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Author: Jake Snelson

6 Best Budgeting Apps for Personal Finances

Everyone knows that budgeting is a good practice, but for most people it’s hard to stick to. Most budgeting methods are outdated and make it too hard to keep track of all your expenses.

Luckily, nothing makes budgeting easier than a good app. These 6 budgeting apps will help you keep track of your personal finances so that you can reach your financial goals.

Pocket Guard

In a day and age where we use a card to pay for everything instead of cash, it’s hard to determine how much money we have “left in our pocket.” That’s where Pocket Guard comes in. Pocket Guard tracks daily spending, bank accounts and bills.

Pocket Guard can help with budgeting by telling you how much you have left to spend for each month. It sets aside the money you need to pay for your monthly bills and any purchases made on credit cards so that you don’t over spend. Pocket Guard will let you know when you need to slow your spending down. It can even help you find savings on your monthly bills! They also use the same 128-SSL bit security that banks use, so you know your information will be secure.

Pocket Guard is a free app for iOS and Andriod.

Mint

Mint is more than just a budgeting app, it focuses on your entire financial life. Like most budgeting apps, Mint helps you keep track of your income and expenses. It alerts you when you have bills to pay, so you don’t miss a payment.

However, it goes beyond basic budgeting and gives you more features. It keeps track of your retirement accounts and your investments. And, it shows your credit score so that you can keep track of your overall financial health.

Mint is free for iOS and Andriod, and it’s available on your desktop too.

Wally

Wally hopes to provide high-level financial tracking to the everyday man. They focus on savings, expenses and budgets so that you can meet your financial goals. Wally also allows you to take photos of your receipts for your records.

A unique aspect of Wally is that it isn’t just for the United States. It can be used in almost every country and they plan to add currency conversion, which will make it a great traveling tool.

Wally has separate versions for iOS and Andriod, but both versions are free. Wally, is the iOS version and Wally+, is the Andriod version.

Level Money

Level Money is a great tool for budgeting because it can help connect to all of your different bank accounts. It also can predict your balances based on recurring income and payments.

The best part of Level Money is that counts your money like your Fitbit counts steps, showing you how much money you’ve spent and how much you have left to go. It gives you a monthly spending budget (after deducting your bills) and levels off where you should be at each day in your spending. Another great feature is it’s financial tracking. It can show you what you’ve spend on different categories throughout the year so you can find ways to cut expenses.

Level Money is free for iOS and Andriod.

Mvelopes

Mvelopes takes the traditional envelope budgeting systems and makes it high-tech. When you make your budget you put money for each category in an “envelope” then when you make purchases Mvelopes subtracts the money from each envelope so that you know how much you have left to spend.

Mvelopes boosts the fact that they’re more than just a budgeting app. They have other tools that can help you manage your debt and save money.

Mvelopes is free for iOS and Andriod.

Prosper Daily

Prosper Daily, formerly known as BillGuard, helps to keep track of your expenses, but it also helps you manage your credit and identity. Prosper Daily’s unique feature is that it has you approve your spending. It flags any purchases that look out of the ordinary and has you approve them or you can mark it as fraudulent. If a charge is fraudulent it allows you to file a claim from the app.

Prosper Daily is free for iOS and Andriod.

What are Pretax Earnings?

Pretax earnings can be applied to individuals or businesses. In each case, pretax earnings refer to the amount of money an individual or business earns before income tax is taken out. Pretax earnings are also referred to as pretax income or earnings before tax.

In order to determine the pretax earnings for businesses you have to do a little bit of math. To calculate the pretax earnings for a business, you should subtract all of the operating expenses, including interest and depreciation, from the total sales or total revenue.

It’s helpful for businesses to understand what their pretax earnings are so that they can compare revenues across areas where corporate taxes may differ.

Pretax Earnings Scenario

Individual Pretax Earnings

Mollie is an employee who receives a regular paycheck. When she looks over her paycheck she can see that her employer has paid her income tax for her. Employers will typically pay the state and federal income taxes, social security and Medicare for their employees. This means that the check Mollie receives and deposits in the bank is her after tax income. In order to determine what she made pretax, she can check her pay stub for her gross earnings.

Business Pretax Earnings

Frederick is the Chief Financial Officer at his company. The company has locations in three different states. The corporate taxes differ in each state. In order to determine how much revenue each location is bringing in Frederick needs to compare the pretax earnings of each store.

Frederick asks the store managers to submit reports with all of the operating costs and total revenues for their store. Once Frederick receives the data he can determine which stores are making the most profits. The numbers would be skewed if he looked at the after tax income, since the tax laws in each state are different.

Glossary: Accounting and Tax Terms

This glossary of accounting & tax terms will hep you understand basic accounting vocabulary. Click on any of the terms for a expanded definition and examples.

Accounting & Tax Terms

After-tax income: The amount of disposable income that a person or company has left over after all federal, state and withholding taxes have been deducted from the taxable income. You can spend your after-tax income on future investments or on present consumption.

Business Tax Credits: Business Tax Credits are a group of credits available to business owners. These tax credits are grouped together and submitted through IRS Form 3800. There is a limit on how many credits you can claim. It is based on your tax liability. Use IRS form 6251 to find out how many credits you can claim.

Charitable Donations: Charitable donations are gifts given to nonprofit organizations. Common gifts include: money, real estate, vehicles, clothing, securities, jewelry or other assets or services. Most charitable donations are tax deductible. It’s important to get a receipt from the organization that you donate to in order to claim it on your taxes.

Tax Credit: A tax credit reduces the amount of tax a business or individual has to pay. The government uses tax credits to encourage or reward behavior that they find beneficial. For example, the government can give a tax credit to people for replacing old appliances with new, energy efficient ones. Most tax credits are given to benefit the economy or environment; however, the government can create tax credits for any reason.

Tax Deductions: A tax deduction is a credit that is subtracted from your income, which lowers your taxable income. The Internal Revenue Service (IRS) allows taxpayers to take a standard deduction or an itemized deduction.

Earned Income Credit: The Earned Income Credit (EIC) is a tax credit for low to moderate income earners. In order to qualify for the Earned Income Credit, you must file a tax return, even if you are not required to file taxes. Those who file for an Earned Income Tax Credit may receive a tax refund if their taxable income is less than the credit.

Federal Tax Lien: A federal tax lien is used to put a lien on property, or any other assets, as collateral for unpaid back taxes. The Internal Revenue Service (IRS) can issue federal tax liens to secure payment of those unpaid back taxes.

Gifts of Equity: A gift of equity is when family members sell property to other family members for less than market value. The gift of equity is specifically the difference between the market value and what the buyer pays. A gift of equity can be for any amount, up to the total value of the home.

Hobby Loss Rule: If your business goes too many years without making a profit it can be classified as a hobby. When it becomes a hobby you can no longer claim losses as business deductions.

Itemized Tax Deduction: An itemized tax deduction is the alternative to taking the standard tax deduction. An itemized deduction counts all of your tax deductions in order to lower your taxable income. It requires more work than claiming the standard deduction, but it can also pay off if your itemized tax deduction is greater than the standard deduction

Kiddie Tax: The Kiddie Tax is a tax applied to a child’s unearned income. When children under the age of 18 make $2,100 or more in unearned income, that income is taxed at the guardian’s tax rate. Unearned income is considered any gifts of stock or other investments. The Kiddie Tax does not apply to earned income (income made through employment.)

Mileage Allowance: The Internal Revenue Service (IRS) allows people who use their vehicles for business, charity, moving or medical expenses to take deductions on those expenses; this is called mileage allowance. The IRS deducts a certain cent-per-mile; the IRS determines the deduction each year. This is also referred to as the “standard mileage rate.”

Nanny Tax: The Nanny Tax is a federal (and sometimes state) tax paid by people who have household help and pay them over a certain threshold. The nanny tax applies to nannies, housekeepers, gardeners or any other household help.

Pretax Earnings: Pretax earnings can be applied to individuals or businesses. In each case, pretax earnings refer to the amount of money an individual or business earns before income tax is taken out. Pretax earnings are also referred to as pretax income or earnings before tax.

Rehabilitation Tax Credit: The rehabilitation tax credit is a federal tax credit that encourages real estate developers to renovate or restore older buildings. Buildings built before 1936 are the target of the rehabilitation tax credit.

Sales Tax: Sales tax is a consumption tax on goods and services. State governments, along with county and local governments, set the sales tax; however, not every state has sales tax.

Underwithholding: Underwithholding is when you haven’t had enough income taxes withheld during a year. If a tax payer’s incomes taxes are underwithheld, it does not mean that tax payers doesn’t have to pay the taxes. Tax payers pay the underwithheld taxes when he or she files a tax return.

Withholding Tax: Withholding taxes are a form of income taxes. These taxes are taken out, or withheld, from an employee’s paycheck, which the employer pays directly to the government.

Customer Appreciation: How taking the extra step can bring in more business

Most business owners think that big marketing campaigns are the best way to bring more business in; however, there is a little secret that can beat any marketing campaign: customer appreciation. Customer appreciation is the best way to maintain clients and bring in new ones. The best part is that it can be done at a very low cost.

Why is Customer Appreciation Important?

Think about your relationships with businesses. Which ones are your favorites? Why are they your favorites? Probably because they take an interest in you, or they strive to make you happy. That’s exactly what customer appreciation is about.

As businesses scale, they typically stop focusing on making individuals happy and they focus on numbers. When this happens they end up losing business because they don’t care about the people anymore. In fact, 68% of customers leave a business because they believe the business doesn’t care about them. That is a huge percentage!

In order to keep those people, and have them refer you more business, you have to show your customers that while you’re growing, you still care about the individual.

If you want to stay ahead of your competition, you need to focus on customer satisfaction.

Benefits of Customer Appreciation

Increase Market Value

In a day and age where you can easily be replaced by an online option, you have to show people why they should choose you. Companies who put customers first often have outstanding reviews. Those reviews are what drive more business to you.

Increase Customer Loyalty

Customer loyalty cannot over stated. Loyal customers not only bring you a steady stream of business, but they are likely to recommend your business to family and friends. And a recommendation from someone you trust is more powerful than any other type of marketing.

Increase Profits

Showing your customers that you appreciate them encourages them to buy from you time and again. Which is great for you for two reasons. First, it’s six to seven times cheaper to sell to a repeat customer than to acquire a new one. Second, once they trust you they’re more likely to spend more money at your business.

Customer Appreciation Ideas

Now that you understand the importance of customer appreciation, we want to give you a few ideas on how you can show your customers how much they mean to you.

A Handwritten Note

Whether it be a thank you note, or just a random note telling your customers what they mean to you, a handwritten note always goes a long way. The key to this is that your note must be handwritten. An email doesn’t have the same level of thought to it. A great way to include a note is in any packages you send, or maybe even a card for their birthday.

Gift Cards

A gift card is a great way to show your customers that you appreciate them. You can send a small amount like $5 or a large amount, either way getting a gift card is exciting. If you work with other businesses, support them by giving out gift cards to those businesses.

Spotlight Customers

Everyone loves a shout out! Show customers how much they mean to you by telling everyone you know about them. Link to their website and social media accounts when you can. This helps them gain exposure and can help build their businesses as well!

Reward Repeat Customers

A lot of companies offer deals for new clients or customers, but what about the people who are always there? Make sure you show them that you appreciate their continued support. Give them 10% off their next purchase!

Listen To and Implement Feedback

When your customers take the time to give you a suggestion or compliment, show them that you appreciate it by replying. Let your customers know that you appreciate their input. If you can implement their idea, let them know how it made a difference in your business. Maybe even reward them if you can. (Any of the suggestions above would be great to combine with this!)

Hold a Customer Appreciation Event

Nothing says “Thank you” like food! If your clients are mostly local hold an event where they can bring their families and mingle with your business. When you get the whole family involved it really shows that you appreciate their support. If you can’t do a local event, try to host something online! The possibilities are endless.

Frequently Asked Questions (FAQs) about Customer Appreciation

1. Why is customer appreciation more effective than big marketing campaigns?

Customer appreciation builds personal connections, fostering loyalty and positive reviews, which are powerful in attracting and retaining business.
2. How does customer appreciation increase market value for businesses?
Prioritizing customers creates outstanding reviews, enhancing your market value. Positive feedback attracts more business and sets you apart from online options.
3. Why is customer loyalty crucial for business success?
Loyal customers provide a steady stream of business and are more likely to recommend your business to others. Trust from loyal customers leads to increased profits.
4. What are some customer appreciation ideas to implement?
Ideas include sending handwritten notes, offering gift cards, spotlighting customers on your platforms, rewarding repeat customers, and hosting customer appreciation events.
5. How can businesses show they appreciate customer feedback?
Respond promptly to feedback, implement valuable suggestions, and consider rewarding customers for their input. Building a feedback loop strengthens customer relationships.

What is Withholding Tax?

Withholding taxes are a form of income taxes. These taxes are taken out, or withheld, from an employee’s paycheck, which the employer pays directly to the government.

The IRS determines how much to withhold from your paycheck using the W-4 form you fill out when you’re hired. The number of deductions you take determines how much the IRS withholds. The W-4 form will ask the following questions to see how much should be withheld.

Whether to withhold at the single rate or at the lower married rate.
How many withholding allowances you claim. (Each allowance reduces the amount withheld.)
Whether you want an additional amount withheld.

The amount of taxes withheld determines if you get a tax refund each year. If you withhold more than you need to, you’ll get a refund. If you don’t withhold enough, you’ll owe more income taxes.

After you do your taxes, if you realize that you haven’t had enough taxes withheld, or have a life changing event that changes your deductions, then you can fill out another W-4 claiming fewer deductions. This will help so that you don’t have to pay more taxes during tax season.

It doesn’t really matter if you have the correct amount withheld from your paycheck. If you prefer to get a refund then you’ll want to take fewer deductions. However, if you don’t mind paying taxes later, then you can take fewer deductions and have more take-home pay.

The IRS also withholds taxes on other income such as pensions, bonuses, commissions, and gambling winnings.

Withholding Tax Scenario

Jack Taylor is employed and filled out a W-4 when he first started at his job. However, his wife recently had a baby and quit her job. So he needs to readdress his withheld tax deductions.

In order to do this, Jack asked his employer for a new W-4 form (it can also be found online and then submitted to your employer). Jack will follow the personal allowances worksheet on the W-4 to find out his new deductions.

According to the Personal Allowances Worksheet on the W-4 Form Jack is eligible for 6 deductions. However, if Jack takes all of those deductions he may not have enough taxes withheld. Instead of taking all those deductions Jack chose to only take 2 deductions in the hope that he would get a tax refund. After he does his taxes for the year he can reassess if he needs to take more deductions.

Your Best Summer Sales in 4 Easy Steps

For many businesses, summer can be the slowest sales time of the year. With people spending more time and money on vacations, summer sales tend to go down.

However, with the right summer sales strategy it’s possible to keep your sales up. These five tips can help you keep your numbers up throughout the summer season.

Talk Vacation

There’s one question that will help increase summer sales: “Where are you going on vacation?” People love talking about their vacation plans.

When you’re going to ask about their vacations, don’t ask if they’re going on vacation, assume that they are. Then, be prepared to listen. After they’ve told you all about their summer plans, let them know that you can help them prep for their vacation by getting everything they need before they go.

When you take the time to listen to people, they are more likely to buy from you because they have a personal connection.

Contact People Early in the Day

You can blame the gorgeous weather for not being able to make afternoon summer sales. When all people can think about is getting out of the office and into the sun, they don’t want to spend the afternoon stuck on a call.

Try to make all of your sales calls before noon. People will be more focused and have more energy in the morning, so it’s best to get in touch with them when they’re focused on work. If you wait until the afternoon, they’re going to be more distracted and it will be harder to make the sale.

Use Email

Email campaigns are a great way to reach out to your customers and let them know about what’s going on with your business. You can use email to announce any sales or promotions you are running, or just to send out a newsletter.

If you want to make the most of your email campaigns you’ll have to take a few extra steps. First, you’ll want to personalize your campaign. Anytime you can use your customer’s name, do it. It helps to connect with the customer on a personal level. Second, make sure you create a visually pleasing email. All of the information should be easy to spot so that when people glance at the email quickly they can find everything out. Finally, focus on your subject lines. A subject line can be the difference between a sale and the virtually trash can. Highlight your offer so that people are more likely to open the email.

Teach Customer Service

Now is the best time to train your team on customer service. Despite your best efforts, there will still be down time, so use that time to invest in training.

Customer service is an important aspect of sales because people are more likely to buy from someone when they feel comfortable with them. You should train all of your employees the basics of customer service.

Teach them to ask questions and listen to the customer. Taking the time to get to know the customer can be a powerful sales tool. Another great sales tool is learning customer’s names. If you have repeat customers, learn their names so that when they walk in you can call them by name. People love hearing their own name, and when you use it with your customers they feel like you’re friends not just sales people. Finally, teach your team to do everything with a smile. Whether a customer is happy or upset with your business if your team can remain upbeat and serve them happily (or with a smile) then it leaves a lasting impression. They’ll tell everyone how pleasant your business was to work with, even when there was an issue.

What is the Nanny Tax?

The Nanny Tax is a federal (and sometimes state) tax paid by people who have household help and pay them over a certain threshold. The nanny tax applies to nannies, housekeepers, gardeners or any other household help.

The Internal Revenue Service (IRS) instituted the nanny tax because a taxpayer becomes an employer when they are consistently paying another person’s salary. The nanny tax requires taxpayers to pay social security, Medicare and federal unemployment taxes for their employees. Employers traditionally pay these taxes for their employees.

The nanny tax does not apply under a few circumstances. The first, is if the babysitter or help is the taxpayer’s parent or spouse, or if the employee is under 18 and is not in the household profession.

The taxpayer can also avoid the nanny tax by hiring household help through an agency. In this case, the agency is the employer so they would be responsible for any taxes.

Finally, if the employees are officially self-employed, then they are responsible for their own taxes.

Nanny Tax Scenario

Emily Kent is a work-at-home-mom. She hired a nanny to watch her two children for a couple of hours every day, so that she can work. Because she is incredibly busy, she also employs a house keeper, who comes once every two weeks for a few hours to help.

Emily pays her nanny over $2,000 a year, which is the 2017 threshold for the nanny tax. Therefore, Emily is required to pay nanny taxes. This means that Emily will pay the social security, Medicare and unemployment taxes for her nanny.

On the other hand, Emily’s housekeeper won’t meet the $2,000 threshold. While she would fall under the umbrella of employees for the nanny tax, Emily won’t have to pay any taxes for her because she doesn’t meet the threshold. Emily’s housekeeper will be liable to pay taxes on her own.

LLC or S Corp, Which is Best for My Business?

Choosing a business entity can be confusing. If you’re debating between registering as a LLC or S Corp, we can help break down the pros and cons of each so that you can make an informed decision.

Keep in mind as you choose between a LLC or S Corp, what is going to be best for your business now, as well as in the future. You can always change your entity as your business grows, but it doesn’t hurt to look ahead.

What is an LLC?

According to the U.S. Small Business Administration, “A limited liability company (LLC) is a hybrid type of legal structure that provides the limited liability features of a corporation and the tax efficiencies and operational flexibility of a partnership.”

Liability

An LLC separates a business from the business owner in terms of liability. In the event that they are sued or in debt, their personal assets (home, cars, investments) cannot be touched. Owners of a LLC are only liable for as much money as they put into the company. For example, if you invest $10,000 in your LLC then get into debt for $20,000, you’re only potentially liable for the $10,000.

Because the LLC is separate from the business owner, the owner cannot “pierce the corporate veil,” meaning that they can’t mix personal and business. If the lines become blurred the owner can loose his or her protection.

Taxes

When you’re registered as a LLC, the federal government doesn’t tax your business directly. Instead, they tax your personal income (or the income of all members). You would still take any deductions on your business expenses, but you don’t have to file a separate tax return for your business. Some states may require LLCs to file separate tax returns, so make sure you learn about the laws for your state.

Although you aren’t submitting a separate tax return for your business, the IRS still requires you to pay estimated quarterly taxes for your LLC.

Set up

LLCs are relatively easy to set up. The paperwork is fairly minimal and it usually only costs a couple hundred dollars.

What is a S Corp?

An S Corporation (S Corp), is a type of corporation that meets specific IRS requirements. S Corps have the benefits of a corporation but are taxed as a partnership. In order to qualify as a S Corp, the business must have 100 or fewer shareholders.

Liability

Like a LLC, a S Corp separates business owners from the business. Creditors can only go after the business they can’t touch the business owner’s assets to pay any debts. Shareholders are also only held accountable for their investments in the company.

Taxes

The taxation of a S Corp is what sets it apart from other business entities. When you have a S Corp, you don’t have to pay taxes on the business itself. Instead it is taxed through the income of the shareholders. Any shareholder who works for the must be paid a “reasonable wage.” A reasonable wage is usually fair market value for the position and size of the company. After the wages are paid, the rest of the income from the business is passed onto the shareholders as dividends. The benefit of an S Corp is that dividends are taxed at a vey low rate, if they are taxed at all.

The laws for S Corps are not the same in each state. Be prepared to pay taxes if that is what your state requires.

Set up

Getting a S Corp established takes a lot more than an LLC. Most S Corps spend a considerable amount in attorney and accounting fees. There is a lot of paperwork involved. You must also develop a board and bylaws, issue stock, hold board meetings and keep records of each board meeting.

The IRS also has the following requirements for S Corps

Shareholders must be US citizens
Cannot have more than 100 shareholders (spouses count as separate shareholders)
Can only have one class of stock

Final decision: LLC or S Corp?

Deciding between a LLC or S Corp, it comes down to your business individually; there is no right answer.

That being said, you need to consider the pros and cons of both. LLCs and S Corps have limited liability protection, so you don’t have to weight that option. However, the tax benefits and set up requirements should be considered.

Before you make a big business decision like this, it’s best to involve your accountant and lawyer, they can help you determine what is best for your business.

Frequently Asked Questions:

What is the main difference between an LLC and an S Corp?

The main difference lies in taxation and setup complexity. LLCs offer flexibility and straightforward taxation through personal income, while S Corps provide tax advantages on dividends but require more complex setup and compliance.

How does liability protection differ between an LLC and an S Corp?

Both LLCs and S Corps offer limited liability protection, meaning business owners’ personal assets are protected from business debts and lawsuits. Owners are only liable up to the amount they invested in the company.

What are the tax benefits of an LLC?

LLCs are taxed through the owner’s personal income, avoiding double taxation. Business expenses can still be deducted, but estimated quarterly taxes must be paid. Some states may require separate tax returns for LLCs.

What are the requirements for setting up an S Corp?

Answer: Setting up an S Corp involves more complexity and costs, including attorney and accounting fees. It requires establishing a board, issuing stock, holding board meetings, and meeting IRS requirements such as having no more than 100 shareholders and only one class of stock.

When should I consider consulting a professional when deciding between an LLC and an S Corp?

It’s advisable to consult an accountant and lawyer when making this decision. They can help you understand the pros and cons specific to your business and ensure compliance with state and federal laws, optimizing your business structure choice.

What is Mileage Allowance?

The Internal Revenue Service (IRS) allows people who use their vehicles for business, charity, moving or medical expenses to take deductions on those expenses; this is called mileage allowance. The IRS deducts a certain cent-per-mile; the IRS determines the deduction each year. This is also referred to as the “standard mileage rate.”

The business mileage rates are based on an annual study of fixed and variable costs of operating a vehicle, while the moving and medical cost are based on just the fixed costs. The charitable rate is set by a statute, so it does not change from year-to-year.

In order to claim the mileage allowance you have to keep records of your miles. In the event that you are audited the IRS will require proof of your mileage. Keeping a mileage log will help you prove that you claimed a necessary deduction. You should include the miles you drove, the date and the reason for the trip on your mileage log.

Taxpayers can choose not to use the mileage allowance and instead calculate the actual cost of using his or her vehicle for business, charity, moving or medical purposes. If you choose to do this, make sure that you keep records of each of the costs of using your vehicle.

Mileage Allowance Scenario

Janice Price is a real estate agent. She frequently uses her car for business purposes. She’ll drive clients around to look at homes. She has to drive to homes she’s selling to put signs out front. Janice also drives to meetings at title companies. She puts a lot of miles on her personal car in order to conduct business. When she files her taxes, she takes the mileage allowance to help recoup some of those costs.

Rather than calculate the actual cost of using her car, Janice opts to use the standard mileage deduction. In order to do this she keeps a mileage log in her car and notes her odometer reading when she leaves and when she finishes a trip. She also notes the date of the trip and the reason for the trip.

When it comes time to pay her taxes Janice uses her mileage log to let her accountant know how much driving she did. Her accountant then puts her miles in and takes a deduction based on her numbers.

How to Create a Positive Work Environment

Creating a positive work environment is a great way to draw better employees to your business. If your employees feel valued, they take pride in being part of a successful business.

We’re going in depth on five ways to help your employees feel more valued in our How to Create A Successful Business series. Click on each title to read the full article.

Acknowledge Success

When you’ve worked hard on a project, nothing feels better than having someone acknowledge your success. A simple compliment can help you feel appreciated and valued and can even increase your productivity in the future.

Employees, especially millennials, are driven by positive encouragement. One of the biggest issues with employee-employer relationships is that employees don’t feel valued. These simple tips can help you, as a boss or manager, make your workplace better for your employees, just by acknowledging their success or hard work.

Offer Developmental Opportunities

Great employees are a critical part of creating the business of your dreams. But you don’t get great employees without a little bit of effort. You can draw in great employees if you offer developmental opportunities.

In order to keep great employees you, as a business owner, need to provide opportunities for your employees to grow and develop new skills. You can help develop employees to be the future leaders of your company.

Encourage Employee Feedback

Employee feedback is an important aspect of creating a positive work environment. In order to thrive, employees need to know how you view their performance and they need to know that they have a voice within the company.

As a boss, you need to create a work environment where employees can give and receive constructive criticism, without getting offended.

Put Employees First

Employees are the lifeblood of your business; however, they’re constantly fighting for that recognition. Employers don’t put employee first; customers, management and boards all come before employees. By putting employees on the bottom of the totem pole, many companies are hurting their profits.

Vyde is a licensed accounting firm (CPA) based in Provo, Utah, and members of the AICPA. We provide professional accounting services to businesses and individuals, with a focus on small business bookkeeping and taxes.