisors connected to your business. Here’s a quick rundown of how the fiduciary rule can still make an impression on financial advisors and what that may mean for your business.

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Do Wellness Programs Really Work?

by Tim AustinMarch 14, 2018 8:00 AM

Wellness programs have become very popular in recent years. In its 2017 Employee Benefits Survey, The Society for Human Resource Management (SHRM) found that 24 percent of organizations added to their wellness benefits, which was the biggest increase for any benefit during the year. 

While more businesses are investing in wellness initiatives, some owners may ask how effective workplace wellness programs really are. The answer to that can depend on your goals.

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The Benefits of Profit Sharing for Small Businesses

by Tim AustinMarch 6, 2018 8:00 AM

After a great year, giving back to your employees can be very beneficial for your business. CNBC cites that “more than half of small business owners say that offering a [retirement] plan helps attract better employees.” A profit sharing plan is one way that you can use your business’ financial success to you and your employees’ benefit.

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Keeping up with the Joneses

by Andrew SzczesniakMarch 2, 2018 8:00 AM

Every day (well, at least Monday through Friday), I get a chance to meet with small business owners. Some of these business owners started their company because no one would hire them. Some started because they were tired of working for someone else. Some because they saw an opportunity to do what they wanted to do and how they wanted to do it. Many found a niche doing something no one else was doing and turned it into a lucrative business.

In my travels, I get one common concern from employers that reaches across all industries and sizes: It’s hard to find and then keep good employees.  

You’ve heard of all the offerings companies provide to help them address this issue: better benefits, more pay, flex time. The list goes on and on. What’s the best one that’s out there? That obviously depends on who or what you’re looking for.

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The Tax Cuts and Jobs Act of 2018

by Andrew SzczesniakFebruary 23, 2018 8:00 AM

On Dec. 20, 2017, Congress passed the most significant tax reform act in over 30 years. Business owners have been clamoring for this type of reform, but now that it’s passed, what does it mean? Who wins and who loses?

The National Association of Professional Employer Organizations produced a comprehensive 40-page breakdown of the tax bill. Don’t have the time, stomach, or patience to read it? I’ll touch on a few of the highlights.

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11 Books Small Business Owners Should Read

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11 Books Small Business Owners Should Read

by Tim AustinDecember 8, 2015 8:00 AM

No matter how long you’ve been in business, it’s never too late to learn. Fortunately, other business people have shared secrets to success over the years. Whether you’re looking for inspiration or need some gift ideas for the holidays, here are 11 books that all small business owners should read.

Helpful books for small business owners

The Common Denominator of Success

Written by Albert E. N. Gray in the ‘40s, this book identifies a single trait of successful people: the willingness to for the habit of doing things that others do not want to do. It’s a message that’s still relevant today long after Gray passed away.

The E-Myth Revisited

Ideas are great, but your business needs to have a regimented plan in place. Michael Gerber’s book stresses the importance of systems in business and teaches you how to install them.

Traction

If you’re not careful, issues and frustrations from your business can feel like they control you. Gino Wickman’s Traction details how you can strengthen your business so that it leads to growth and enjoyment.

The Advantage

In The Advantage, Patrick Lencioni argues that most organizations have the experience and knowledge to be successful, but they still need to aim for organizational health. Lencioni covers four steps to help your business’ health.

Book Yourself Solid

There’s more to sales than just getting just any potential client in a meeting. Michael Port explains how you can look for the right fits for your business.

Out of the Crisis

Quality control is key in business. W. Edwards Deming’s Out of the Crisis points out where quality problems are started and how you can institute a management style that will help improve products and service.

The Goal

Unlike the other books on this list, Eliyah Goldratt’s The Goal is set up as a novel. This thriller focuses on operations management and show how fixing bottlenecks can save a company.

How to Run Your Business So You Can Leave It in Style

Exit planning is something that small business owners should consider when they begin to think about retiring, selling the business, or stepping away and John Brown helps you take the steps to make it a happy ending.

Every Family’s Business

If your business run in the family, this book is for you. Tom Deans lists 10 question that family business owners should ask to figure out the best course of action for future success.

Switch

Change is hard. Chip and Dan Heath guide business owners on how you can overcome the resistance to change and achieve results.

What Got You Here Won’t Get You There

Just because something worked for you in the past doesn’t necessarily mean it will work for you now. Marshall Goldsmith’s book emphasizes looking at situations with a fresh perspective to adapt when necessary.

Big Ideas for Small Business

There are many areas you have to focus on as a small business owner, and sometimes a little advice can make a big difference. Another way to benefit your business is to make the move to a professional payroll and HR company.

You don’t need to be a huge company to get big business benefits. Contact GMS today to learn more about how our experts can make your business simpler, safer, and stronger when you partner with a Professional Employer Organization.

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