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Author: Jake Snelson

Health Insurance

4 Questions Small Business Owners Should Ask Before Offering Health Insurance

Small business owners with 50 or less employees are not required to offer health insurance to their employees under the Affordable Care Act. However, if you fall into this 50 or less category, that doesn’t mean you shouldn’t offer health insurance benefits. There are just a few questions you should ask first:

  1. How much can you afford to spend on health insurance for your employees? Keep in mind that if you offer health insurance to your employees, you don’t have to carry the cost alone. Typically health insurance premiums are split between the employer and the employee and you can be responsible for anywhere between 0 and 100% of those costs. As a general rule, though, most employers pay around 50% of the premiums for their employees. According to a Kaiser Family Foundation study, the average cost of a group health plan was about $6,000 in 2014. This would come out to be around $3,000 minimum per employee. This price fluctuates greatly between the different types of plans, so it’s best to do some research of your own before deciding whether it’s in your budget.
  2. Do your employees need health coverage? Rather than just assuming your employees want health insurance benefits, you might be better off to simply come out and ask them if they’re interested in employer-provided coverage. If you only have a few employees on your team, there’s a good chance they have health insurance through their spouse or a private plan that they’re happy with. It’s best to have an open and honest conversation with your employees about their current coverage and find a situation that suits you both.
  3. Will you need to offer multiple types of plans for your employees? If a one-size-fits-all plan will work for your employees, that keeps things simple. However, if your employees are diverse in age, expecting to have children in the near future, or deal with a chronic condition, they may require more individualized plans. Some employees may be happy with paying higher premiums each month, especially if they require frequent care, while others rarely visit a doctor and want to pay the lowest premium possible. These are just a few things to take into consideration before deciding on which health insurance plan to offer your employees.
  4. Can your employees handle purchasing health insurance on their own? There are a number of advantages and disadvantages to employer-provided health insurance for employees. If your employees seem happy with purchasing their own or using their spouse’s insurance, that might be the best and most cost-effective situation for your company. You might even prefer to give your employees a stipend, rather than offer a group plan, so they can buy insurance on their own but still feel valued by their employer.

As your company grows and changes with time, you may decide you need to offer health insurance to your employees. It’s best to reevaluate your benefits on a yearly basis and update them as needed.

Raise Your Credit Score

How to Raise Your Credit Score in 5 Easy Steps

A great credit score is desirable for all and achievable for anyone who is willing to work for it. As you know, a good credit doesn’t happen overnight, and damaged scores take time to repair.

First, what is a credit score exactly? Everyone has one, but they can be confusing to understand. A credit score is a number assigned to an individual based on their financial behavior. Financial institutions use this score to determine whether you’d be a good borrower. Scores range from 300 to 850. Very few people have a perfect score; however, anything in the mid to upper 700s is considered great. A high credit score opens up opportunities for you to borrow money and do business with lenders.

Here are a few ways to raise your credit score and improve your financial standing, regardless of where you stand right now.

  1. Check your credit report. You should start by checking your score and seeing where you’re at. Your initial score might surprise you. Late payments, using too much of your allowed amount and having too many lines of credit can all effect your credit score. If you have any negative dings on your credit, you’ll need to work to repair it. If your credit report contains false information, contact the financial institution involved and resolve it with them. The financial institution can work with you to straighten the problem out and increase your score.
  2. Pay down your debt. Without any debt at all, you’d never have a credit score. Your ability to pay back your borrowed money, or debt, is what generates your credit score. That being said, you don’t need to accrue a lot of debt to have a good score. In fact, quite the contrary. Improve your score by paying down your debt and keep your balance under 30% of the credit limit. If your score is low, slow your credit card spending for a while, pay down your debts, and watch your credit climb.
  3. Be on time, every time. One late payment affects your credit score negatively, so that’s the worst thing you can do as you’re trying to improve your credit. Pay early or on time every time and your score will slowly but surely climb.
  4. Stop opening new lines of credit. Despite popular opinion, having a lot of open lines of credit doesn’t give you a great credit score. It’s best to have a few lines of credit that you can manage responsibly, rather than multiple accounts that can get out of hand in a hurry.
  5. Most importantly, be patient. No matter what you do, your credit score won’t jump 100 points overnight, or even in a week. There is no instant gratification when building or repairing a credit score, but with slow, steady, and consistent efforts on your part, your score is sure to improve.

 

9 Ways to Negotiate Better

Good negotiators know it’s not all about winning. Great negotiators understand that the best case scenario almost always involves a win for each party. The goal of any worthwhile negotiation is to leave both sides with a feeling of value and a mutual benefit. Successful negotiations require a bit of planning, prep work, and compromise.

Here are 9 quick tips to help you negotiate better.

  1. Clearly define your goal(s). Don’t turn a good negotiation into a battle of pride. You can do this by deciding beforehand what terms absolutely have to be met, and which are optional. Do your homework to see at what point continuing to negotiate begins to cost you or your business too much time or money. It doesn’t hurt to write the non-negotiables out on paper for a quick reference and reminder.
  2. Determine the value of everything that is at stake. Decide beforehand what is of value to you, and what you’d be willing to budge on. If you’re negotiating the terms of a promotion, for example, you may decide that accepting a slightly lower salary with a full range of benefits is more beneficial than a higher salary with lesser benefits.
  3. Establish ground rules. It’s a good idea to set some ground rules before entering the negotiation with a quick email or phone call. This is especially true if you feel that the person you’re going to be negotiating with is less than honest or may have difficulty communicating with you.
  4. Don’t make the first move. Avoid giving away more than you need to by holding back a bit and allowing the other party to speak first. You don’t know what their aspirations are and it’s best to get those out on the table before you begin to define yours. Talking too much could leave you worse off than talking too little.
  5. Don’t give up something without getting something. Negotiating is a give-and-take process, and the key to any successful negotiation is a foundation of trust and communication. When a party asks for a concession, respond with “what will you give in return?” before you make your decision.
  6. Give a little, but not too much. Again, successful negotiations benefit both parties. Avoid giving away too much in order to impress or keep a client/vendor/customer on the line. If you feel that too much is being asked of you in the negotiation without any benefit on your part, it’s okay to take the time to reconsider or even walk away.
  7. Don’t overreach. It’s never a good idea to go into a negotiation with wild aspirations and far-fetched demands. Keep in mind what you’re realistically going to gain in the negotiation, and shoot for that. Put yourself in the opposite party’s situation and consider what you’d do if you were being asked the same.
  8. Focus on what you will do. Keep the conversation positive and shed light on the will-do’s and can-do’s rather than the negatives. Try to avoid saying “no” outright, but rather wording it as “I will do this, if you will do that.”
  9. Don’t be afraid to walk away. Remember the bottom line and stick to it. It’s not much different from buying a car. No matter how good of a deal the salesman says he’s making you, no matter how many extras he throws in, if he won’t come down to the price you want, it’s a losing deal on your end.

negotiate better

Let us know how these tips have helped you negotiate better. Do you have any other tips that can help in negotiations?

Frequently Asked Questions:

Why is it important to clearly define negotiation goals?
Clear goals prevent negotiations from becoming adversarial, helping both parties understand what’s essential for a successful outcome.
How do I determine the value of what’s at stake in a negotiation?
Evaluate priorities and alternatives to determine what concessions are acceptable, ensuring a balanced and beneficial outcome.
Why should ground rules be established before negotiations?
Ground rules foster transparency and facilitate productive discussions, especially in potentially challenging or dishonest interactions.
Why avoid making the first move in negotiations?
Allowing the other party to reveal their aspirations first provides valuable insight and prevents overcommitting or revealing too much too soon.
Is it advisable to walk away from a negotiation?
Yes, knowing your bottom line and being willing to walk away reinforces your position and ensures you don’t settle for unfavorable terms.

Accounting Terms Every Small Business Owner Should Know

Top 10 Accounting Terms Every Small Business Owner Should Know

Accounting Terms Every Small Business

As a small business owner, you’re not expected to know the ins and outs of accounting…until you are. It isn’t until some kind of financial crisis happens that many small business owners are hit with the hard reality of what they don’t know when it comes to their books. We don’t expect you to know every definition in the accounting dictionary, but here are the top 10 accounting terms every small business owner should be aware of:

  1. Net Income: (AKA profit!) This term is sometimes referred to as ‘net profit’ or ‘earnings,’ but no matter what you call it, your net income is what’s left after your all of business expenses are subtracted from your earnings.
  2. Balance Sheet: A statement of the company’s financial position shown in terms of assets, liabilities and ownership equity for a specific period of time. This is a snapshot of the small business’ current financial position. The difference between the total assets and total liabilities is known as the company’s net worth. Basic accounting rules tell us that a company’s net worth must be equal to the assets minus the liabilities. We talked about balance sheets a bit more in this video.
  3. Income Statement: We also call this a profit and loss statement. An income statement is a summary of the company’s profits and losses during a period of time, usually a month. Income statements show all money earned during the month, as well as the operating expenses. Learn more about profit and loss statements in this video.
  4. Deduction: If you’ve been running a small business for any length of time, you’ve heard the hype about deductions. Basically, a deduction is any money spent to run the business, which in turn reduces your year-end taxable income. Deductions are great for lowering tax bills for small business owners.
  5. Asset: An asset is any item owned by the business that is expected to last several years. Assets normally refer to larger or more expensive items like cars, office furniture or computer equipment. If you are going to lease or rent property to tenants, it can include rental houses or improvements made to business property. General office supplies are not considered assets, but can be used as deductions.
  6. Liability: A business liability is an obligation that came about from a prior transaction done by the business. In accounting, a liability is assigned a dollar value and the business is responsible for repayment of that amount in the future.
  7. Revenue: Refers to all the money made by a company doing what a company does–whether they’re selling products or services, revenue is the total amount of money made. Sometimes you’ll see revenue referred to as “gross income.”
  8. Accounts Receivable: When you’ve sold products or services to a person or company that have not been paid, this is considered your accounts receivable. Your accounts receivable can be listed as assets on your balance sheet.
  9. Accounts Payable: This includes any bills you have yet to pay for your small business. The sum of all your accounts payables are listed as a current liability on your balance sheet.
  10. Tax Credit: this number is subtracted from the final amount of taxes you owe the IRS come tax season. If you have $1,000 worth of tax credits and you owe $8,000 in taxes, you’ll only pay $7,000.

Brush up on these quick need-to-know accounting terms and stay in the know about the basics of your small business bookkeeping and accounting.

Low-Cost and Low-Risk Ways to Grow Your Team

4 Low-Cost and Low-Risk Ways to Grow Your Team


A few months ago, we polled our Vyde clients about one of their biggest challenges as a small business owner. The results were overwhelmingly similar, with “growing my team” coming in at the top spot. We’ve compiled a few low-cost and low-risk suggestions to help you grow your team.

  1. Start an internship program. There’s nothing better than fresh minds and free labor, is there? It’s what makes interns a great way to grow your team. Contact universities and community colleges (they don’t even need to be local) about setting up an internship program. Most college students need an internship before they graduate, and taking advantage of this opportunity to bring on a potential new employee (but with no obligation) is a win for both parties. Pros are that you don’t have to pay them or hire them long-term, they may bring new ideas to your business and turn into an integral part of your team, and you have the opportunity to help them jump-start their career, even if it’s not with you. Cons are some legwork involved in starting up an internship program, your intern may not be a good fit for your team, and you might have to take extra time out of your day to teach them the ins and outs of daily work at your company.
  2. Hire your family members to work for you. Yes, even your kids. Whether you’re bringing them on as a full-time employee, or simply paying your kids to clean the office building, family members can be an effective way to grow your team. After all, you already know them, you trust them, and you can count on them. Keep in mind that hiring family members can sometimes cause contention and strained relationships though, so be sure to treat it like a business from the very beginning. We outlined some tips for hiring family members in this post from a while back.
  3. Outsource some of your work, rather than bringing on more employees. This sounds a little counter-intuitive in a post about growing your team, but hear me out. Outsourcing some of your work–tasks like graphic design, accounting, small business bookkeeping, copywriting, social media management, etc–can give you time to focus on building a solid team within the office. Freeing up your time allows you more time to train others, interview, and get the right fit. Also, when you outsource these tasks, it’s like a trial run for a potentially permanent job. You only have to pay them for the tasks they do, but if they knock your socks off with their work, you may consider bringing them on as a part-time, full-time, or remote employee. Sites like upwork.com, fiverr.com, and even your local classifieds are a great place to find talented freelancers who are ready to work.
  4. Take the time to hire the right fit, not the quick fit. Going along with number three, hiring the right fit  is the best way to grow your team effectively. And, probably, the least expensive. Hiring new employees can cost quite a bit between background checks, drug tests, trainings, certifications, and more. You don’t want to do it more than you have to, so taking your time during the interview process can really help to make sure you get it right. You might consider hiring on a temporary or trial basis and then transitioning the right employee into full-time.

Take the time to hire the right fit, not the quick fit

What are your favorite tips on growing your team effectively?

Other posts that might interest you

Improve Your Online Presence Part 1: 8 Steps for Reviewing Your Website

Improve Your Online Presence Part 2: Perform a Quarterly Social Media Audit

Improve Your Online Presence Part 3: Contact Information & Review Sites

Planning Your Summer Marketing Efforts Part 1: Who, What, When, and Where

Planning Your Summer Marketing Efforts Part 2: Celebrating Holiday and Events

Planning Your Summer Marketing Efforts Part 3: Cheap Advertising Tips

How To Attract the Right Talent For Your Company

Quick Money Management Tips to Build Your Business

Plan for Holiday Success by Hiring Seasonal Employees

How to Create a Succession Plan for Your Small Business

How to Protect Your Small Business from Theft

Planning Your Summer Marketing Efforts Part 1: Who, What, When, and Where

Even if there’s still blustery spring weather where you’re at, it’s not too early to start planning out the summer for your small business. Marketing can be difficult in the summer as many consumers tend to focus less on business and more on family fun. However, that doesn’t mean you can’t engage your clients in your business during those long hot months. Getting an early start on summer planning helps those promotions and events run smoothly and eases your stress. Use the month of April to quickly map out the who, what, when, and where of your summertime business plans.

  • Who: Make two lists here. Who #1 is  which of your employees is in charge of what summer events and promotions. Let them know what aspects they’ll be managing and what the expectations are. Who #2 is the people you are reaching. Are you planning extra appreciation around your current customers and clients with a summer party? Or are you planning to launch marketing promotions solely to grow your current clientele? Knowing the people involved and the audience behind your summertime marketing efforts is key to success.
  • What: Don’t overdo it, but set ambitious goals for your company. Make a plan for reaching x amount of employees or $xyz in sales by the end of the summer and plan the “what” to make it happen. It could be digital marketing, like a series of blog posts or email campaigns; on your site, like coupons or summer sales and specials; or physical, like a party, an ice cream social, or a softball tournament. Of course, not all of these events would work for all businesses, so choose what works for you and your clients and roll with it.
  • When: Keep key summer holidays in mind when planning your events. Something like a digital coupon or email promotion will work better over Memorial Day, Labor Day, or the Fourth of July, but obviously physical parties and in-person events may not attract as much of a crowd during these family-centered holidays. Use the holidays to your advantage, but make sure you do so properly from a marketing perspective. Summertime is busy for everyone, so plan events around what works for your clients and employees who will help you reach your goals, not the other way around. Do some research and post the events on social media/send emails around the time of day that your targeted audience is most interactive.
  • Where: If you’re holding in-person parties and events this summer, be sure to book your locations early. April and May is a great time to book pavilion, parks, and events centers for events happening in July and August. You’d be surprised at how quickly they fill up.

By getting the larger details of your marketing promotions laid out early, you can save yourself a lot of time and stress down the road. The small details like specific email text, party decorations, and what food to serve can be delegated to employees and worked out in May or June. Maximize those warm fun summer months to grow your business and have some fun with clients and employees.

See part 2 and part 3 of our summertime marketing series for even more great tips.

 

Other posts that might interest you

Improve Your Online Presence Part 1: 8 Steps for Reviewing Your Website

Improve Your Online Presence Part 2: Perform a Quarterly Social Media Audit

Improve Your Online Presence Part 3: Contact Information & Review Sites

4 Low Cost and Low Risk Ways to Grow Your Team

 

How To Attract the Right Talent For Your Company

Quick Money Management Tips to Build Your Business

Plan for Holiday Success by Hiring Seasonal Employees

How to Create a Succession Plan for Your Small Business

How to Protect Your Small Business from Theft

Taking Stock Annually

Taking Stock Annually: Being Prepared for an Accident, Emergency, or Death

Tax season is not only a great time to get your finances in order, but it’s also an opportunity to update other important information about yourself in the event of an accident, emergency, or death. While of course you hope nothing of the sort happens to you, it is always a possibility. Being prepared for the worst can help your friends and loved ones cope if difficult times were to beset you.

Taking Stock Annually

Here are a few quick tips on taking stock annually and being prepared for the unexpected:

  • Review (or write) your will. Take the time to update your will if you’ve gained any new assets, if your executor or plans for guardianship for children or property have changed, or if you’d like to change your arrangements for money or property. If you haven’t written a will yet, it’s best to get that done as soon as possible.
  • Go over your estate planning and power of attorney. Setting up your estate to minimize costs and taxes helps you and your beneficiaries.  Talk to your accountant or attorney about this step.  Power of attorney can bring peace of mind knowing that someone you trust and who you have acquainted with your wishes will be handling your affairs in case of an impairment or death.  Complete the forms, either with your attorney or off the internet, and include them with your documents.  You may also want to give your POA a copy.
  • Make known any medical requests in the event of an accident or death. Give your specified DNR order, decide whether you’d like to be an organ donor, and make known any other medical requests you may have.
  • Update a file of usernames and passwords for all of your accounts. You may not want your social media accounts going on long after you die, let alone your subscription-based services. Leave login info for all online accounts and instructions on what you’d like done with them in the event of your death.
  • Include a balance sheet and income statement of your personal and business bank accounts. You’ll want your executor to know where these accounts are located and how to access them.
  • Create a contact information sheet that includes people you work with, friends, and other acquaintances that your close family may not know about but who should be contacted in the event of an emergency.
  • Store all of this information in a safe place. Some may feel comfortable with it in their homes, while others may choose to store it in a bank security box. Regardless of where it is stored, make sure it is safe, that someone you trust knows about it, and that it is accessible to the right person at the right time.
  • Update your family emergency plan. This should include how the family will communicate with each other in case of a disaster, where everyone will meet, along with a phone tree, updated contact information for everyone, plans as to who will check on whom, and the like. It’s also helpful to have a code word known amongst the family to let one another know there is trouble, without letting the bad guy know.
  • While you’re at it, go the extra mile for disaster planning. Refresh your 24 or 72-hour emergency kits in your home and car, and gather water storage or empty, clean, and refill existing water storage.

Prepared for an Accident

While this list may feel a bit overwhelming, it really doesn’t take very long to accomplish. Tackle it all at once, or take it one task at a time, but get it done. Having all of your important information updated and in once place will help you feel secure and ensure that you won’t leave a headache for anyone in the event of death or emergency.

Frequently Asked Questions

1. Why should I update my will during tax season?

Tax season is an excellent time to review and update your will because you’re already organizing your financial documents. If you’ve gained new assets, changed your executor, or want to adjust your guardianship or financial plans, updating your will ensures your wishes are accurately reflected and will save your loved ones from confusion later.

2. What is the benefit of reviewing estate planning and power of attorney annually?

Reviewing your estate planning and power of attorney ensures that your assets are managed efficiently, minimizing taxes and costs. Assigning a trusted person as your power of attorney gives peace of mind that someone familiar with your wishes will handle your affairs if you become incapacitated. Regular updates ensure that your plans remain in line with your current situation.

3. Why is it important to keep a record of usernames and passwords for all my accounts?

Having a record of your usernames and passwords allows your loved ones or executor to manage or close your online accounts in the event of your death. Without this information, managing digital assets, like social media and subscription services, can be time-consuming and challenging for your family.

4. How can I make my medical requests known in the event of an emergency or death?

To ensure your medical requests are honored, clearly document any specific wishes, such as a Do Not Resuscitate (DNR) order or organ donor status. Inform your family and healthcare provider about these decisions, so they are aware of your preferences in case of an accident or emergency.

5. Where should I store my important documents and emergency information?

Store all vital documents, including your will, estate plans, and emergency contact lists, in a secure location like a home safe or a bank security box. Ensure that someone you trust knows where they are and can access them in an emergency. Keeping these documents safe but accessible is essential for ensuring they are used when needed

Can I Pay My Family for Their Help with my Business?

Can I Pay My Family for Their Help with my Business?

So can you hire family? Absolutely.
In fact, hiring family members is pretty common amongst sole proprietors. Whether it causes strained relationships is entirely up to you, but here’s what you need to know in regards to taxes and paying family members. The Internal Revenue Services outlines the following regarding family help.

Employing Your Child

  • Wages of a child are subject to income tax withholding, Social Security, Medicare, and Federal Unemployment Tax Act (FUTA) tax if he or she works for:
    • A corporation, even if it is controlled by the child’s parent,
    • A partnership, even if the child’s parent is a partner, unless each partner is a parent of said child, or
    • An estate, even if it is the state of a deceased parent.
  • Wages are subject to income tax withholding, regardless of age.
  • Children under 18, are not subject to Social Security and Medicare taxes if the trade or business is a sole proprietorship or a partnership in which each partner is a parent of the child.
  • Children under 21, are not subject to FUTA tax.

Employing Your Spouse

  • Wages of a spouse are subject to income tax withholding as well as Social Security, Medicare and FUTA taxes if he or she works for:
    • A corporation, even if it is controlled by the individual’s spouse, or
    • A partnership, even if the individual’s spouse is a partner.
  • Payment to a spouse are subject to income tax withholding and Social Security and Medicare taxes, but NOT to FUTA tax.

Employing Your Parent

  • Payment for services of a parent employed by their child in a trade or business are subject to income tax withholding, Social Security and Medicare taxes.
  • Wages are not subject to FUTA tax, regardless of the type of services provided.
  • If your parent works for you, the wages you pay to them are subject to income tax withholding, Social Security and Medicare taxes. Social Security and Medicare taxes do not apply to wages paid to your parent for services not performed in your business, but they do apply to domestic services if both the following conditions are met:
    • Said parent cares for your child who lives with you and is under 18 or requires adult supervision for at least 4 continuous weeks in a calendar quarter due to a mental or physical condition.
    • You are widowed, divorced, or married to a person who, because of a physical or mental condition, cannot care for your child during that period.

Employing Other Family Members

So you’re not hiring your child, spouse, or parent. Can you still hire other family members, like aunts, uncles, cousins, or nieces or nephews? Yep. But there aren’t any special rules provided by the IRS for those family members. Their wages should be treated like any other employee’s.

If you have additional questions regarding hiring family members, feel free to drop us a line. We’d love to hear from you.

Interested in Learning More?

Schedule a free consultation with our team!

10 Easy Ways to Create a Healthier Workspace

If you work long hours in an office, you know how difficult it can be to stay healthy and fit. But, just because you spend the majority of your day sitting doesn’t mean you have to compromise your health. Here are ten quick and easy investments to make in your office to make it a healthier, happier place to work:

workplace

  1. Buy a mini fridge and stock up. You can snag one on Amazon for less than $100 and hook it up in your office. Fill the fridge with healthy, low-cal snacks rather than venturing over to the vending machine when that afternoon hunger strikes.
  2. Install an elliptical. If you’ve got the room and a tax return burning a hole in your pocket, purchase an elliptical or stair stepper for your office that you can hop on during your lunch hour to work up a quick sweat.
  3. Sign up for a healthy snack box subscription. Graze.com and Naturebox.com offer unique, healthy snacks delivered to your office for under $12 a month.
  4. Keep cool water bottles close at hand, or grab one of these top 10 cool reusable water bottles to keep you hydrated.
  5. Hang a mirror in your office to show your posture. Glancing over at it occasionally will remind you to sit up straight, reducing the pressure on your lower back.
  6. Start a chart for calendaring exercise. It may be as simple as a dry erase board or excel spreadsheet, but tracking your exercise is a good reminder to get out and get moving as often as possible.
  7. Set a timer for every hour or every other hour. When the timer goes off, go for a quick walk around the office, do a set of lunges or squats, or just stand up and stretch.
  8. Sit on an exercise ball. Ditch your comfortable office chair for a day or two and sit on an exercise ball to increase your activity and improve your health.
  9. Invest in a FItbit. You might be pleasantly surprised at how many miles you walk around the office each day, or it might serve as a good reminder that you need to up your activity.
  10. Use apps to track your food intake. Apps like Fitness Pal or Nike Running can keep you on track and get you moving. Challenge your coworkers to lose weight or run a race.

Use apps to track your food intake

As with any other task in the work place, small changes can make a big difference in your health as well. What are your favorite fitness tips and tricks for the workplace?

Frequently Asked Questions: 

1. What can I do to stay hydrated during the workday?
Keep reusable water bottles readily available in your office, ensuring easy access to cool, refreshing water throughout the day.
2. What are some strategies to incorporate exercise into my office routine?
Set a timer to remind yourself to take short breaks for physical activity, such as walking around the office or doing simple exercises like lunges or squats. You can also replace your office chair with an exercise ball to engage your muscles while sitting.
3. How can I track my physical activity and health goals at work?
Invest in a Fitbit or use fitness apps like Fitness Pal or Nike Running to monitor your activity levels and track your food intake. Additionally, consider starting a calendar or chart to document your exercise routine and progress.
4. What are some cost-effective ways to improve my office environment for better health?
Consider purchasing a mini fridge for healthy snacks, hanging a mirror to monitor posture, and installing simple exercise equipment like an elliptical or stair stepper if space and budget allow. These investments can significantly contribute to a healthier workplace environment.

Top 3 Things to Consider Before Starting a Small Business (from a CPA’s Perspective)


So you’ve got a great business idea, a plan to make it work, and you’re ready to set yourself on the path of entrepreneurship. No matter how prepared for success you are, there may still be a few things you haven’t thought of. Our CPA, Ben, discussed the possible pitfalls of a new business venture and how to avoid them this morning on Periscope. Being a small business owner himself, he’s learned a thing or two about what it really takes to run a successful small business.

  1. The first question you need to ask: Is there a market for my product or service? As harsh as it sounds, if there aren’t people out there willing to buy what you’re trying to sell, your business simply won’t succeed. There has to be some sort of demand for what you’re doing. The best way to determine this is to do some research. Use the internet, ask around, put it out on social media–ask questions like, “is this marketable?” “Would you buy this?” “Is there someone doing something similar to what I’m doing who is having success with it?” “Is what I’m offering both useful and interesting?” The absolute best way to determine if there is a market for your product or service though is to think hard about what problem you’re solving for consumers. This doesn’t mean that you have to sell something essential for survival or that your business has to solve a tremendous problem, but what you’re offering has to make their life somehow better. You could be solving the problem of time management by selling trendy and artsy planners/organizers, or you could be helping them write their will by offering legal advice. Regardless, you have to find out if there are people out there willing to put forth money for what you are pitching to them.
  2. Support from family and friends. Even if you’re planning to run a one-man show, the people in your life have to buy in to what you’re doing so you can achieve greater success. Running a business demands a lot of time and resources from individuals, and can be hard on families and relationships. Getting your friends and family members both interested and supportive of what you’re doing can really give you the extra push to succeed, as well as help you along on days when the path of entrepreneurship feels lonely and bleak.
  3. Take your expectations of time and expense and multiply them by three. As much as we’d all like to earn a six-figure income in a two hour work day, it’s not a reality for most people, especially business owners just starting out. Plan on your new business to taking three times as much money and three times as much time as you’re planning right now and you’ll be a little closer to reality. If you originally planned for two years and $10,000 to get things up and running, plan on six years and $30,000. You may be pleasantly surprised if things come together cheaper and quicker than that, but multiplying those projections by three is probably a little closer to reality. Hopefully, in the end, your business will also be three times more profitable than your original plan as well!
 

Take your expectations of time and expense

Follow along on Periscope (@vyde) on Wednesdays at 10 am MST for more business discussions, tips, and financial advice from Vyde’s CEO/CPA, Ben Sutton.

Frequently Asked Questions: 

How can I determine if there’s a market for my business idea?
Research is key. Use the internet, social media, and ask questions to gauge demand. Consider what problem your product or service solves for consumers.
Why is support from family and friends important for a new business owner?
Running a business can be demanding and isolating. Having the backing of loved ones provides encouragement and motivation during challenging times.
How should I adjust my expectations regarding time and expense for starting a business?
Expect to invest three times the initial time and money you anticipate. While it may seem daunting, this approach prepares you for the reality of business ownership.
What role does consumer demand play in the success of a business?
Consumer demand is crucial. Your product or service must address a need or desire, making customers’ lives better or easier. Understanding this ensures market viability.
Where can I find more business insights and advice?
Tune in to Periscope (@vyde) on Wednesdays at 10 am MST for discussions, tips, and financial advice from Vyde’s CEO/CPA, Ben Sutton.

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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.

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