If you're a small business owner with employees and don't offer a 401(k) program, think about why not. Is it because you don't have enough employees to make it worthwile or because you think it'll be too expensive to offer an employer match or simply because you don't have the time to investigate it? The December 22-28 Puget Sound Business Journal had an interesting article about the value of 401(k) programs to both employers and employees. Everyone knows that employees should start saving now for their future and a tax-deferred 401(k) program is a great way to do it. In order to do so, though, their emmployers must offer it. Many, many programs now exist for small businesses and may offer tax-deferred savings of up to almost $50,000. Also, matching is not required - the article states that only 36% of businesses offering 401(k) programs to employees provide matching dollars; the remaining programs are entirely employee funded and still benefit the employee significantly more than no program at all. Talk to a financial advisor about these opportunities to better serve your employees -- they'll thank you for it!
I just heard a piece on NPR that made me chuckle. The commentary walked through the experience of the "shopping companion" who follows the "shopper" through the store and generally ends up uncomfortably holding her purse. The story discusses how one specialty boutique in Connecticut, Mitchell's, goes above and beyond to make the "shopping companion" feel comfortable through comfy chairs, an offer to secure the purse behind the counter, cappuccino, and fresh baked cookies. Other stores offer opportunities for the "shopping companion" to join the "shopper" in the dressing room or to watch sports or finance programming on television. Why is this so important? Men typically spend more than women shopping so it is very important to create goodwill and loyalty with the typically male "shopping companion." A positive experience shopping with a "shopper" may turn into a loyal customer for years to come.
The Seattle Times ran an article earlier this week about how to deal with employees who are more concerned about shopping for gifts, managing holiday madness, or using vacation time before they lose it over actually being productive at work. An interesting solution that may not be initially apparent, especially for small businesses, is flexibility and latitude. The more options you provide your team to manage their lives and get work done, the more productive they are likely to be. And keep in mind that this is true throughout the year, not just at Christmas time.
We're all looking for a little inspiration in our day-to-day lives. Even when you love what you do, some days are better than others. I found Anita Campell's Small Business Trends blog and, in particular, a posting on a particular program from the American Express OPEN Forum for small business. Anita Campbell outlines some of the quotes and takeaways from the forum. They inspire you to invest in your business and make it the best it can be. Enjoy!
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