Top Small Business Owners Payday Question – How Do I Pay Myself?

Business owners are hard-working and dedicated. They put in probably sixty plus hours a week. It is natural that they want to get paid for their time that they pour into their small business. Unfortunately, if it is a new start-up company, it probably isn’t making enough income yet to see a payday. If the business has been in operation for a while though, the bank balance might be increasing each month as profits start to accumulate.So, how do business owners get paid? Are they considered employees?Well, the answer to the question above is – it depends. Clear as mud, right?It all depends on how the small business is legally setup and recognized by the Internal Revenue Service. Most businesses that are relatively new are small enough that they are operating as sole proprietors or as a partner in a partnership. That means that they haven’t incorporated under state law.There is good and bad news when a small business is operating as a sole proprietor or a partner:

The good news is that payday for the business owner can be any day they feel like paying themselves as long as there is enough money in the bank. They just simply write themselves a check. They aren’t considered an “employee”, because they are a “one-man-show” running the business. The Internal Revenue Service sees the owner and the small business as one entity.

The bad news is that they are not recognized as an employee and no federal taxes are being withheld from their pay. So when April 15th comes around and it is time to file the income tax return, the owner may owe quite a bit of self-employment tax on the profits of the business. That is why owners should pay quarterly self-employment taxes throughout the year if they think they are going to owe at least $400 or more in tax.
If the small business is recognized as a corporation or S corporation, it needs to set the owner up as an employee of the company and pay them a set salary or wage that is similar to what other organizations pay a person with the same skills. Payroll taxes will be withheld from the owner’s pay just like any other employee.As an S corporation, the owner can also make draws or distributions if the business is making a profit, but no tax is withheld from these payments and it is best to talk with a tax advisor before doing so. There are limitations as to the amounts that can be taken out of the business account in this manner.Hopefully this has answered the question of “How do I pay myself?” It can be tricky determining what the rules are regarding paying the owner of a small business. Consulting with a Certified Public Accountant is always a wise decision when setting up procedures for the organization.

Employee Brand Engagement – An Overlooked Marketing Resource

There is an underutilized, and often overlooked marketing resource in your organization right now: your employees.Each time a customer interacts with your organization there’s an opportunity to build your brand through your employees. The experience your employees deliver to your customers will determine the ongoing perception, and reputation of the brand.Internal brand engagement is a simple, cost-effective strategy that will help take your organization to new levels of success. Employees who are truly engaged with a brand can create significant financial returns for their organization.Your Employees Are Your BrandMost organizations fail to recognize the role employees’ play in building a brand’s reputation. Employees interact at personal and professional levels each day with current, as well as potential customers. Each interaction is either a positive, or a negative representation of your organization, and your brand.Every employee (not just customer-facing) plays an important role in supporting, and building a brand. For example, an administrative assistant might provide support to an entire product development team working on the release of a new product. The support provided by the administrative assistant allows the product development team to focus on creating a cutting-edge product that will deliver on the brand’s promise.Most employees don’t realize the effect, and the impact they have on building brand equity because they are rarely given the chance to get involved with that part of the business. Brands are not just the responsibility of marketing departments; the responsibly and accountability of building and supporting a brand should integrated throughout every part of an organization.Build A Brand-Centric OrganizationSo how do you go about building a brand-centric organization? Create a “brand academy” or a similar type of group that has the responsibility to ensure that every employee receives initial, as well as ongoing education as your brand evolves and grows over time. The brand should be linked to job descriptions, training programs, meetings and events. Anyone who represents your organization should be required to participate in some type of brand education program.Employees should read, see, feel, or hear something each day that represents your brand’s values, goals, and promise that will help to keep their connection, and their shared responsibility to be an owner, and ambassador. Immersion is key to creating a brand-centric culture.Brand education helps employees understand and connect with your organization’s vision and goals. When employees understand and connect to a brand’s goals, personality, and promise, they become brand ambassadors.Ambassadors help build your brand each day through their work and interactions. Your employees become a major part of your marketing resources by delivering relevant brand-centric experiences (internal and external) that help to build brand equity, and customer loyalty.How To Develop Brand AmbassadorsThere are several steps you can take to begin building a team of ambassadors:1. Develop an awareness / education programBrand engagement does not magically happen, and it’s more than handing out “logo swag.” An effective education program goes into detail about the brand’s positioning statement, values, goals and personality with emphasis on the benefit/promise. Employees can’t deliver on the brand’s promise if they don’t know what it is, and how to deliver it through their work each day.The training program should include tangible examples of how each employee group helps to deliver on the brand’s promise, and how their work contributes to the brand’s success. Again, each employee plays an important role in either providing direct support to a customer-facing team, or they are in contact with customers each day.For customer-facing teams it’s critical to define the desired customer experience, and design the customer experience around the brand. The brand makes the promise, and the customer experience delivers the promise. A well-designed customer experience always supports, and delivers the brand’s promise in each customer interaction.2. Create a Brand-Centric Employee ExperienceYou should deliver your brand promise to your employees as well. The employee experience will have a direct affect on your customers’ experience, and should be directly connected to your employee experience strategy for continuity, and consistency. Designing and delivering an on-brand employee experience is an effective strategy to help build morale and motivation, as well as improve employee retention.The ResultYour employees will work with a renewed sense of purpose and meaning, and the result is a more vibrant, educated, and motivated workforce that will bring positive results to your bottom line.

Student Plans – Student Health Care Plans

Student health care programs offer health benefits at a greatly reduced cost, allowing students to pay for it themselves or allowing their parents to include their children’s health care plans with little additional cost to them. Student plans provide a great option to ensuring the good health of your children without having to take on a significant amount of extra financial burden, and also provide a way for students putting themselves through school (and supporting themselves financially) to maintain a level of health insurance. Here, we’ll go over how student health care plans work, as well as why you might want to consider them either for yourself if you are a student, or for your children.Student health care plans can be acquired from a number of different sources. Some private insurance companies provide parents with health care options for their children, specifically geared towards keeping students healthy. There are also publicly and privately funded state and federal programs for helping students pay for health insurance. Some of these programs provide different benefits by working with individual schools to help set up unique types of plans for each student. This means it’s important to do a little research on your current health care provider, as well as the school you or your child is attending in order to find the best deal on student plans.Student plans are used primarily to keep students in good health in order to allow them to go to school without missing attendance, as well as ensure their good mental health throughout their education. Students who are in better physical health exhibit higher test scores because they tend to miss fewer classes, and need to repeat classes much less frequently than those who have consistently poor health. A healthy student will also tend to be less stressed about school, and will be able to maintain a more active lifestyle both physically and socially.The benefits of student plans are far reaching and very important to any young person going through an education. If you are a student or the parent of a student, looking into student health care is a great way not only to save money, but also to ensure that you or your child is in consistently good health. Student plans can range from typical care such as doctor’s visits, emergency care, and so on, to catastrophic coverage, dental, and other types of health benefits.If you need assistance in locating particular coverages at a pre-determined price, we can help save 50% on health insurance

How to Effectively Use an Interim Home Health Care Manager

Whether it’s planned or it happens suddenly, losing a leader in your home health care agency can disrupt business and leave you feeling rudderless. With the industry more competitive than ever, lack of leadership for even a short period of time makes a huge impact. Interim home health care management prevents these disruptions from harming your business and puts you back on the path to growth.Working with interim managers lets you take advantage of the skills of an experienced home care professional and helps you better meet the needs of your clients. They can operate as your CEO, CFO, COO, or fill any other management position to refocus your agency and implement change. But for an interim home health care manager to be successful, you and your employees need to take a few steps to make the most out of the experience.Why Hire an Interim Manager?
In addition to the obvious benefits of bringing in executives with the right experience, you also know you can trust their motives. After all, they have no history with your agency and no axe to grind. All politics aside, they’re just there to put their talents to good use and put your agency back on track. They help you develop short- and long-term goals and recommend cost-effective solutions to make your agency competitive. An interim home health care manager can also be flexible to work around your schedule and take on multiple roles.Use an Organizational Assessment
You will want to work with an interim manager who begins by performing a thorough organizational assessment. This audit takes a close look at all of your systems, people, and processes to uncover problem areas and understand your operations. It also ensures the interim management services are aligned with your agency’s needs and goals. After getting a clear picture of your agency’s strengths and weaknesses, an interim home health care manager can then develop a plan to achieve your specific goals. Keep in mind that this may require organizational restructuring too.Be Open and Ready to Change
You bring in interim home health care managers for a reason. While it may be hard to hear some of the things that need to change in your agency, remember that they have no personal stake or attachment to your agency. Your agency’s growth and development are at the center of every decision, so the advice they provide is for the greater good of the company. All you have to do is be ready to change and follow their lead.What’s Your Opportunity?
Whether your agency is in transition or has an immediate need, approach this time as an opportunity to develop your agency into a leader in your market. Put an interim home health care manager to work for your business to solve your short-term challenges and achieve long-term goals. By providing valuable insight into your company that a traditional manager may not be able to offer, an interim manager can help guide your growth and sustain your success well into the future.