Tag Archives: small business

9 Facts About Florida’s Minimum Wage for 2018

On October 13, 2017, the Florida Department of Economic Opportunity (DEO) released information about a new minimum wage rise which will come into effect on January 1, 2018.

– Florida employees working for minimum wage can expect to see a pay bump from the current $8.10 per hour to $8.25 per hour, making this wage rise a 2% increase. Employees working full-time for that amount will earn $17,160 per annum, or $330 a week.

– The minimum wage increase is related to the DEO’s requirement to comply with Florida law to annually revisit the minimum wage rate and adjust it according to the Consumer Price Index for Urban Wage Earners and Clerical Workers in the South Region.

– The Federal minimum wage will likely remain at $7.25 for the foreseeable future, but employers in the Florida region are obligated by law to pay their non-exempt workers the hourly state minimum of $8.25 after January 1, 2018.

– The increased hourly rate will also impact the calculation of overtime compensation to which a Florida employee is entitled.

– The law further requires that employers place a minimum wage notice in an accessible and conspicuous location wherever there are employees earning minimum wage. This requirement is in addition to the need for posting notices of the federal minimum wage.

– Employers who employ minimum wage earners who receive tips and are eligible for a tip credit under the Fair Labor Standards Act (FLSA), may apply credit to satisfy the minimum wage level up to the allowable FLSA tip credit (which equates to $3.02).

– Employers must still pay tipped employees a wage as directed by the minimum wage standard, minus the tip credits. Tipped employees, as of the 2018 minimum wage rise, will earn $5.23, per hour, a which equates to a 0.15c increase per hour.

– Employers who take tip credits against minimum wage must also provide notice to the tipped employee about the number of cash wages the employer is paying the tipped employee, and the amount the employer is claiming as tip credits.

– Tip credits should not exceed the number of tips received, and the employee retains all tips wherever a valid tip pool exists. Tip credits may not apply to any tipped employee, unless the employer has informed them of the above conditions.

6 Deadly Sins For Entrepreneurs

The word “entrepreneur” conjures up different images for different people; bold, clever, gutsy, reckless. To the entrepreneurial spirit, a life spent in the 9 to 5 may as well be a life spent in shackles.

Entrepreneurs want, need to experience all the highs that life has to offer, and aren’t afraid to plow their way through the down times to get to them. Tell the entrepreneur that 9 out of 10 businesses fail, and they will get to work building ten businesses – just to revel in that one success; to them, a failure is nothing more than a learning experience.

Building a successful business is about taking a chance. The trick is to know the difference between taking a chance and pure recklessness. The same gutsy attitude that carries many entrepreneurs to the top can also bring them crashing down if enthusiasm isn’t tempered with a little wisdom along the way.

Many of life’s harder lessons can be avoided if you take the time to learn from the failure of others. Get your idea off to a flying start by staying away from these six deadly sins many fledgeling entrepreneurs make before they learn to fly.

1. Have a Great Product Without a Market Strategy

Just because you have an idea for a great product does not mean customers are going to be knocking down your doors to get to it. They need to hear about it first. From the very first germ of an idea, start work on fine-tuning the details of your marketing and distribution strategy. Only when you have all the pieces in place should you launch your business.

2. Trusting in Yourself Too Much

Sure, self-confidence can carry you a long way, but no one person can take care of all the necessary details of the modern small business. Know your weak spots, and then take steps to shore them up by surrounding yourself with those who specialize in those areas.

3. Don’t Lose Focus

One bright idea often leads to another before the first even gets off the ground. While the enthusiasm is running high, you feel invincible and think you can keep everything up in the air. Most end up losing focus, however, and everything soon comes crashing down.

Give 100% attention to your current objective. Taking on more will only extend you to a breaking point, and something will eventually have to give.

4. Moderate Your Passion

Passion is the driving force behind many businesses, but lots of success happens outside the realms of our passion.The point we’re trying to make is there is no sense in blindly pursuing your passion when you could be seeing more success in some other rapidly growing trend or industry.

5. Stay Professional

Many new entrepreneurs want to be friends with everybody, it’s only natural, they’re still human after all. So, they make the mistake of forming bonds with employees and clients and start hanging out at clubs, and bars, and popping over for a barbecue. This behavior is an excellent way to make new friends, but it can also rapidly bring your business to a grinding halt.

Keep it professional, and be the business person they can look up to, rather than just another buddy with which to hang out.

6. Don’t Avoid Confrontation

Confrontations are unpleasant, but sometimes they are a necessary component to getting things done. If you don’t deal with awkward situations today, they could come back to destroy your business tomorrow.

5 EASY TIPS TO IMPROVE WORK-LIFE BALANCE

If you’re a working adult between the ages of 25 and 50, this might be the right article for you.

We live in a world where more and more people find themselves working in roles that could be considered “always on the job”. Studies have shown that a poor life-work balance can result in higher levels of stress, lower productivity in the workplace, and general unhappiness. Workers around the world have constant battles with the question “can I have it all?”; and leaders who care seem to struggle to provide practical solutions. How can we, then, achieve and maintain a balance between our personal lives and work?

To help entrepreneurs, managers, and employees strike the right stability, here are five tips to achieve and maintain life-work balance.

1. Recognise and share your goals and needs.

Developing good communication skills is essential for every social aspect of our lives. Identify what truly matters to you and communicate it to people around you. Don’t hide your feelings and expect other people to guess what you are looking for or what makes you happy. Let your employers know if you are going through family or personal issues; an understanding manager will always be open to listening and finding the most efficient solution for everyone. Always remember that by communicating effectively and having earnest discussions with your employer together you’ll be able to find the right balance.

2. Set boundaries.

After 5 pm, learn to leave work at work. Any task, whether it’s emails or messages pending after the closing hour, write them down, so you don’t forget then shut down your computer and leave it all for the next day. For instance, in France, a law has been passed that bans employees from checking work-related messages after 6 pm. This shows that they understand the need for people to achieve a work-life balance.

Set a time for yourself to be productive at work and don’t exceed the time set. When done, drop whatever you are doing and relax or find something that makes you happy, that way you can find closure and have balance.

3. Time Management

No matter how much time you spend at work, the real issue is how much you get done while you’re at work. Choosing to manage your time effectively is the starting point of overcoming mental blocks to time management. Monitor how you spend your work hours in a week and learn how to distribute your tasks more efficiently throughout the day. Maximise every second, minute and hour. Plan and structure your time so as to achieve a balanced life.

4. Get Social!

Everyone feels lonely from time to time, but feeling lonely for a long time can have a negative effect on your mental health. It’s important to have at least one fun activity to look forward to during the week. Get involved in the community by signing up for a cooking class, yoga events or a workshop; go for a walk in your local park, visit new places such as cafes or museums and arrange weekly dinner with friends or family. That way you can relax while doing something fun outside of the work environment.

5. Always pace yourself.

Don’t assume that you need to make big changes to bring more balance to your life. In order to live a full and enjoyable life, it is important to understand how to pace yourself. Setting realistic goals can help, such as leaving the office earlier at least two nights per week. This requires self-awareness, and once you improve it, you are going to enjoy the journey as much as the destination.

Employee benefits programs for small business owners

When your business is in its early stages of growth, employing between 2 and 99 employees, the opportunity exists for you to establish what type of company you are in your staff’s mind. One of the primary ways they’ll form their conclusions relates to the type of benefits they’re offered. Small business employee benefits programs can offer a variety of coverage types and levels, but your staff will welcome any plan options over none at all.

Many people find themselves going from self-employed to working for a company, not for the additional earnings but for the health benefits available for employees. There are a multitude of benefit types available and most insurance companies will work with you to develop packages that reflect the demographics and desires of your staff.

Typical employee benefits types offered by small businesses:

  • Health
  • Disability
  • Life
  • Dental
  • Vision

Every insurance plan you offer doesn’t have to be compulsory, in fact, many will be optional. The self-selected benefit packages that your staff may choose to opt into are known as voluntary benefits. In most cases you, as the small business owner, will have a number of conversations with your insurance benefits provider to determine what type of products are going to be best for your employees relative to your allocated benefits budget.

Your insurance provider will also assist you after the enrollment process. They’ll also be there to assist you with any billing concerns you or your staff may have.

Certainly, in the arena of insurance coverage, there is power in numbers. Every employee in the company can expect to pay less and enjoy a higher level of service with a group employee benefits package than they would had they opted to pay for their own insurance plan out of pocket.

If you’re a small business owner, talk to us about a benefits package that fits your budget.