Climbing the “hierarchy of needs” to find employee engagement

In 1943, psychologist Abraham Maslow set out his “hierarchy of needs.” This theory suggested that human behavior is a response to a variety of needs ranging from physical survival to self-actualization. At this point, you may be wondering, “What does any of this have to do with my business?” The answer is that truly engaged […]

Outsourcing an IT function? Ensure the dollars make sense

Many of today’s businesses have taken to outsourcing various IT functions. The goal of doing so is usually to save money. But rushing into such an arrangement could mean losing money on the project itself while diminishing employee morale and even compromising your reputation. Here are a few best practices to follow to help ensure […]

Prevent expense account padding with the right policies

Ask employees whether padding expense account reports is wrong and just about everyone will say “yes.” Yet inflated expenses continue to cost businesses thousands of dollars annually. For this reason, every company must establish the right policies to stop it. How it works To stop expense padding, you need to know how it works. Expense […]

Business owners: Put your successor to work before you set sail

A hastily chosen or ill-prepared successor can lead a company astray or, in worst cases, mismanage it into bankruptcy. Before you set sail into retirement or perhaps on to your next great professional adventure, make absolutely sure that your chosen replacement is ready to, well, succeed. Build stakeholder confidence Perhaps the simplest, most important thing […]

4 pillars of robust business growth

Many businesses start life small and simple. But with growth comes the need for a stronger company infrastructure and increased operational sophistication. As you pursue a more robust business process pillars, focus on these 4 pillars: 1. Organizational management Implement a formalized system for measuring performance that begins with written job descriptions and training. Issue […]

HSA + HDHP = Your ideal benefits strategy?

Health Savings Accounts (HSAs) were created as a tax-favored framework to provide health care benefits mainly for small to midsize businesses and the self-employed. So, assuming your company falls into one of these categories, have you considered the strategy of using these accounts with a high-deductible health plan (HDHP)? Tax benefits The tax benefits of […]

Innovate or acquire? That’s the strategic question

Many companies reach a point in their development where they have to make an important decision: Innovate themselves or acquire a competitor? Of course, it isn’t always an either/or decision. Nonetheless, business owners should consider the pluses and minuses of both approaches. Innovating to grow Innovation is a broad term that encompasses many strategies — […]

3 keys to strong business financials

Businesses fail for many reasons — dysfunctional management, insufficient working capital, insurmountable competition. Why they succeed, on the other hand, is often easily explained. Regardless of size and sector, most healthy companies share the following three characteristics when it comes to their financials: 1. Ample revenue You’ve no doubt heard it before, but this cliché […]

Should you offer spousal health care coverage?

When looking to manage benefits costs, employers have many ideas to consider. One in particular is whether and how to offer health care insurance to their employees’ spouses. The Affordable Care Act doesn’t require spousal coverage. It only requires coverage for dependent children. But many employees may frown on seeing spousal coverage suddenly become expensive […]

Thinking big is the first step toward growing your business

Nearly every business owner wants to grow his or her company. But with growth comes risk, and that can keep you from taking the steps necessary to move forward. Yet if you don’t think big and come up with a long-term strategic plan, you’ll likely continue to spin your wheels. Eyes on profits and value […]